South Indian Bank

South Indian Bank  Business Loan

Years

Apply South Indian Bank  Business Loan

About South Indian Bank Business Loan

South Indian Bank has the distinction of being one of the earliest banks in India, as it was conceived during the Swadeshi movement. A group of enterprising men established the bank in Thrissur, Kerala to provide safe banking facilities to people, including the business community who were suffering under the clutches of greedy moneylenders. 

Over a period, the bank grew in size to have several firsts to its credit. South Indian Bank was the first bank in the private sector in Kerala to become a scheduled bank. It was also the first private sector bank to open an Industrial Finance Branch in India. South Indian Bank places much emphasis on technology. It is the first Kerala-based bank to implement Core Banking System (CBS). Among the private sector banks in India, South Indian Bank has the third largest branch network under CBS.

South Indian Bank has a dominating presence in Kerala and the neighbouring state of Tamil Nadu. The bank has a pan India presence with more than 870 branches and 50 extension counters.

South Indian Bank offers various kinds of loans, such as Business Loans, home loans, car loans, personal loans, and education loans. Besides catering to the local clientele, South Indian Bank offers loan facilities to NRIs as well.  

Why Choose South Indian Bank Business Loan?

South Indian Bank was established with a primary aim of easing the worries of the business community. They offer an extensive range of Business Loans to cater to almost every industrial sector. The bank provides diverse facilities like cash credit, overdraft, working capital finance, long-term finance, supply chain finance, finance for commercial vehicles and mortgage loans for business.

South Indian Bank Business Loan - Features and Benefits

  • Different types of Business Loans are available for all businesses
  • Working capital finance offered in the form of cash credit, overdraft, bills discounting
  • Long-term financing facilities for business expansion and procurement of fixed assets
  • Collateral-free Business Loans up to a maximum of 1 Crore
  • Convenient repayment period ranging between 12 and 48 months depending on the working capital cycle of the business entity.
  • Attractive rates of interest on Business Loans
  • Transparency in the Business Loan approval process
  • Relaxed eligibility norms and documentation procedures
  • Reasonable charges
  • Pre-closure of loan facility available subject to specific conditions
  • Mortgage loans for business purposes are also available
  • Loans for purchase of commercial vehicles
  • Supply chain finance facility
  • Non-fund based finance

South Indian Bank Business Loan Interest Rates

With effect from 01 April 2016, South Indian Bank has shifted to the Marginal Cost of Funds Based Lending Rates (MCLR) methodology.

The bank's MCLas on 20 June 2019 are as follows:

Tenor MCLR

Overnight

8.60%

One-Month

8.65%

Three-Month

8.80%

Six-Month

9.05%

One-Year

9.50%

Accounts sanctioned before 01 April 2016 can continue with the Base Rate or the Benchmark Prime Lending Rate as applicable.

The Base Rate of the South Indian Bank is 10%. The BPLR of the bank is 15%.

The rate of interest differs from one product to the other. The interest rate depends on other factors, such as the credit rating of the business entity. Here are the rates of interest applicable to schematic finances related to the business sector.

Loan Product Rate of Interest

SIB Vyapar Rating AAA and AA

11.20%

SIB Vyapar Rating A

11.70%

SIB Vyapar Rating BBB

12.20%

SIB Vyapar Rating below BBB/Unrated

12.70%

SIB Mobiloan - Commercial

12.40% to 13.90%

SIB Loan against Property for Business

10.75% to 12%

OD against Property for Business

11.50%

SIB Pharma Plus Rating SIB A/White 3

10.80%

SIB Pharma Plus Rating BBB/Grey 1/Unrated

11.30%

SIB BB Pharma Plus Rating BB/Grey 2 and below

12.30%

SIB Mini Rental Scheme

12%

SIB Business Loan - Income Programme

13.70% to 15.70%

SIB Business Loan - Non-Income Programme

15.70% to 17.70%

SME Composite Loan

11.50% to 14 %

Trader's Overdraft

11.75% to 13%

All overdue accounts falling in the Special Mention Accounts (SMA) category attract additional interest.

