Disclaimer…before you read ahead!
The information contained herein is of a general nature and for information purposes only, with the intent of raising awareness around various resources, schemes etc. available for women entrepreneurs in India. It is not intended to address the circumstances of any particular individual or entity. It does not purport to be all-inclusive or necessarily contain all the information that may be relevant for the reader, and may be subject to updating, revision or amendment. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to remain accurate in the future. The reader, therefore, is required to exercise their discretion; and not act on such information without appropriate professional advice after a thorough examination of the particular situation.
Furthermore, we are not a lender and are not authorized by the Reserve Bank of India to act as one. By disseminating the information contained herein, we are not soliciting any borrower or customers for the company or organization mentioned herein nor do we intend to syndicate any capital for the reader of this article.
About this scheme..
Small Business Loan is a loan offering by South Indian Bank with multiple & flexible financing options to meet financing needs of small businesses.
How is it being implemented?
Under this Scheme, direct financial assistance in the form of loans is given to,
- Self Employed Non-Professionals (SENP): Manufacturers, Traders, Wholesalers, Retailers, Service Providers
- Self Employed Professionals (SEP): Doctors, CA, CS, ICWA, Architect, Engineer, etc.
What’s on offer?
I. Product
- Term Loan, Overdraft, Dropline Overdraft
- Ticket Size: ₹10 Lakhs – ₹50 Lakhs
II. Purpose:
- Acquisiton of or investment in fixed assets
- Working capital requirements
III. Borrower Type:
- Self-employed Individuals & Professionals, Sole Proprietor, Partnership Firm, Limited Liability Partnership (LLP), Private Limited Company
- For more information on this, please contact South Indian Bank via means mentioned below
IV. Security or Collateral or Guarantee or Insurance
- Security: Primary charge on assets created out of Bank’s finance
- Collateral: For more information on this, please contact South Indian Bank via means mentioned below
- Guarantee: Nil
- Insurance: For more information around this, please contact South Indian Bank via means mentioned below
V. Interest Rate
VI. Processing Fee
- Upto 1%
VII. Margin Money Requirement
- This will be as per the Loan To Value norms of the Bank. For more information around this, please contact South Indian Bank via means mentioned below
- VIII. Tenure, Repayments & Pre-Closures
- Tenure
- Term Loan & Dropline Overdraft: upto 60 months
- Overdraft: upto 36 months
- Repayments: For more information around this, please contact South Indian Bank via means mentioned below
- Foreclosure, Penality & Other Charges: For more information around this, please scroll down here
IX. Turnaround Time
Interested? Read ahead to check your eligibility….
I. Do you fall in the age group of 21 – 65 years?
II. Has your business been in operations for atleast 3 years?
If your answers to the questions above are an emphatic YES, you are all set to avail South Indian Bank’s Small Business Loan!
So…how big is this scheme and what has been done so far?
I. As on December 31, 2024, South Indian Bank had a loan outstanding of ₹13,042 Crores towards Micro, Small & Medium Enterprises across all its Schemes
So, now, how should you go about it?
I. For submitting application:
- Apply online here and track your loan application status here
OR
- Contact one of South Indian Bank’s 950 branches nearest to you
II. For information on documentation requirements, please scroll down here. The agreement of the credit facility availed under this Scheme may look like this or this
III. For any queries, please contact South Indian Bank via
- Toll Free Number: 1800 425 1809 | 1800 102 9408
OR
- E-mail: customercare@sib.co.in
OR
- Visit one of South Indian Bank’s 950 branches nearest to you
Go on then…and do spread the word!
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