South Indian Bank has introduced a groundbreaking financial solution called SIB Power CONSOL, designed to help customers streamline multiple loan repayments through a single, unified payment system. This innovative product targets individuals struggling with managing various debts simultaneously.
What Makes SIB Power CONSOL Unique?
The newly launched SIB Power CONSOL enables customers to combine different types of existing loans into one comprehensive loan facility. This includes home loans, car loans, education loans, personal loans, and consumer durable loans. By consolidating these multiple debts, customers benefit from a lower interest rate and the convenience of a single EMI payment.
This product specifically targets salaried individuals, Self-Employed Professionals, and Self-Employed Non-Professionals aged between 30 and 55 years. The bank positions itself as a debt counsellor through this offering, providing customers with a clearer and more manageable repayment structure that aligns with their current financial capacity.
Key Features and Benefits
SIB Power CONSOL operates as a property-based loan, requiring customers to mortgage either residential or commercial property. Customers can leverage their property's value without selling it, borrowing up to 75% of the property's market value.
The loan offers substantial financial flexibility with consolidation amounts ranging from ₹10 lakh to ₹3 crores. Customers can opt for repayment periods extending up to 15 years for consolidated loans, while home loan balance transfers can have repayment terms as long as 30 years.
Once the loan receives approval, South Indian Bank takes the direct responsibility of clearing all outstanding dues from previous loans. This eliminates the hassle of managing multiple payments and due dates for customers.
Simplified Process and Cost Benefits
The bank has adopted a Repayment Track Record-based lending approach, which significantly reduces documentation requirements. Adding to the product's appeal, South Indian Bank has eliminated the processing fee entirely, making debt consolidation more accessible and cost-effective.
The lower interest rates offered through SIB Power CONSOL will substantially reduce the financial burden customers face from high-interest loans. The extended repayment tenure further enhances affordability by distributing payments over a longer period.
This new product demonstrates South Indian Bank's commitment to developing intelligent financial solutions that address the evolving needs of modern borrowers. By simplifying debt management and reducing overall financial stress, SIB Power CONSOL represents a significant step forward in consumer banking services.
