Saraswat Bank Personal Loan

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About The Saraswat Bank Personal Loan

The Saraswat Bank is one of the most experienced banks in the retail loan sector, offering several schemes for individuals, businesses, and NRIs. If you have any short-term expense that you need to cater to on an urgent basis, then the personal loan schemes offered by the Saraswat Bank are the ideal choice for you.

You can get loans with and without security depending upon the urgency of the financial requirement. These personal loans can be used by the applicant and can also be extended to his or her dependents for various personal uses including travel expenses, medical expenses, social obligations such as family functions or marriages or any other financial obligation including debt repayment where you need immediate financing. Loans are offered at attractive interest rates to salaried individuals and self-employed individuals to ensure that everyone is able to afford quick financing in case of any unforeseen financial expenses.

Saraswat Bank Personal Loan Interest Rate February 2019 (updated)

Interest rate

14.40 %

Loan tenure

5 Years

Loan turn around period

1-7 Days

Processing Charges

2500 of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

2348  Per Lakh

Why choose The Saraswat Bank Personal Loans?

The Saraswat Bank is one of the most consistent institutions when it comes to growth and innovation. They pride themselves on providing a personal touch to every interaction with customers to understand their immediate requirements and provide timely solutions accordingly. When you choose a personal loan with the Saraswat Bank you have several advantages such as:

  • 100 years of experience in personal banking, business banking and NRI Banking.
  • Technologically advanced branches that allow easy online transactions for timely repayments.
  • Customer oriented solutions that ensure that you get the right solutions based on your current financial conditions.
  • Steady growth since the inception in the year 1918 to become India's largest urban co-operative Bank.
  • 281 branches to ensure that you have Pan India Reach.
  • Easy overseas banking options for non-resident Indians.
  • Highest net profit of 241 Crore.
  • Transparent and simple loan processing for faster turnaround time.

Features and Benefits of The Saraswat Bank Personal Loans

The Saraswat Bank provides you with various personal loan options that you can get with or without any security deposit. These loan plans are extremely customer-centric to ensure that the repayment is simple and suited to the financial condition of each customer. Some unique features and benefits make personal loans with the Saraswat Bank the ideal choice for you.

  • You can get quick short-term credit facilities to fulfill any of your personal needs, be it domestic, financial, or social. This includes purchase of durables, family functions such as weddings, travel, education, debt repayment, and even medical expenses.
  • You can avail loans not just for your requirements but for those of your dependents as well.
  • Loans are extended to salaried individuals and even self-employed individuals under various schemes.
  • There are loan options with security that have no maximum limit with respect to loan amount.
  • Your loan amount can also be calculated as per your net monthly or annual income to ensure that the repayment options fit in your budget.
  • Fixed processing fees make loan application process simple and hassle free.
  • Documentation is standard and quite simple.
  • Faster processing time and quick turnaround of your loan application is guaranteed.

The Saraswat Bank Personal Loan Rate of Interest

With the Saraswat Bank, you can expect competitive interest rates that make it easier for you to repay your loans in equated monthly installments. You have both fixed and floating interest rate options. The current rates of interest are as follows:

Type of loan

Rate of Interest

 

 

Personal Loan

 

 

 

14.40% per annum

 

E-Stock Advance

Floating (PLR-4.25)- 10.15% per annum

Current PLR: 14.40%

 

Gold Loan

PLR-3.25, currently 11.15% per annum

Advance against government/ RBI bonds

PLR-3.25, currently 11.15% per annum

Advance against tangible security

PLR-3.25, currently 11.15% per annum

Types of Personal Loans offered by The Saraswat Bank

The Saraswat Bank offers personal loans with security and without any security or margin. Depending upon the urgency of your financial requirement and your current financial status, you can choose from a variety of loans in their personal banking range, including the following:

  • Personal Loan

 

Purpose of loan

 

This loan plan offers low interest rates and minimal documentation to fulfill any personal need of the applicant including travel, education, family function expenses, medical expenses and more.

 

Quantum of loan

 

  • For salaried individuals: You can get up to 20 times your average net monthly salary or a maximum amount amount of 5 Lakhs, whichever is lower.
  • For businessmen: You can get 3 times the average of last three years' income or a maximum of 5 Lakhs, whichever is lesser.

