Corporate Business Loans from South Indian Bank
One of the major private banks in India with presence across 27 states and 3 Union Territories (UTs), South Indian Bank offers a wide range of finance products to different segments of its customer base. The bank has a wide array of funded and non-funded facilities for its retail, corporate, MSME, NRI and other customers. The bank offers various business loans to its corporate customers.
We look at six corporate business loans from South Indian Bank:
- Working Capital Finance
- Long Term Finance
- Supply Chain Finance
- Collateral-free Business Loan
- Mortgage Loan for Business
- Commercial Vehicle Loan
We give you a brief intro to the business loans below.
South Indian Bank Working Capital Finance
The loan helps businesses finance their everyday operations such as for investment in current assets, purchase of raw materials, salary payments, power charges, etc. This a perfect loan scheme for businesses that need help during periods of reduced business activity or while waiting for receipt of payment after completing projects.
Features of the South Indian Bank Working Capital Loan
Why this Loan?
- The South Indian Bank Working Capital Loan can be availed for all projects and activities related to running the business on a day-to-day basis
- The loan is extended in different forms based on the borrower requirements such as Cash Credit, Overdraft facility, Bill Discounting, etc.
South Indian Bank Long Term Finance
The loan helps businesses carry out different business activities right from acquiring land and building to purchasing machinery and vehicles. All projects are eligible for this loan as long as they are technically feasible and directly related to the growth and expansion of the business.
Features of Term Loan for Business
Why this Loan?
- The South Indian Bank Long-term Loan scheme is perfect for businesses that need funds for purchasing long-term assets for the business, acquiring land and property to build a business unit, upgrading machinery and equipment, etc.
- The loan amount to be sanctioned under this loan is decided by the bank on a case-to-case basis
- Depending on the needs of the borrower, the bank may disburse the loan in stages or lumpsum
South Indian Bank Supply Chain Finance
This is an umbrella loan scheme offered by South Indian Bank which offers funded assistance to its corporate customers in the supply chain of goods. The interest rate for this loan scheme is defined as the sum of three parameters: Repo Rate, Spread based on Credit Rating of the borrower.
Features of South Indian Bank Supply Chain Finance
Why this Loan?
- The South Indian Bank Supply Chain Finance scheme is perfect for businesses in the supply chain of goods
- The maximum loan amount sanctioned under this scheme depends on the sub-type of the loan chosen by the borrower. For both Vendor Finance and Dealer Finance schemes, the maximum loan amount is Rs. 20 crore. For Corporate Bill Discounting, the maximum loan amount is Rs. 50 crore
South Indian Bank Collateral-free Business Loan
This loan helps businesses in the manufacturing, trading and services sector meet their working capital needs. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 1 crore.
Features of South Indian Bank Collateral-free Business Loan
Why this Loan?
- The South Indian Bank Collateral-free Business Loan scheme is meant for you if you need funds for meeting your working capital needs
- As the name suggests, this is a collateral-free loan and self-employed professionals and businesses in the manufacturing, trading and services sector with a Bureau Score of 650 or above are eligible for this loan
- The loan must be repaid within 4 years in Equated Monthly Instalments (EMIs)
For more details on this loan, please click anywhere on this sentence to get to its specific page.
South Indian Bank Mortgage Loan for Business
This loan helps business owners raise capital towards expanding their business by availing a loan against property. The maximum loan amount is up to 70% value of the property depending on the type of property and internal assessment.
Features of South Indian Bank Mortgage Loan for Business
Why this Loan?
- South Indian Bank Mortgage Loan for Business is meant for you if you are looking for funds to expand your business
- The maximum loan amount sanctioned under this loan is Rs. 1.5 crore
- The bank offers the mortgage loan against residential, commercial and industrial property
For more details on this loan, please click anywhere on this sentence to get to its specific page.
South Indian Bank Commercial Vehicle Loan
This loan helps businesses in the transportation and agriculture sector buy brand new or pre-owned commercial vehicles for business use. The interest rate, repayment period, etc. are decided by the bank on a case-to-case basis.
Features of South Indian Bank Commercial Vehicle Loan Scheme
Why this Loan?
- The South Indian Bank Commercial Vehicle Loan is designed to help businesses in the transport and agriculture sector acquire funds for purchasing new or pre-owned commercial vehicles for business
- The businesses can also avail this scheme to reimburse the amount paid for buying vehicles within 3 months from the date of purchase
- Businesses with a Bureau Score of 650 or above are eligible for this loan
For more details on this loan, please click anywhere on this sentence to get to its specific page.
Important Note: Even though the bank’s website has information available for few business loan schemes at this time, there is a possibility that the bank may offer more corporate loan options which are not yet published on the website. We suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such application charges, service charges, etc. may be decided on a case-to-case basis.
Interest Rate for South Indian Bank Business Loans
- The applicable interest rate on South Indian Bank business loans is defined as the sum of two parameters: One-year Marginal Cost of Funds based Lending Rate (MCLR)/Repo Rate and Credit Risk Premium. Please check the South Indian Bank interest rate page to check out the details
Documents Needed for Individuals
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card/ PAN Card Issue Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- For term loans: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
- For Term Loans Only: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable
Documents Needed for Private Limited and Public Limited Companies
- Application Form duly filled and signed
- Company ID Proof: Company’s PAN Card
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
- Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security: Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
- For term loans only: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable
Reference Facts
- South Indian Bank Website: www.southindianbank.com
- Headquarters: Thrissur, Kerala
- Call Centre Number: +91 487 2420020, +91 487 2420058, +91 487 2420113, +91 487 2436666