Overdue period Category Additional Interest

31 to 60 days

SMA 1

Existing rate + 0.50%

61 to 90 days

SMA 2

Existing rate + 1 %

South Indian Bank Business Loans - Types and Eligibility Norms

South Indian Bank offers the following Business Loan facilities:

Business Banking

Working Capital Finance

Business Loan

Long Term Finance

Mortgage Loan for Business

Non-Fund Based Finance

SIB Commercial Vehicle Loan

Supply Chain Finance

Personal Banking

Loans for Purchase of Commercial Property

SIB Pharma Plus

SIB Rental Loans

Here's the detailed description of all the business financing products with their features and eligibility criteria:

Business Loan

Purpose

To meet all business requirements including working capital needs and long-term asset financing for business expansion

Target

  • Manufacturers, wholesalers, traders
  • Self-employed individuals
  • Self-employed professionals

Age Criteria

  • The minimum age at the time of application for the loan should be 21 years
  • The maximum age at the maturity of loan should not exceed 65 years

Amount of Loan

  • Minimum Amount - 5 Lakhs
  • Maximum Amount - 1 Crore

Repayment Tenure

  • Minimum tenure - 12 months
  • Maximum tenure - 48 months

Rate of Interest

Attractive interest rates

Eligibility

Minimum credit score of 650

Features

  • Discounts available in ROI for excellent CIBIL scores
  • Commercial CIBIL report should be satisfactory

Processing Fees

Up to 2% of the sanctioned amount

Pre-Closure charges

  • Pre-closure of loan - 3% of the outstanding loan amount
  • Part payment of loan - 3% of excess amount other than EMI and additional charges

Working Capital Finance

Type of Finance

Overdraft Facilities

Purpose

Meet working capital requirements

Type of Account

Overdraft account where the borrower can withdraw up to the sanctioned limit. It is a running-type account where the borrower can remit business proceeds.

Target Group

Traders, individuals, and industrial concerns

Security

It can be unsecured, partially secured, or fully secured by mortgage of property and hypothecation of securities available to the bank

Type of Finance

Cash Credit Facilities

Purpose

Meet working capital and urgent business requirements

Type of Account

Similar to the overdraft account where the Projected Annual Turnover decides the amount of finance

Target Group

Traders, proprietorship concerns, partnership firms, private limited companies

Security

  • The primary security is hypothecation of goods/produce
  • Collateral security - case to case basis

Loan Product

SIB Vyapar

Purpose

Working Capital requirements

Type of Account

CC/OD limit for a maximum of 12 months subject to renewal thereafter

Amount of Finance

  • Minimum - 5 Lakhs
  • Maximum - 5 Crores

Target Group

Same as that of CC/OD

Security

  • Hypothecation of goods with a margin of 25%
  • Assignment of book debts with a margin of 40%

Collateral

  • Liquid security such as FD, NSC, KVP, LIC Policy and PO deposits equal to a minimum of 100% of the loan amount
  • Equitable Mortgage of the unencumbered property up to 150% for loans up to 20 Lakhs and 110% for loans above 20 Lakhs

Type of Finance

Bill Purchase or Bill Discounting

Purpose

Post Sale limit to meet working capital requirements

Type of Account

  • Purchase of clean documentary bills of exchange where immediate credit is offered after deducting the margin and handling charges
  • Discounting of Usance bills of exchange after deduction of margin, interest for the usance period, and handling charges
  • Discounting of outstation cheques after deducting a commission

Loan Product

SIB GST Business Loan

Target Group

MSME Units with a minimum existence of 3 years and filing GST returns for the last 12 months

Stability of office/residence

  • 12 months at current office premises
  • This condition does not apply if the MSME owns the office

Purpose

Meet Working Capital requirements

Amount of Loan

  • Minimum - 5 Lakhs
  • Maximum - 1 Crore

Type of Facility

Cash Credit

Primary Security

Hypothecation of stocks and book debts

Collateral

  • Minimum equal to the loan amount
  • Third party security not allowed

Rate of Interest

Present applicable rate - 10% to 12% depending on internal ratings

Assessment of finance

25% of sales turnover as per GST statement

CIBIL Checks

Satisfactory CIBIL report

Takeover of accounts

Allowed

Validity

One year subject to renewal thereafter

Processing Fee

0.40% of the approved limit

Loan Product

MSME Star

Target Group

MSME borrowers with a satisfactory record in credit bureaus/RBI defaulters list/SAL list by ECGC

