South Indian Bank Car Loan Interest Rates

Interest Rate Base Rate of 9.15% to 10.10%
Loan Amount For 4 wheelers, a minimum of Rs. 2,00,000 is offered.
Loan Tenure Maximum of 5 years and with 100% collateral security, tenure is increased to 7 years.
Documentation charges Nil
Prepayment Charges/Penalty Nil
Base rate (As of May 2017) 9.15% to 10.10%
Guarantor
  • If the applicant is married then the spouse will be a co-borrower as per the documents.
  • In case of no collateral as a security, the aggregate net worth of all the signatories as given in the loan documents must be twice that of the amount that is borrowed as loan.
Margin For new vehicles - 5%-15% and for second hand vehicles - 25%
Cost of vehicle Along with Basic Cost, the cost of accessories, tax and duties, one time tax, Octroi and the comprehensive insurance premium for the first year
Upfront Charges Either Rs. 5000 or 0.25% of the amount procured as the loan, whichever is the lesser amount
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