South Indian Bank offers personal loans of up to ₹5 lakh with simple documentation and fully digital verification. Whether you’re salaried or self-employed, you can apply easily through VKYC (Video KYC) and get approval within minutes — no long waits, no branch visits.
Through 24hrLoan, you can easily apply online, complete your Video Know Your Customer (VKYC) from the comfort of your home, and receive approval within minutes. The loan is available to both salaried and self-employed individuals between 21 and 60 years, offering flexible repayment terms of 12 to 48 months.
SIB Personal Loan Recap
Feature | Details |
---|---|
Loan Amount | Up to ₹5,00,000 |
Tenure | 12 to 48 months |
Eligible Age | 21 to 60 years |
Who Can Apply | Salaried and Self-Employed customers |
Approval Process | 100% online via VKYC |
Interest Rate | 11.50% to 19% p.a. |
Usage | For any personal financial need |
Benefits of South Indian Bank Personal Loan
South Indian Bank (SIB) is one of India’s most trusted private-sector banks, known for its customer-first approach and quick loan processing. Here’s why it’s a smart choice for your personal loan:
1. Quick and Hassle-Free Process
You can apply online through 24hrLoan and complete the process within minutes using VKYC. Once verified, your loan is approved digitally.
2. Flexible Repayment Options
Choose a loan tenure that suits your financial comfort — from 12 months (1 year) up to 48 months (4 years). The flexibility helps you manage your EMIs according to your income.
3. No Collateral or Guarantor Needed
The loan is completely unsecured, which means you don’t have to pledge any property or assets. Your eligibility is based on your income and repayment capacity.
4. Attractive Interest Rates
South Indian Bank offers competitive interest rates for eligible applicants, ensuring affordable EMIs and minimal financial burden over the repayment period.
5. Transparent Process
All charges are clearly disclosed upfront — there are no hidden fees or surprise deductions.
6. Quick Disbursal
Once approved, the loan amount is directly credited to your bank account, ensuring instant access to funds when you need them most.
Eligibility Criteria
To apply for a South Indian Bank personal loan, make sure you meet the basic eligibility norms:
- Age: Between 21 and 60 years at the time of loan maturity.
- Employment Type:
- Salaried individuals working in private, public, or government sectors.
- Self-employed professionals or business owners with stable income.
- Income Requirement: Applicant should have a consistent and verifiable source of income that meets the bank’s minimum income threshold.
- Credit Score: A healthy credit history (usually 730 and above) increases approval chances and helps secure better rates.
- Nationality: Applicant must be an Indian resident.
Also Read: IndiGo SBI Credit Card
Documents Required
Keep these documents handy to ensure a smooth and quick application process:
1. Identity Proof (any one)
- Aadhaar Card
- PAN Card
- Passport
- Voter ID
- Driving License
2. Address Proof (any one)
- Aadhaar Card
- Passport
- Utility Bill (Electricity/Water/Telephone)
- Rental Agreement (if applicable)
3. Income Proof
- For Salaried Individuals:
- Last 3 months’ salary slips
- Latest 6 months’ bank statements showing salary credit
- For Self-Employed Individuals:
- Vintage proof
- 6 months’ bank statement
4. Photograph
- One recent passport-size color photo
How to Apply for SIB Personal Loan
Applying for a South Indian Bank Personal Loan via 24hrLoan is simple, secure, and completely online:
Step 1: Visit 24hrLoan.in
Go to 24hrLoan.in and select South Indian Bank Personal Loan from the list of available bank offers.
Step 2: Fill Out the Online Form
Enter your basic details — name, age, employment type, income, loan amount required, and contact information.
Step 3: Complete VKYC (Video KYC)
A quick video call helps verify your identity and documents. This step replaces the need for physical verification.
Step 4: Loan Evaluation and Approval
Once VKYC is complete, the bank assesses your eligibility and creditworthiness. Approval usually happens within minutes if you meet the criteria.
Step 5: Loan Disbursal
After approval, the loan amount is directly credited to your bank account — typically within the same day or next working day.
FAQs
-
What is the maximum amount I can borrow under the South Indian Bank personal loan?
While the SIB personal loan offer can be higher, your current plan (via 24hrLoan) is capped at up to ₹5 lakh.
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What is the loan tenure (repayment period)?
You can choose a tenure between 12 months to 48 months.
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What is the interest rate of the SIB Personal Loan?
South Indian Bank offers personal loans with an annual interest rate between 11.50% to 19%.
-
Is collateral or a guarantor required?
No. The personal loan is unsecured, so no collateral or guarantor is needed.
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How does the VKYC (Video KYC) process work?
Once you submit your application, you’ll receive a video call (or link) to verify your identity and documents. After VKYC is completed, the bank proceeds with final approval.