Eligibility

  • Satisfy all the following criteria
  • 3 years business vintage
  • 24-month banking vintage
  • Positive Projected Annual Turnover for 2 years
  • Positive Tangible Net Worth for 3 years
  • Minimum Br BB and FR 1 to FR 2 rating

Type of Loan

  • Cash Credit Facility
  • Term Loan
  • Non-fund based facilities such as Bank Guarantee or Letter of Credit

Purpose of Loan

  • Meet working capital requirements
  • Purchase fixed assets for expansion of business

Amount of Loan

  • Minimum - 10 Lakhs
  • Maximum - 10 Crores

Primary Security

  • Hypothecation of stocks and book debts for WC limit
  • Hypothecation of fixed/moveable assets for TL
  • Hypothecation of Goods purchased under LC/BG

Collateral

  • Manufacturing units - Minimum 75%
  • Trading and Service Sector - Minimum 100%

Rate of Interest

Applicable rate of interest ranging from 10% to 12% depending on internal ratings

Processing Fees

  • Cash Credit - 0.25%
  • Term Loan - 0.50%
  • Non-fund based - 0.25%

Type of Finance

Long-term Loan

Type of Loan

Disbursement is in a lump sum and repayable in EMIs

Purpose

Meet business requirements like acquiring assets, upgrading capacity, and expand business or for a specific project

Repayment Tenure

  • Depending on your working capital cycle
  • Flexible options like regular repayment or balloon payments

Supply Chain Finance

Facility

Vendor Finance

Purpose

Finance direct vendors of corporate

Conditions for operations

Execution of Memorandum of Understanding (MOU) between the corporate entity and the bank

Mode of Finance

The vendors identified by the corporate body alone are eligible for this finance facility

Nature of Facility

Vendor Finance

Limit per vendor

  • Minimum Limit - 10 Lakhs
  • Maximum Limit - 20 Crores

Assessment

As per Bank rules and policies

Primary Security

Invoices/Bills accepted by the corporate entity

Documents

Product Specific documents

Rate of Interest

Applicable rates - 9.30% to 10.80% depending on internal ratings

Processing Fees

0.10% for each vendor

Software Support

Dedicated software support to both corporate and vendor with a user interface

Vendor Selection

Bank's decision

Repayment

Bullet payment or part payment depending on the cash flow of borrower subject to settling of all dues within the stipulated period

Type of Finance

Dealer Finance

Purpose

Finance direct dealers of the corporate entity

Conditions

Execution of MOU between the corporate and the bank

Mode of Finance

Dealers identified as eligible for finance by the corporate entity

Nature of Facility

Dealer Finance

Limits per dealer

  • Minimum - 10 Lakhs
  • Maximum - 20 Crores

Assessment

Bank's discretion

Primary Security

Hypothecation of stock/goods purchased through bank finance

Documents

Product Specific

Rate of Interest

Range of 9.30% to 10.80% based on internal ratings of the dealer

Software Support

Available

Dealer selection

Bank's discretion

Repayment

Bullet payment or part payment depending on cash flow subject to clearing each bill within the stipulated period

Type of Finance

Corporate Bill Discounting

Target Group

  • Corporate entities engaged in manufacturing, retail chain, EPC, e-Commerce and trade of imported/domestic consumer/industrial goods and machinery
  • Minimum annual turnover of 500 Crores and an external rating of A or above

Additional Conditions

  • No instance of cheque returned due to lack of funds
  • No instance of SMA 1 or 2 classification in the last 12 months

Purpose

  • Finance to corporate for purchase from vendors pertaining to eligible industries
  • Working capital requirement

Amount of Loan

  • Minimum - 1 Crore
  • Maximum - 50 Crores

Period of finance

Maximum of 90 days

Primary Security

  • Accepted invoices and delivery challans
  • Accepted B/E or demand bills

Collateral

  • No collateral for entities with external ratings A and above
  • For others - Property worth 50% of the loan

