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South Indian Bank is a private sector bank headquartered at Thrissur City in Kerala. One of the earliest banks in South India, it came into being in 1929, during the Swadeshi Movement. It was formed by a group of 44 enterprising men who joined in Thrissur, a major town in the erstwhile State of Cochin to provide a safe, efficient, and service oriented repository of savings of the community on one hand and to liberate the business community from the clutches of money lenders on the other, by extending need based credit at reasonable rates of interest.
About South Indian Bank
With slow but steady growth, backed the support of the general public, it became the first among the private sector banks of Kerala to become a scheduled bank in 1946 under the RBI Act. It has 838 branches, 4 service branches, 42 extension counters, and 20 Regional Offices spread across more than 27 States and 3 Union Territories in India. It has also established 1293 ATMs and 4 Bulk Note Acceptor/Cash Deposit Machines all over the country.
It became the first among the private sector banks in Kerala to open a NRI branch in November 1992. It is considered to be one of the most proactive banks in India with a competent tech savvy team of professionals at the core of its service. It was also the first bank in Kerala to develop an in-house, a fully integrated branch automation software.
Vision and Mission
The Bank’s vision is to be the most preferred bank in the areas of customer service, stakeholder value, and corporate governance. The mission of the Bank is to provide a secure, agile, dynamic and conducive banking environment to customers with a strong commitment to values and infallible confidence, deploying the best of technology, standards, processes, and procedures. It focuses on putting convenient convenience as its topmost priority, and increasing the stakeholders’ value.
South Indian Bank Loans
South Indian Bank Home Loan : South Indian Bank finance has perfectly tailored this loan to cater to all the financial needs related to acquiring a new home, including – purchase of ready to occupy or under construction house, flat/villas, residential plot and construction of house, construction of house in own land, improvement/repair/renovation of own residential house, additions/enlargement of won residential house, takeover of existing housing loans, or reimbursement of expenses incurred for residential house. The salient features of this loan include, same rate of interest, with the base rate irrespective of loan amount/age/period/purpose. There are no upper limits for loan amount. South Indian Bank loan advantage is that it also ensures flexible repayment options, such as repayment beyond date of retirement. For salaried class (employees of MNCs, State/Central Govt., IT Companies, etc.), the eligible loan amount is 60 times of net monthly income. The period of repayment is 30 years or till 75 years of age. For self-employed or business class, the eligible loan amount is 5 times of average gross income as per IT returns. For professionals with a net monthly income of Rs. 60,000, the quantum of loan is 75 times of net monthly income. As far as agriculturists are concerned, it is 5 times of average gross income, while for NRIs, the maximum quantum of finance is 50 times of average monthly remittance. The period of repayment for the latter is 20 years or till 70 years of age, as specified by South Indian Bank loan details. When it comes to senior citizens, the eligible loan amount is 60 times of monthly pension or 5 times of gross total income. The period of repayment is 20 years or till 75 years of age.
South Indian Bank Personal Loan : This scheme has been designed for meeting personal/family finance requirements including purchase of household articles/electronic appliances/computer equipments/peripherals/expenses for medical treatment/inland or foreign travel, etc. individuals personal loan can be availed by applicants permanently employed in reputed companies/firms/organizations/Govt. service with their remaining service period equaling the repayment period. It is also sanctioned to practicing/employed Doctors having a professional medical degree, businessmen, and other categories with a sufficient income/IT return and who are capable of remitting EMIs. According to South Indian Bank personal loan eligibility norms, NRIs are also eligible for this loan scheme. Personal Loans from South Indian Bank are also available as group loans to permanent employees of GOI and State Govt., PSUs, Blue Chip Companies and reputed institutions, etc. Under individual loans, the Bank provides a maximum of Rs. 10 lakhs, while for NRIs, the maximum quantum of loan is 50% of the average annual remittance to their NRI account/spouse’s domestic account. For group loans, the quantum of finance is a maximum Rs. 10 crores per employer. The repayment period is a maximum of 48 months EMI.
South Indian Bank Loan Against Property : This is a flexible, hassle-free overdraft facility that lets the customer discover the hidden potential of his/her property. It can serve the purpose of fulfilling emergency personal and business needs. The target customers include, individuals, proprietorship concern, partnership firms, LLPs, trusts/societies, Pvt./Public Ltd. Co. For business purpose, this loan may be availed – to meet additional working capital requirement, to purchase agricultural products/to finance the working capital requirements for agriculture related purposes, or for investment in business. Loan against property from South Indian Bank can also be availed for personal purposes, such as – meeting the emergency personal/family needs of the resident individual, or meeting the emergency family needs of NRIs. For business purpose, the minimum loan amount is Rs. 10 lakhs, while the maximum amount is Rs. 1000 lakhs. On the other hand, for personal purpose, the minimum amount is Rs. 3 lakhs, whereas the maximum quantum of loan is Rs. 100 lakhs. The loan tenor under this scheme is 36 months. The applicant should at least be 21 years of age, and the maximum age limit is 70 years.
South Indian Bank Business Loan : Micro and Small Enterprises (MSE) sector constitute a growth engine of the economy wit significant contribution to GDP. In the case of loans granted to MSE, the functionaries are permitted to allow settlement even if there is no yield or even with write off of a portion principal amount subject to their sanctioning powers.