I am raga swami and i have an account in south india bank. I want to take car loan from my bank to buy a car. So kindly provide me with the details about the “interest rate” for the cars.

Hello Mr.Swami

Before providing you with the relevant information i would like to tell you that south Indian bank limited is a private sector bank headquartered at thrissur city in Kerala, India.

South indian bank has 806 branches, 9 service branches and 20 regional offices spread across more than 26 states and 3 union territories in india.

I would like to tell you that south India bank provides vehicle loan for the following purposes:

A. Purchase of new vehicles

B. Takeover of existing vehicle loans

C. Reimbursement of purchase cost is restricted to within three months from date of purchase

D. For purchase of second hand vehicle

So here in response to your question here i am enlisting the very necessary details about the “car loan” and “interest":

A. Type of vehicle:

Private, commercial/taxi vehicle vehicles for agriculture/allied purposes

B. Cost of vehicle:

Basic cost + accessories + duties +taxes + octroi + onetime tax +comprehensive insurance premium for the first year period

C. Repayment period:

Maximum 5 years and (7 years with 00% collatteral security)

D. Age of the borrower:

It should not exceed 75 years, on completion of the loan term

E. Rate of Interest:

I wouldlike to tell you that the “DOMESTIC RATE OF INTEREST – GENERAL” WHICH IS THE BASE RATE (BR) FOR THIS BANK IS “ 0.50” PERCENTAGE.%

F. Margin:

5% to 5% ( 25% for Second hand vehicles)

G. Loan amount:

Minimum loan amount – Rs 2.00 lacs for four wheelers and Rs.50, 000/- for Two wheelers . No upper ceiling

Here I am providing you with the contact details for further queries in future:

South Indian Bank Ltd.
Head Office
T.B Road, Mission Quarters, Thrissur 680 00 ,Kerala, India
Telephone Nos : +9 -487-2420020, 2420058, 2420 3
Email: sibcorporate@sib.co.in

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