Rate of Interest

9.05% to 10.30% depending on internal ratings

Documents

Product Specific

Processing Fee

0.25% of the approved limit

Other conditions

Satisfactory credit record

Mortgage Loan for Business

Purpose

To meet business related expenses

Loan variants

  • Overdraft
  • Drop Line Overdraft
  • Term Loan

Features

  • Attractive rates of interest starting from 9.50%
  • Wide range of properties accepted as mortgage

Amount of Loan

  • Minimum - 5 Lakhs
  • Maximum - 15 Crores

Loan tenure

  • Overdraft - 36 months subject to renewal thereafter
  • DL Overdraft and Term Loan - Minimum tenure is 36 months and a maximum of 180 months

Types of property

  • Residential property
  • Commercial buildings
  • Residential plot, commercial and industrial plot
  • LTV ratio should range between 40% to 70% depending on internal assessment and type of property offered

Conditions

Agricultural property, schools, hospitals, hostels, farmhouses, auctioned property or disputed property not acceptable

Processing Fee

Up to 1.50%

Documents

KYC documents and property documents along with income proof for 3 years

SIB Commercial/Agricultural Vehicle Loan

Purpose

  • Purchase new commercial/agricultural vehicle
  • Purchase used vehicle not more than four years old
  • Reimbursement of new vehicles within 3 months of purchase

Target Customers

Individuals, proprietorship concerns, partnership firms, company, trust, LLP, society

Age

  • Minimum age - 21 years
  • Maximum age - 65 years

Amount of Loan

  • Minimum amount - 1 Lakh
  • Maximum amount - Depends on LTV ratio

Repayment tenure

  • Minimum tenure - 12 months
  • Maximum repayment period between 48 months for old and 84 months for new vehicles

Rate of Interest

Starting from 12.40%

Margin on Loan

  • New vehicles - 10% to 20%
  • Old vehicles - 25%

Credit rating

Minimum CIBIL score of 650

Processing fee

1.50% with minimum 5,000

Prepayment charges

  • Up to 12 months - 2% of the prepaid amount
  • Above 12 months - 1%

Other features

  • Two years of business experience is necessary
  • Loan To Value ratio should be up to 80% for new vehicles and 75% for old vehicles
  • Attractive interest rates
  • On-road price financing
  • Co-applicants allowed
  • Three months moratorium
  • CGTMSE Cover available if the loan is up to 10 Lakhs

SIB Pharma Plus

Purpose

To meet business-related working capital expenses

Target Customers

Pharmaceutical dealers, stockists, distributors handling Ayurvedic, Allopathic, or Homoeopathic drugs on wholesale or retail basis

Eligibility

  • Minimum 3 years of business continuity in Pharma distribution
  • Profit making entity for 2 years

Nature of Limit

  • Cash Credit Open Loan
  • Letter of Credit
  • Bank Guarantee

Loan Amount

  • Minimum - 25 Lakhs
  • Maximum amount - 15 Crores

Appraisal

Bank's internal appraisal formats

Rates of Interest

Attractive rates depending on the credit rating of the Pharma unit

Charges

Competitive rates

Collateral

  • Less than 5 years experience - 75% of the loan amount
  • More than 5 years experience - 50% of the loan amount

Processing Fees

0.20% of the loan amount

Repayment tenure

12 months limit subject to renewal

Pre-closure Charges

  • Own funds - 2% of the approved limit
  • Balance takeover - 3% of approved limits

Penal Interest

2% for the defaulted amount for the concerned period

SIB - Mini Rental Scheme

Purpose

To meet any business or personal purpose

Target Customers

Any customer having rental income from property

Eligibility

The borrower should necessarily be the owner of the property let out

Nature of advance

Financing against future rent receivables

Repayment tenure

Maximum of 84 months

Amount of Loan

  • Minimum amount - 1 Lakh
  • Maximum amount - 1 Crore

Eligible Loan amount

Maximum of 40 times monthly rent with 75% of rent covering EMI

Margin

Nil

Primary Security

Hypothecation of rent receivables

Collateral

100% in the form of property from where there is generation of rental income

Other property also accepted

NSC, Gold, FDs, LIC policies

Rate of Interest

Attractive rates

Upfront fee

1% of the loan amount

Penal Interest

2% for default amount for the default period

Loans for Purchase of Commercial Property

Purpose

Purchase commercial building or property for own use or letting out

Type of property

  • Ready built commercial building
  • Under construction commercial building
  • Reimbursement of purchase already made

