South Indian Bank unveils Loan Against Securities (LAS) for Demat Account Holders

October 6, 2023

Mumbai, October 6, 2023: South Indian Bank (SIB), one of the leading private sector banks with an over nine-decade legacy, has launched a new offering - Loan Against Securities (LAS). LAS has been crafted for South Indian Bank's Demat account holders, providing them with a unique opportunity to utilize their Nifty100 shares in Demat form to fulfill their diverse financial needs.
Speaking on the launch, Mr. Sanchay Kumar Sinha, CGM & Country Head- Retail Banking Department, South Indian Bank said "We keep our customers at the center of our operations and are always committed to introducing innovative and customer-centric financial solutions for them. Our Loan Against Securities (LAS) product is yet another superior service offering that brings unmatched benefits to our customers. The product allows our Demat accountholders to fully unlock the potential of their assets by availing credit for their financial needs. LAS is designed to provide them with greater financial flexibility and convenience."
LAS comes with several key benefits. The loan is processed as an Overdraft (OD), allowing customers to pay interest only for the amount they utilize. Customers can also withdraw funds from their OD account as needed, providing them with on-demand liquidity. Customers with low CIBIL scores are also eligible for LAS, and the loan disbursal process is seamless, often occurring within a day. Additionally, there are no pre-closure charges, ensuring transparency and flexibility for customers. The documentation requirements are also minimal.

About South Indian Bank
South Indian Bank is a leading Kerala-based Private sector bank with a nationwide presence. The bank’s shares are listed on The Stock Exchange Mumbai (BSE) and The National Stock Exchange of India Ltd., Mumbai (NSE). South Indian Bank has 942 branches, 1175 ATMs, and 130 CDR/CDMs across India and a representative office in Dubai, UAE. South Indian Bank is a pioneer in technology-based banking, offering an array of digital products and services. It has one of the youngest workforces in the banking sector in the country. The Vision 2024 focuses on the 6 Cs -- capital, CASA, cost-to-income, competency building, customer focus, and compliance. For more information, please log on to www.southindianbank.com

South Indian Bank

Mumbai, Maharashtra, India

"We keep our customers at the centre of our operations and are always committed to introduce innovative and customer-centric financial solutions for them. Our Loan Against Securities (LAS) product is yet another superior service offering that brings unmatched benefits to our customers. The product allows our Demat accountholders to fully unlock the potential of their assets by availing credit for their financial needs. LAS is designed to provide them with greater financial flexibility and convenience."
Author,
Mr. Sanchay Kumar Sinha, CGM & Country Head- Retail Banking Department, South Indian Bank

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