Which Business Loans Does South Indian Bank (SIB) Offer?

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Business from South Indian Bank

A range of corporate business loans from South Indian Bank.

Founded in 1929, South Indian Bank (SIB) is one of the major private banks in the country. With more than 800 branches, the bank has made its presence felt across 27 states and 3 Union Territories (UTs). SIB offers consumer banking, corporate banking, private banking and investment banking services to its large customer base in addition to credit card, mutual funds, Demat account, and finance and insurance services.

Let us take a quick look at corporate business loans offered by South Indian Bank

SIB Working Capital Finance

The loan helps businesses get funds for all projects and activities related to running the business on a day-to-day basis. This is a perfect loan scheme for seasonal businesses, businesses that need help during periods of reduced business activity, or for businesses that are waiting for payment after completing a project. The loan is extended as Cash Credit, Overdraft facility, etc.

SIB Term Finance

The loan helps businesses carry out different business activities directly related to the growth and expansion of the business. The funds from this loan can also be used to purchase long-term assets for the business, acquiring land and property to build a business unit, upgrading machinery and equipment, etc. The loan amount is decided by SIB on a case-to-case basis after assessing the borrower’s application.

SIB Collateral-free Business Loan

This is a special loan scheme offered to self-employed professionals and businesses – with a Credit Bureau Score of 650 or above – in the manufacturing, trading and services sector to help them meet their working capital needs. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 1 crore. The repayment period for this loan is 4 years.

SIB Mortgage Loan for Business

This loan helps borrowers get funds for business use by mortgaging their residential, commercial and industrial property. The maximum loan amount sanctioned by the bank is up to 70% value of the property (up to a maximum of Rs. 1.5 crore) depending on the internal assessment carried out by the bank and the type of property.

SIB Supply Chain Finance

This is an umbrella loan scheme offered by SIB which offers funded assistance to vendors and dealers in the supply chain of goods. There are three types of loans under this scheme:

  • Vendor Finance
  • Dealer Finance
  • Corporate Bill Discounting

The maximum loan amount sanctioned under Vendor Finance and Dealer Finance is Rs. 20 crore and Corporate Bill Discounting scheme is Rs. 50 crore.

SIB Commercial Vehicle Loan

This loan helps businesses in the transportation and agriculture sector – with a Credit Bureau Score of 650 or above – get funds to buy brand new or pre-owned commercial vehicles for business use. Businesses can also avail of this scheme to reimburse the amount paid for buying vehicles within 3 months from the date of purchase.

A Final Word

Now that you know about the business loans currently being offered by South Indian Bank, here is more:

If you want to know more about corporate loans offered by Indian banks, please check out our business loans section. We have covered these loans in greater detail and shared important tips about choosing a business loan.

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