Target

Both residents and Non-resident Indians

Age

  • Minimum age is 21 years
  • Maximum - 65 years

Loan Amount

Minimum 25 Lakhs with a maximum of 15 Crores

Repayment tenure

144 months

LTV Ratio

Up to 75%

Interest Rate

Start from 11.50%

Credit rating

Minimum CIBIL score of 600

Features

  • Under construction buildings - 6 months holiday period with borrower servicing interest during the period
  • Readymade building - Age of building not more than 20 years
  • Date of commencement of construction should not be more than 3 years old in the case of purchase of under construction buildings

Processing Fee

1% of loan with a minimum of 10,000

Pre-closure Charges

2% of the outstanding amount

Apart from Business Loans, South Indian Bank offers non-fund based facilities to eligible customers.

  • Inland Letter of Credit
  • Bank Guarantees
  • Combination of fund-based and non-fund based limits

Documents Required South Indian Bank Business Loan

KYC Documents

Individuals

PAN Card, Aadhaar Card, and Photographs

Proprietorship

  • KYC documents of proprietor and co-applicants
  • Shop Establishment Certificate/Local body license/GST registration
  • PAN Card

Partnership

  • KYC of partners
  • Partnership deed and registration details
  • PAN Card of firm
  • Business address proof

Companies

  • KYC of directors
  • Memorandum of Association and Articles of Association
  • Shareholding pattern

Trust/Society

  • KYC of trustees
  • KYC of the trust/society
  • Trust deed/Society bye-laws
Income Documents

Individuals

  • ITR for minimum two years along with computation sheet
  • Salary Slips/Pension statements/recent financials as the case may be
  • Account Statement for a minimum of six months

Proprietorship/ Partnership/ Companies/ Trust/Societies

  • Three years IT returns with audit reports
  • Six months bank account statement
Additional Documents

Takeover of loan

Sanction letter of existing facility along with a loan account statement

Property Documents
  • Title deeds of the property, possession certificate and tax paid receipts
  • In the case of agricultural property - Proof of agricultural land holdings
Other Documents

SIB Commercial Vehicle Loan

  • Invoice of vehicle
  • NRO should furnish passport and visa copy
  • 12 months bank statement

 Besides the above general documents, the following products require the submission of additional documents.

Vendor Finance for Corporate / Dealer finance for corporate

Documents from Corporate entities

  • Audited financials of the corporate entity
  • Expression of Interest
  • List of vendors/dealers with complete details that the corporate body would like the bank to finance

Documents from Vendors

  • KYC documents
  • Copy of Agreement/Contract/Purchase Order between the corporate and the vendor
  • Financial statements of the vendor company
  • Bank statement for a minimum of 12 months
  • Estimated B/S and P/L account for the current year
Corporate Bill Discounting

Documents from Corporate/Principal

  • Last three years audited financials and unaudited quarterly results
  • Current year's estimated B/S and P/L statement
  • Projections for the following year
  • All KYC documents
  • Statement of A/c for 12 months
  • List of approved vendors whose bills the corporate wishes the bank to discount
SIB GST Business Loan

 

  • Application in the prescribed format
  • Individual net-worth statements
  • GSTR Statement for the last 12 months
  • Copies of title deeds, encumbrance certificates, tax paid receipts
  • Bank account statement for a minimum of 12 months for taking over accounts
  • Necessary license copies
  • KYC documents of the firm and individuals connected with it
MSME Star Business Loan

 

  • Prescribed application form
  • Necessary KYC documents
  • Income documents
  • GST returns for 12 months
  • Udyog Aadhar Number, if any
  • Statement of account of all accounts of the unit
  • Details of EMIs of all loans reflecting in the A/c statement
  • Property documents
  • KYC and Income documents of co-applicants/guarantors
  • Registration documents as required by law

Why Apply for South Indian Bank Business Loan on MyMoneyMantra?

