South Indian Bank (SIB) has announced the launch of SIB Power CONSOL, a new loan offering. It is designed to help customers manage multiple debts more efficiently through a single EMI payment.
The product targets salaried customers, Self-Employed Professionals and Self-Employed Non-Professionals aged between 30 and 55. Its aim is to simplify repayment and reduce the financial burden of managing multiple loans at once.
What is SIB Power CONSOL?
SIB Power CONSOL allows customers to consolidate various debts, including home loans, car loans, education loans, personal loans and consumer durable loans, into a single loan. This new loan offers a lower interest rate and a unified EMI. By doing this, SIB acts as a Debt Counsellor, providing a clearer, more manageable repayment structure.
This is a property-based loan where the customer must mortgage either a house or a commercial building. Customers can borrow up to 75% of the property value, maximising its worth without selling it.
SIB Power CONSOL offers consolidation options ranging from ₹10 lakh to ₹3 crores.
Repayment up to 15 years
Under the new product, individuals can avail of consolidation loans ranging from ₹10 lakh to ₹3 crore, with repayment terms of up to 15 years for consolidated loans and up to 30 years for home loan balance transfers.
Once the loan is approved, SIB will directly clear the customer’s outstanding dues, replacing them with a single, manageable monthly repayment aligned with their current financial capacity.
Adopting the Repayment Track Record-based lending, SIB Power CONSOL keeps the documentation very minimal. Zero processing fee also adds to its unique features.
This new product showcases SIB’s commitment to providing intelligent financial solutions that cater to individuals’ evolving needs. The product also helps reduce the overall financial burden associated with high-interest loans.
The lower interest rates on consolidated loans offered by SIB will reduce the financial burden on customers. They will also benefit from the long-term repayment options offered through this service.
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