Ernakulam : South Indian Bank has announced the launch of SIB Power CONSOL, a new loan product designed to support customers reorganize and manage multiple debts more efficiently, with reduced interest rates and unified EMI. Targeted at salaried customers, SEP (Self-Employed Professionals), and SENP (Self-Employed Non-Professionals) between 30 and 55 years of age, the product aims to simplify repayment and reduce the financial burden caused by managing multiple loans at once.
SIB Power CONSOL enables customers to consolidate various loans—including home loans, car loans, education loans, personal loans, and consumer durable loans—into a single loan with a lower interest rate and unified EMI. By doing so, the Bank acts as a Debt Counsellor, offering customers a clearer and more manageable repayment structure. This is a property based loan where the customer can mortgage either house property or commercial buildings and borrow upto 75% of the property value, optimising its worth without disposing it. SIB Power CONSOL is having consolidation options ranging widely from Rs.10.00 lakh to Rs.3.00 Crores.
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 highlights SIB’s commitment to offering smart 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.
For more information on SIB Power CONSOL, visit your nearest South Indian Bank branch or log on to https://www.southindianbank.com/
