MSME 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. As of now, the bank offers three loan schemes to its MSME customers.
The MSME loans from South Indian Bank are:
- MSME Star Loan
- GST Business Loan
- SIB Pharma Plus
We give you a brief intro to these small business loans below.
South Indian Bank MSME Star Loan
The MSME loan helps businesses finance their everyday operations such as for investment in current assets, purchase of raw materials and making salary payments. It can be availed by the businesses for business expansion and long-term asset acquisition purposes as well.
Features of the South Indian Bank MSME Star Loan
Why this Loan?
- The South Indian Bank MSME Star Loan can be availed for all projects and activities related to running the business on a day-to-day basis or for business expansion needs
- The loan is extended in funded as well as non-funded forms such as Cash Credit, Term Loan, Letter of Credit and Bank Guarantee based on the borrower’s requirements
South Indian Bank SIB GST Business Loan
This South Indian Bank MSME Loan helps MSME enterprises finance their everyday operations such as for investment in current assets, purchase of raw materials, payment of power charges, etc. The maximum loan amount sanctioned under this loan scheme is Rs. 1 crore.
Features of SIB GST Business Loan
Why this Loan?
- South Indian Bank SIB GST Business Loan helps MSME enterprises get financial assistance to meet their needs to carry out everyday business operations
- The quantum of loan depends on the annual turnover as per the GSTR statement of the borrower
- These loans are perfect for businesses that need help during periods of reduced business activity or while waiting for receipt of payment after completing projects
South Indian Bank SIB Pharma Plus
This SIB MSME loan helps small businesses in the pharma distribution sector meet their working capital expenses. The maximum loan amount is Rs. 1.5 crore for this loan.
Features of SIB Pharma Plus
Why this Loan?
- The South Indian Bank SIB Pharma Plus Loan is meant for businesses in the pharma distribution sector to meet their working capital needs
- All retail and wholesale pharma dealers, distributors, stockists handling allopathic, ayurvedic or homeopathic drugs are eligible for this loan
Important Note: Even though the bank’s website has information available for few loan schemes at this time, there is a possibility that the bank may offer more loan options that 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 as application charges and service charges may be decided on a case-to-case basis.
Interest Rate for South Indian Bank MSME 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) and Credit Risk Premium
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
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
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
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