Applying for South Indian Bank Business Loans on the MyMoneyMantra entitles the applicants to the following benefits:

  • Get an opportunity to compare the Business Loan products of different banks on a single screen
  • Our customer service executives can help you with the compilation of loan documents and submitting the same to the bank.
  • Avail the benefits of using our Loan EMI Calculator to arrive at the appropriate EMI. It also helps in determining your eligibility.
  • Get all the information regarding South Indian Bank Business Loan on a single platform
  • Our services are available free of cost to our clients

How to Apply for South Indian Bank Business Loan on MyMoneyMantra?

MyMoneyMantra makes it easy for you to apply for South Indian Bank Business Loans.

  • Access our website and select the Business Loan option, it is given under the tab of Loans
  • Fill in the details asked for by the system
  • Furnishing your mobile number is necessary for confirmation purposes
  • We send you an OTP on the registered mobile number
  • Enter the OTP details at the requisite place and gain access to compare the best Business Loans on offer in the industry on a single screen.
  • Our customer service executives will make it easy for you by explaining the loan application procedure.
  • Complete the documentation formalities and proceed to apply for your South Indian Bank Business Loan.
  • We will assist you in submitting the documents to the South Indian Bank

Other Products by South Indian Bank

South Indian Bank offers an array of Business Loans. Besides, they have loan products for almost every activity. Here are some of the other loan products on offer. 

  • Personal Loans - for all personal uses
  • Home Loans - to purchase homes or construct houses
  • Car Loans - to buy cars
  • Gold Loans - to meet all kinds of personal and business exigencies
  • Education Loans - for education in India and abroad
  • Property Loans - for personal and commercial uses
  • SIB Decor - for interior decoration
  • SIB Travel Delight - To fund travel expenses

Non-resident Indians can also avail personal loans, home loans, car loans, property loans, education loans, and SIB Decor.

Apart from loans and deposits, South Indian Bank is active on mutual funds and insurance businesses.

How to Calculate South Indian Bank Business Loan EMI?

You can also use the MyMoneyMantra EMI Calculator to calculate EMI for South Indian Bank Business Loan. The procedure is easy and instant.

Enter the loan amount, rate of interest, and tenure and click on the Calculate button to calculate the EMI within no time.

The online tool comes at free of cost for you. You can use the same calculator innumerable times to calculate EMI for any loan.

Charges for South Indian Bank Business Loans

Processing Fees

Business Loans

Up to 2% of the loan amount

SIB GST Business Loan

0.40% of the loan amount

MSME Star Loan

CCOL Facility - 0.25% of limit sanctioned

Term Loan - 0.50% of the sanctioned amount

Non-fund-based - 0.25% of the limit

Vendor Finance

0.10% for vendors and NIL for corporate

Dealer Finance

0.20% for dealers and NIL for corporate

Corporate Bill Discounting

0.25% of the limit sanctioned

Mortgage Loan for Business

Up to 1.50% of the loan amount

SIB Commercial Vehicle Loan

1.50% with a minimum of 5,000

SIB Pharma Plus

0.20% of the loan amount

SIB Mini Rental Scheme

Upfront Fee of 1% of the loan amount

Pre-Closure Charges

Business Loan

3% of the outstanding loan amount on the day of pre-closure

Mortgage Loan for Business

2% of Outstanding balance/DP for using own funds

3% of DP/outstanding balance for balance takeover accounts

SIB Commercial Vehicle Loan

Up to 12 months - 2% of the prepaid amount

Above 12 months - 1% of the prepaid amount

SIB Pharma Plus

Closed through own funds - 2% of the sanctioned amount

Closed by takeover - 3% of the sanctioned amount

Other Charges

Mortgage Loan for Business

Commitment charges - 0.025% of the unutilized portion above 1 Crore

SIB Pharma Plus

Penal Interest - 2% p.a. for the defaulted amount for the default period

SIB Mini Rental

Penal Interest - 2% p.a. for the default amount

South Indian Bank Business Loan - Customer Care

Customers can contact South Indian Bank with their feedback and grievances at the following phone numbers and email address:

Toll-Free Number: 1800-425-1809 or 1800-102-9408

Landline Number: 0487-2420020, 0487-2420488

Email id: customercare@sib.co.in

Corporate Office: South Indian Bank Ltd, Head Office, TB Road, Mission Quarters, Thrissur 680001, Kerala, India.

