South Indian Bank offers a range of business loan products tailored to meet the diverse needs of enterprises, including Micro, Small, and Medium Enterprises (MSMEs) and agro-processing units. These loans are designed to provide financial support for various business purposes such as working capital requirements, expansion, asset acquisition, and modernization.
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South Indian Bank Small Business Loan:
This loan is targeted at both Self-Employed Non-Professionals (SENP) like manufacturers, traders, wholesalers, retailers, and service providers, as well as Self-Employed Professionals (SEP) such as doctors, chartered accountants, architects, and engineers. Key features include:
- Eligibility: Applicants should have a minimum business vintage of 3 years. The age criteria for applicants range from a minimum of 21 years to a maximum of 65 years.
- Purpose: The loan can be utilized to meet working capital requirements, business expansion, acquisition of assets, renovation of business premises, and modernization efforts.
- Nature of Finance: Options include Overdraft, Term Loan, and Dropline Overdraft facilities.
- Loan Amount: The quantum of finance ranges from ₹10 lakhs to ₹50 lakhs.
- Tenure: For Overdraft facilities, the maximum tenure is up to 36 months, while for Term Loan and Dropline Overdraft, the tenure can extend up to 60 months.
- Processing Fees: Up to 1% of the loan amount.
- Interest Rate: As per the bank’s prevailing pricing norms.
South Indian Bank GST Business Loan:
This scheme is designed to ensure a hassle-free flow of finance to the MSME sector based on the annual turnover as per GSTR statements. Key features include:
- Eligibility: Sole banking enterprises, including MSMEs and agro-processing units, with at least 3 years of business existence and possessing GSTR statements for the last 12 months.
- Purpose: To meet working capital requirements.
- Nature of Finance: Overdraft facility.
- Loan Amount: The bank determines the quantum of finance based on the annual turnover as per GSTR statements.
SIB GST Power Business Loan:
This loan caters to sole banking MSME enterprises and agro-processing units with at least 3 years of business existence. Key features include:
- Purpose: To meet working capital requirements.
- Nature of Finance: GST-based Overdraft facility.
- Loan Amount: Ranges from ₹10 lakhs to ₹2 crores.
SIB Easy Biz (Unsecured Business Loan):
For businesses seeking collateral-free financing, South Indian Bank offers the SIB Easy Biz loan. Key features include:
- Loan Amount: Up to ₹50 lakhs.
- Process: Hassle-free with minimal documentation.
General Eligibility Criteria:
- Age: Applicants age should be 21 and 65 years old.
- Business Vintage: A minimum of 3 years in the current business.
- Documentation: Includes KYC documents, proof of business existence, financial statements, GST returns, income tax returns, and bank account statements.
Interest Rates and Charges:
Interest rates for business loans at South Indian Bank are subject to the bank’s prevailing pricing norms and may vary based on the specific loan product and applicant profile. Processing fees can be up to 2% of the loan amount, and pre-payment charges may apply as per the bank’s policies.
In conclusion, South Indian Bank provides a variety of business loan options to support the financial needs of different enterprises. Prospective borrowers should review the specific terms and conditions of each loan product and consult with the bank to determine the most suitable financing option for their business requirements.
