South Indian Bank is a private sector bank that was established during the Swadeshi movement in the country. The bank is headquartered in Thrissur, Kerala, India. The bank has 851 branches in the country, 4 service branches, and 20 Regional Offers that are spread across 27 states and 3 union territories in the country. The South Indian Bank has a network of over 1328 ATM and 42 Bulk Note Acceptor, also known as Cash Depositing Machines across the country.
The South Indian bank was initially formed by 44 men of Thrissur, who contributed Rs. 500/- each to the initial paid up capital of Rs.22000/- The bank was registered as a Private Limited Company under Companies Act 1913 and started business dated 29th January 1929 at the Round South, Thrissur – Kerala. The main object of formation of this bank was to serve the merchant community of Thrissur by giving them free from the clutches of the money lenders who would charge exorbitant rate of interest on the loan. The bank received a very strong support from the public to encourage this movement.
The bank grew gradually and kept opening new branches every year testifying its popularity and stability. The South Indian Bank became a scheduled bank dated 07th August 1946 and was included in the second schedule of Reserve Bank of India. The bank was the first bank to become a scheduled bank in private sector in Kerala under the Section 22 of Banking Regulation Act 1949 from Reserve Bank of Indian dated 17th June 1957.
Milestones achieved by South Indian Bank (SIB):
• SIB was the first bank among the private sector banks in Kerala to become scheduled bank in the year 1946 under the RBI Act.
• SIB was the first private sector bank in India to open Currency Chest on behalf of RBI in April 1992.
• SIB was the first private sector bank to open a NRI branch in November 1992.
• SIB was the first private sector bank to start a branch of Industrial Finance in March 1993
• SIB was the first among the private sector bank to open “Overseas Branch” for catering exclusively to import and export business in June 1993.
• SIB was the first bank to develop a fully integrated branch automation software in Kerala in addition to in-house partial automation solution operational since 1992.
• SIB was the first Kerala based bank to implement Core Banking System.
• SIB was the third largest branch network among Private Sector banks, in the country having all its branches under the Core banking System.
Enlisted below are the Loan Products that are offered by South Indian banks:
Personal Loans: Personal loan South Indian Bank can be borrowed by salaried as well as self-employed individuals to meet any urgent financial situation such as wedding, medical emergency, travel plans, or anything that requires immediate cash.
Mobiloans: Mobi loans at South Indian Banks are offered for purchase of used or new vehicles, commercial vehicles, vehicles for agriculture and allied purposes. The loans can be borrowed by salaried, business class, NRIs, next gen, agriculturists, senior citizens or pensioners.
Gold Loan: Gold loan is a loan that can be borrowed against your gold. There a number of gold loan schemes that are offered by South Indian Bank which includes, Gold Power, Gold Max Plus, Gold Agriculture, Gold Loan Monthly Interest, Gold Rush, Gold Max and Swarnanidhi. You can avail quick finance against your gold.
Education Loan: SIB offers education loan for students who wish to pursue their education either in India or abroad. There are a number of education loan schemes offered by South Indian Bank for you to pick from which includes – Vijnan Pradhan Scheme, SIB Excellence, Skill Loan Scheme, Vidyanidhi Scheme.
OTS Scheme for Micro and Small Enterprises (MSE):
SIB offers MSE loans for setting up micro and small enterprises.
Property Loan: Property loan offered by SIB is a loan that can be availed against the property. SIB offers property loan under two schemes namely; overdraft against property and flexi loans.
SIB Pharma Plus Loans: SIB Pharma Plus loans are specially designed loans for Pharma Dealers/ Distributors/ Stockists handling Allopathic or Ayurvedic or Homeopathic drugs (Wholesale or Retail).
SIB DÉCOR: SIB DÉCOR are loans that can be borrowed by existing home loan customers for furnishing their homes.
SIB Rental Loan Schemes: SIB Rental Loan Scheme is a loan scheme that can be borrowed against the rent receivable. The SIB Rental Loan Scheme is offered under two banners; SIB Rental Scheme and SIB Mini Rental Scheme.