Check South Indian Bank Car Loan Interest Rates and Apply Now!

South Indian Bank car loans are one of the best car loans in India with the facility of a lower interest rate facility. A car loan is the best option for buying a dream car. You can get this car loan for the purchase of new vehicles, the takeover of existing vehicle loans, for the purchase of second-hand vehicle.

However, the reimbursement of the purchase cost is restricted within three months from the date of purchase. South Indian Bank car loan has different for the different class of professionals.

South Indian Mobi Loan

Mobi Loan is for the salaried class, business class, next generation, NRIs, Agriculturists, Senior Citizen/Pensioners. So, below is the eligibility for the Mobi Loan from South Indian Bank.

Eligibility Criteria:

For Salaried Class:

• Employees of MNCs, State/Central Government, IT Companies, etc.

For Business Class:

• Self-employed/Business

• People/Proprietary/Partnership

• Firms/Institutions including Charitable/Trusts

For Next Generation:

• Professionals with Net Monthly Income of ₹30,000

For NRIs:

• NRI Individual/Jointly with NRI or Resident Spouse, Close relative

For Agriculturist:

• Persons whose main source of income is agriculture (excluding NRIs) & plantation registered as companies, Trusts, Societies, etc. Dealers/Sellers of Fertilizers, Pesticides, Seeds, Cattle Feed, Poultry Feed, Agricultural implements and other inputs

For Senior Citizen/Pensioners:

• Senior Citizen/Pensioner/Jointly with Spouse Drawing pension income from State/Central Government or Reputed Institutions.

The car loan at South Indian Bank is also subject to change from the type of vehicle and accordingly has the eligibility. So, if you want to buy a private vehicle, you must have the below details matching.

• Vehicle Can Be Registered In Individual Name.

• Vehicle Can Be Registered In The Official Capacity Of The Partner/Director/Office Bearer Of The Firm/ Company/ Institution, Provided That Supporting Documents Acceptable To The Registration Authority (RTO) Shall Be Submitted In Time.

• The cost of the vehicle should be Basic Cost + Accessories + Duties +Taxes + Octroi + Onetime Road Tax +Comprehensive Insurance Premium For The First Year

It is also important to note that for 100% collateral, the loan tenure of South India Car Loan is 7 Years and without collateral, it is 5 Years subject to borrower age of 75 years.

Secured Car Loan

You have to provide 100% collateral security cover otherwise there should be at least one additional signatory to the document by the way of Guarantor/Co-Borrower/Joint Borrower. The aggregate net worth of all signatories in Land and Building should not be less than twice the loan amount. However, if the collateral is less than 100% and the aggregate net worth on land and building of borrower/Co-borrower/Joint borrower is less than twice the value of the loan amount, the guarantors to the loan documents having aggregate Net Worth Twice the value of the loan amount in land and building should be insisted.

How to apply

Once you have understood the functioning of the car loan at South Indian Bank, you will look for the option to apply for it. Well, you can apply for it both online as well as offline. However, the online process will save your time as it is instant and can be done as per your convenience. So, if you want to apply online, you can visit the official website of the Bank and follow the procedure. In the offline process, you can visit the nearest bank branch and follow the process by submitting the documents as per the requirement.

Documents Required

The list of documents you must carry at the time of applying for a car loan at South Indian Bank is as follows:

• Age Proof-Passport/PAN Card/ Aadhaar Card/Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate

• Identity Proof-PAN Card/ Aadhaar Card/Voter ID/Passport/Driving License, photograph

• Income Proof-Form 16 or ITR for last 3 years, Salary slip for last 3 months, Last 6 months bank statement showing salary credit into the account OR IT returns for the last 3 years along with profit & loss account and balance sheet for last 3 years, bank statement for the last 6 months for self-employed professionals

• Address Proof-Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID Card

• Sign Verification Proof-Passport/Photo Driving License with birth date (laminated, recent,legible)/ Credit Card Statement with Credit Card Copy/Banker's Verification, Copy of Margin money paid to bank