South Indian Bank Car Loan

SIB: MOBILOAN Scheme

SEGMENT-Ι (MOBILOAN – PERSONAL) – CATEGORY – Ι

Type Of Vehicle : 3 wheelers and 2 wheelers for personal / agricultural use.

Borrower: High net worth individuals, professionals and salaried persons, agriculturists, firms and companies

Category of vehicles : Private vehicles

Quantum of loan : Rs.1 lacs maximum. ( Rs.75,000/- maximum for two wheelers.)

Rate of Interest : 9%
(Guarantor/coobligant should have net worth at least twice the loan amount)**

Proof of income:
For salaried persons, the net take home pay after reckoning the instalment for the proposed loan should be minimum 50% of gross salary. For others, 50% of income shown in IT returns, Agricultural IT returns or as certified by a chartered accountant should be sufficient to repay the loan amount.

Repayment period : Maximum 60 months as EMI

Security : As given in ** above and hypothecation of vehicle.

Margin : 25 %

Processing charges : 0.50% irrespective of loan amoumt.

Loan Component: Basic cost + duties + taxes + octroi + one time life tax

SEGMENT – Ι (MOBILOAN – PERSONAL) – CATEGORY – ΙΙ

Type Of Vehicle : : Light Motor Vehicles (4 wheelers)

Borrower: High net worth individuals, professionals and salaried persons, agriculturists, firms and companies

Category of vehicles : Private vehicles

Quantum of loan : Rs.10 lacs maximum

Rate of interest : 9%

Net worth of guarantor should be at least twice the loan amount.

Free accident insurance to cover the outstanding amount at the Bank’s cost.

No Processing charges.

The following documents are required with loan application:
(a) Bank account for the last 6 months;
(b) 2 passport size photographs;
(c) Passport/Driving License/Voters ID card;
(d) proof of residence;
(e) Proof of income (salary certificate for salaried people and IT return for self employed / agriculturists etc);
(f) Details of guarantor

Free ATM card to to account holders.

Loan will be disbursed within 48 hours of receiving the application along with all the above mentioned documents.

Security : As given in ** above and hypothecation of vehicle.

Margin : 25 %

Loan component: Basic cost + duties + taxes + octroi + one time life tax

SEGMENT – Ι (MOBILOAN – PERSONAL) CATEGORY – ΙΙΙ

Guidelines for financing of Tractors

1. Type of vehicle : Tractor with or without trailer and accessories
2. Borrower : Agriculturists
3. Category of vehicles : Private
4. Quantum of loan : Rs.5 lacs Maximum
5. Margin : 25%
6. Period of repayment : 60 months maximum as EMI
7. Rate of Interest
(a) Up to and including Rs.2.00 lacs with 100% collateral at 9%
(b) Above Rs.2 lacs with 100% collateral at 10%
8. Security : Hypothecation of vehicle + 100% collateral
9. Loan component : Basic cost + duties + taxes + Octroi + one time life tax
10. Processing Charges : 0.50% irrespective of loan amount
11. Land holding : Minimum 1 acre of agricultural land.