The Swadeshi movement led to the beginning of the concept of South Indian bank. This bank is considered as the first bank established as a scheduled bank in Kerala among private sector banks in 1946 as per the RBI Act. This bank incorporates around 802 branches in about 26 union territories and states. It provides a personal loan to the people also to the groups to satisfy the monetary needs.
The aspects involved in the personal loan obtained from the South Indian Bank are
The utmost amount offered in the personal loan is Rs.3 lakhs.
For salaried people, they will get 15 times of the salary per month in a personal loan that too having a maximum limit of Rs.3 lakhs.
For businessman and professionals, they can apply for the loan for the amount which is equivalent to the annual turnover announced by the recent Income Tax Return which also has an utmost limit of Rs.3 lakhs.
Individuals that are planning for the abroad trip regarding job can avail for the loan amount of 75% of the entire expense or they can get the amount which is 5 times of their salary. But the maximum amount is Rs.3 lakhs.
NRIs can avail for 50% of the entire yearly remittance in a personal account or in the domestic account.
The amount of loan is added to a savings account of the borrower but for NRIs, it is added in only NRI account.
Guarantee is optional if account is credit with salary for individual loans
For individuals heading abroad for job loan for Rs.1 lakh needs a guarantor and above Rs.1 lakh needs to keep a property as security for 125% of the entire amount.
Rest of the people need a guarantor for thrice of the loan amount.
Group loans need one forever employee as security that too for one loan.
Need to pay upfront fee of 0.50% of entire amount
The utmost period is 48 months.