South Indian Bank offers an array of banking and financial products for NRI/ OCI customers, including NRI accounts and fixed deposits, insurance, loans, etc. South Indian Bank NRI personal loan can be availed by NRIs to fulfil their various financial requirements such as medical emergency, travel, education, big-ticket purchase, debt consolidation, etc.
South Indian Bank NRI personal loan interest rate
South Indian Bank personal loan interest rates and other charges for NRI customers are listed below:
|Interest rate||– Minimum: Repo Rate (4%) + 6.25% = 10.25% p.a.|
– Maximum: Repo Rate (4%) + 10.15% = 14.15% p.a.
– Concession of 0.1% is offered to woman borrowers
|Processing fees||2% of the loan amount|
|Prepayment charges||– Prepayment/ part-prepayment within 1 year: 4% |
– After 1 year: 2%
|Loan amount||– Minimum: Rs. 1 lakh |
– Rs. 10 lakh (Income program), Rs. 7.50 lakh (Non-income program)
|Tenure||12 months – 60 months|
|Security||No security, no collateral|
Features and benefits of South Indian Bank personal loan for NRIs
- Collateral-free funding: SIB NRI personal loan is an unsecured loan, which means you don’t need to submit any collateral to get the loan. The loan is offered based on your income and credit score.
- Multipurpose loan: A personal loan can be used for any requirements. You can use the loan amount for any reason you want such as a big-ticket purchase, child’s education, wedding, travel, medical expenses, etc.
- Low interest rate: South Indian Bank personal loan interest rate for NRI customers is one of the lowest in the market, ranging from 10.25% p.a. to 14.15% p.a.
- Minimal documentation: As SIB personal loan is an unsecured loan, the documentation process is short, simple and quick.
- Flexible repayment tenure: The loan is offered for a flexible repayment tenure that ranges from 12 months to 60 months. Borrowers can choose the repayment term based on their repayment capacity.
Eligibility criteria for South Indian Bank NRI personal loan
- A minimum credit score of 740 is required to apply for a personal loan.
- A minimum gross income of Rs. 25,000 per month (without clubbing the income of a co-applicant/ guarantor) substantiated by ITR/ Form 16/ 16A/ Banking.
- Minimum 2 years of work experience with a minimum of 1 year in current employment.
- Debt to income ratio (DTI) should not exceed 40%.
- For an NRI, based on average monthly remittance to the NRE account of the NRI applicant or to the resident account of a dependent during the last 12 months, bulk remittances are not included.
- For a resident applicant, the monthly average balance (MAB) computed on specific dates for a year should be at least 1.25 times the proposed EMI.
- Self-employed applicants should have a minimum of 3 years of business vintage.
- One local applicant (earning/ no-non earning) is required for an NRI personal loan application.
Documents required for NRI personal loan
Here is the checklist of documents you need to submit to apply for a personal loan from South Indian Bank:
For NRI applicant:
- Duly filled South Indian Bank loan application form
- Passport size photographs
- Photocopy of your passport as identity proof
- Address proof
- Valid passport and visa are compulsory
- 12 months NRE account or resident account of spouse statement showing inward remittances
- Salary certificate/ salary slips for the latest 3 months
For resident Indian applicant
- Identity proof: Voter’s ID card/ Aadhaar card/ PAN card/ passport/ driving licence
- Address proof: Aadhaar card/ utility bill (electricity bill/ water bill/ telephone bill) for the latest 3 months – that has the same address as on loan application
- PAN Number for credit score
- Latest salary slips
- Last 3 months’ bank statement
Note: NRI applicants should have a close relative in India to be present at the time of loan application with South Indian Bank.
How to apply for NRI personal loan
NRIs can appoint a close relative in India as a power of attorney to apply for a loan on his/ her behalf. Submit the South Indian Bank loan application form at the nearest branch.
If you want to get a personal loan in India, you can get in touch with us. We at SBNRI are here to help NRIs out with everything related to banking and other financial and legal services required by NRIs.
You can download SBNRI App to connect with our experts and get end-to-end assistance related to an NRI personal loan.
Many banks offer a personal loan for NRIs including ICICI Bank, Kotak Mahindra Bank and South Indian Bank. Loan amount, interest rate, processing fees, prepayment charges and tenure vary from lender to lender. For example South Indian Bank personal loan for NRIs interest rate ranges from 10.25% to 14.15% p.a.
There is no upper limit for NRIs to transfer funds from NRE and FCNR accounts. However, NRIs can remit only up to $1 million out of the balance from an NRO account.
NRIs, OCI and PIOs can get a loan in India, provided they meet the eligibility criteria and submit the required documents.