Car Loan

Own Your Dream Car with South Indian Bank Car Loan

A Car is more than just a mode of transportation for many Indians - it is an aspirational symbol, representing progress, freedom, and success. For a majority of Indian households, owning a car is an achievement that comes right after the pride of owning a home. Now, South Indian Bank makes this milestone easier to achieve.

Owning your dream car is no longer a distant dream! With SIB, you can avail car loan for buying new vehicles, takeover of existing vehicle loan, purchase of second hand vehicle etc. with fast approvals and minimal documentation. Let’s hit the road together!

Why Choose South Indian Bank?

With the customer understanding of more than 9 decades, we can help you to drive home your dream car without much burden on your pocket. With seamless process and zero paperwork we ensure you don't waste much of your time to fulfil your dream. The flexible repayment tenure also gives you enough time to repay the loans with out much hassle.

Pro Tips for Car Loan Applicants

Improve your credit score

A higher credit score can qualify you for lower interest rates. Aim for a score above 750.

Check your eligibility

Use our Vehicle Loan Eligibility Calculator to know if you qualify.

Plan EMI payments in advance

Use the EMI calculator to pick a comfortable EMI amount that fits your monthly budget.

Prepayment option

If you have surplus funds, prepay part of your loan to reduce the interest burden and shorten the tenure.

Understand all fees and charges

Familiarise yourself with prepayment penalties and processing fees to avoid surprises.

Compare loan offers

Evaluate offers to get the most attractive car loan interest rate for your new or used vehicle.

Avoid delays in payments

Ensure timely EMI payments to maintain your creditscore.

Instant loan approval - Quick and seamless loan approvals for your vehicle needs.
Competitive interest rates - Affordable EMIs that make your dream purchase easier on your pocket.
Flexible repayment - Choose repayment tenures that suit your budget, ranging up to 84 months.
Minimal documentation - Hassle-free process with minimal paperwork.
Loan coverage - Loan up to 100% of onroad funding
Income clubbing - Co-applicant’s income can be combined for eligibility.

Eligibility for SIB Car Loan

Our car loans come with flexible eligibility, making it easy to finance your dream vehicle

Criteria	Details
Age (With Co-Applicant)	Minimum: 18 Years
Age (Without Co-Applicant)	Minimum: 21 Years
Maximum Age	60 years (Salaried) / 65 years (Self-employed, Pensioners)
Loan Amount	Rs. 1 Lakh – Rs.100 Lakhs (New Car) / Rs. 1 Lakh – Rs.50 Lakhs (Used Car)
Loan Tenure	12 – 84 months (New Car) / 12 – 60 months (Used Car)
Loan-to-Value (LTV)	Up to 100% (New Cars) / Up to 75% (Used Cars)
Employment	2 years of total employment, 1 year in current role / 2 years of business experience
Credit Score	Minimum 750, applicants with 0-10 credit history can also be accepted

*Get behind the wheel with ease, thanks to competitive terms and inclusive credit criteria

Our transparent fee structure ensures you know exactly what to expect throughout your loan journey.

Category	Details
Interest Rates	Check Interest Rates
Additional Charges	Click here for Service Charges

With competitive rates and minimal charges, financing your vehicle with South Indian Bank is both affordable and straightforward.

Use our Car Loan EMI Calculator to compute monthly EMIs based on the loan amount, tenure, and interest rate. Get the exact figure and plan your repayment strategy in just a few clicks.

Calculate Here

We ensure a smooth loan process with clearly outlined documentation requirements tailored to each applicant type.

Applicant Type

Documents Required

Salaried Individuals

Photo ID, Address proof, Passport photo, Latest 2 months payslips, 6 months salary bank statements, Form 16

Self-Employed (Business)

Business proof, Address proof, Passport photo, 2 years tax returns, Bank statements

Agriculturists

Land ownership proof, Tax receipts, Address proof, Passport photo, 6 months bank statements

Pensioners

Pension order copy, Address proof, Passport photo, 6 months pension account statements

NRIs

Passport & VISA, NRE account statement, Guarantor documents, 6 months bank statements

Note: For new cars, a proforma invoice is required. For used cars, an expert valuation report, sale agreement, insurance, and RC copy are needed.

Having the right documents ready helps expedite your loan approval, getting you one step closer to driving your dream vehicle.

Applying for a car loan with South Indian Bank is fast and easy! You can choose to apply online or by visiting your nearest branch.

Online application or branch visit - Apply here or visit your nearest branch to fill out the car loan form.
Submit documents - Upload the required documents online or submit them at the branch.
Verification & approval - Our team will verify the information and approve the loan.
Disbursal - The loan amount will be directly credited to the dealer or seller to facilitate a seamless purchase.

APPLY NOW and get ready to drive home your dream vehicle!

Apply Now

Questions & Answers

Frequently Asked Questions

Get answers to your queries

Up to 84 months, based on your eligibility and preference.

Yes, South Indian Bank offers financing for both new and used vehicles.

In case of a missed EMI, a penalty of Rs.750 + GST will be charged. It may also affect yourcredit score, so ensure timely payments.

Yes, NRIs can apply, provided they have a local guarantor.

Use our Vehicle Loan Eligibility Calculator on the website to find out instantly.

A top-up loan provides quick access to extra funds with lower interest rates than personal loans. It is available on your existing car loan without requiring new collateral.