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..
Zoom Scheme is a secured business overdraft loan offering by South Indian Bank to meet working capital requirement of businesses
How is it being implemented?
Under this Scheme, direct financial assistance in the form of loans is given to,
- Businesses
What’s on offer?
I. Product
- Overdraft
- Ticket Size: ₹25 Lakhs – ₹2 Crores
II. Purpose:
- 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: 100% collateral in the form residential or commercial properties, or term deposit or gold
- Guarantee: Nil
- Insurance: For more information around this, please contact South Indian Bank via means mentioned below
V. Interest Rate
- For borrowers with Udyam Registration Certificate (URC): Repo Rate + 2.85% = 9.10%
- For borrowers without URC: Repo Rate + 305% = 9.30%
- For information on prevailing Repo Rate, look for Policy Repo Rate under Current Rate/Policy Rates Tab here
VI. Processing Fee
- Upto 1%
VII. Margin Money Requirement
- For more information around this, please contact South Indian Bank via means mentioned below
VIII. Tenure, Repayments & Pre-Closures
- Tenure: For more information around this, please contact South Indian Bank via means mentioned below
- 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 and your Promoters/Partners/Directors, as the case may be, fall in the age group of 21 – 70 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 Zoom Scheme!
So…how big is this scheme and what has been done so far?
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:
- Contact one of South Indian Bank’s 950 branches nearest to you
OR
- Apply online here (Choose Business Loan under Type of Loan Tab) and track your loan application status here
II. For information on documentation requirements, please scroll down here. The agreement of the credit facility availed under this Scheme may look like this. For other agreements that may be required to be entered into like mortgage, lien, hypothecation etc., please refer under Tab Loans and Advances here
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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