South Indian Bank Business Loan - FAQs

How do I pay the South Indian Bank Business Loan EMI?

South Indian Bank offers various methods for servicing your loan EMIs. If you have a current account with the bank, you can set up a standing instruction to the bank to debit your account with the EMI amount on the due date. In this way, you do not miss out on the repayment. Submitting PDCs or ECS mandates are alternative methods of paying your EMIs. You can also transfer funds online to your loan account. Paying cash into your loan account is a common way of repaying your EMIs. However, you might incur cash handling charges if the amount is high.

Are there any benefits to existing SIB customers in the pricing of loans?

Yes, SIB Prime Platinum and SIB Platinum customers get discounts on the applicable interest rates for retail loans. Besides, they get 25% to 50% waiver on processing fees in addition to other concessions.

What is the turnaround period for a South Indian Bank Business Loan?

The turnaround period for SIB Business Loans differs depending on the sanctioning authority.

  • Branch Level: The turnaround period is 7 days after receipt of all documents in order
  • Regional Office Level: The period is 10 days after clarifying all queries
  • Head Office Level: The time frame for disposal of a Business Loan at HO level is 15 days after receiving the final clarifications.
  • Management Committee: You can expect a decision on your loan proposal within 30 days if it goes to the Managing Committee of the Board of Directors.

Does South Indian Bank Ltd offer loans under CGTMSE guarantee cover?

Yes, South Indian Bank Ltd offers loans under CGTMSE guarantee cover, as the bank is a member lending institution authorised by CGTMSE. The SIB Commercial Vehicle Loan product provides cover under CGTMSE for loans under 10 Lakhs.

Can NRIs get loans from South Indian Bank Ltd?

Yes, NRIs can avail home loans, personal loans, car loans, property loans, education loans, and loans for interior decoration from SIB. They cannot avail Business Loans in India from SIB.

Does South Indian Bank offer any branch banking?

Yes, South Indian Bank Ltd has all its branches and extension counters under CBS. It offers 'Any Branch Banking' facility to its customers.

Does South Indian Bank have any office outside India?

South Indian Bank has a representative office in Dubai to cater to the Indian Diaspora in the UAE. It provides customers with banking, financial, and investment consultation services. The bank facilitates easy transfer of money from the UAE to India.

How do you contact MyMoneyMantra for availing loan from South Indian Bank?

MyMoneyMantra provides excellent facilities to its clients by helping them to apply for Business Loans and other loans from more than 90 banks and NBFCs. You can contact us in three ways.

  • Call us on 1800-104-4404 to speak to one of our customer service executives. We help you with understanding the loan application process.
  • Drop an email to contactus@mymoneymantra.com to enable our customer service executives to get back in touch with you.
  • Access our website and apply for the South Indian Bank Business Loan through us after comparing the loan offers from various banks.

Can I foreclose my Business Loan with SIB?

Yes, you can foreclose your South Indian Bank Business Loan subject to paying the necessary foreclosure charges.

What type of non-fund-based facilities does the South Indian Bank offer to its clients?

South Indian Bank offers inland LC and Bank Guarantee facilities to its customers. Some of the products provide composite fund-based and non-fund-based facilities.

Latest News - South Indian Bank

South Indian Bank plans to raise a debt of 500 Crores

South Indian Bank Ltd has approved a proposal to raise funds in Indian or foreign currency up to 500 Crores by issuing debt securities including non-convertible debentures in the domestic/overseas market on a private placement basis.

Reserve Bank of India fines South Indian Bank an amount of 10 Lakhs

Due to a failure to honour its bank guarantee commitments, Reserve Bank of India or RBI has slapped a fine of 10 Lakhs following references from a private party and a Government department.

South Indian Bank has posted a stand-alone net interest income of 499.36 Crores for the year ended March 2019.

South Indian Bank has witnessed a growth of 1.45% from 492.20 Crores in March 2018 to post a net interest income of 499.36 Crores for March 2019. However, the quarterly net profit of the bank saw a decline from 114.10 Crores in March 2018 to 70.51 Crores in March 2019.  

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