 

 

Shareholding

 

2.5% of the loan amount, subject to a maximum of 25000

Repayment tenure

Maximum repayment tenure of 60 months is available

Security

  • You must provide compulsory ECS or SI from salary or business account.
  • Hypothecation of consumer durables or other articles purchased.

Guarantor

One guarantor is acceptable

  • E-Stock Advance

 

Purpose of loan

 

To provide finance against bonds, mutual funds, shares and debentures.

 

Quantum of loan

 

  • You can get up to 50% of the market value of the security that you pledge, subject to a maximum amount of 10 Lakh.
  • Your loan is granted against your shares in demat form.

Repayment tenure

 

This overdraft facility is subject to review each year

Security

  • Pledge shares or securities
  • Minimum of 2 scrips required. Single scrip cannot exceed 50% of the present market value of the portfolio and the same can be extended to a maximum of 75% only in case of Group A companies.

Shareholding

As per shareholding norms

  • Gold Loan Yojna

 

Purpose of loan

 

To provide financing for urgent requirements against gold ornaments.

 

Quantum of loan

 

For bullet payment: Maximum of 2 Lakh.

 

You can get a maximum loan amount of up to 50 Lakh, subject to 75% of the market value of the gold ornaments.

Security

 

Gold ornaments

Repayment period

For Bullet Payment: 12 months

For other payment methods: 36 months max.

Shareholding

As per extant shareholding norms

  •  Advance against RBI Bonds

 

Purpose of loan

 

To provide loans against RBI and government bonds

 

Quantum of loan

 

There is no limit on these loans

Repayment tenure

 

Not exceeding the due date of the RBI or Government Bond or a Maximum of 5 years, whichever is earlier

Security

RBI/ Govt Bonds. You can only use transferable bonds where the bank's lien can be marked on the bond.

Shareholding

As per extant shareholding norms

  •  Loan against tangible deposits

 

Purpose of loan

 

To provide finance for personal expenses against LIP, KVP or NSC/

Quantum of loan

 

  • For NSC- 90% of Face Value if the residual maturity period is less than three years or 85% of Face Value if the residual maturity period is more than 3 years.
  • For LIP- 90% of surrender value

Repayment tenure

 

10 years in case of term loan or date of maturity, whichever is earlier

Security

In case of an LIP, the terms and conditions of the policy must state that the policy can be assigned or that a loan can be levied against said policy.

The Saraswat Bank Personal Loan Eligibility

Eligibility conditions differ with different personal loan schemes. The eligibility conditions are as follows: 

For Personal Loan

Salaried individuals

  • The applicant must be a permanent employee for at least 1 year in the current organization with at least 2 years of experience.
  • The average monthly income after all deductions including the proposed EMI should be at least 20000 for loans up to 2 lakh, 25000 for loans up to 25000.
  • This take home salary should be a minimum of 25% of annual gross salary.
  • The ITR for the past one-year should reflect gross cash actuals of at least 1.50 lakh per annum.

For businessmen

  • Should have at least 1 year experience in the current business
  • CIBIL rating should be at least 700.

For E Stock Advance 

  • Individual must not be connected to any stock broking activity or firm.

For Gold Loan Yojna:

  • Any individual who is the true owner of gold ornaments
  • The applicant must add one female member as an applicant for the loan.

For Advance against Government/RBI Bonds

The applicant must have tradable and transferable RBI/Govt Bonds.

For Advance against Tangible Security:

  • The Life Insurance Policy should be in force for a at least 3 years and must be assignable.
  • If you are opting for a term loan, the NSC/ KVP should be at least 1 year old.

Documents required for The Saraswat Bank Personal Loan

To apply for a loan with the Saraswat Bank, the following documents are necessary:

  • Prescribed application form
  • Latest photograph
  • Photo ID Proof (valid passport/ PAN Card/ Driving License/ School Leaving Certificate)
  • Proof of residence (Telephone bill/ electricity bill/ valid passport/ PAN card/ Driving license)
  • PAN card is mandatory.
  • For salaried class:
    • Form 16 for last 1 year
    • Last 3 months salary slip
    • Last 3 months bank statement.
  • For non-salaried class:
    • Last 3 years ITR
    • Audited balance sheet
    • Last 3 months bank statement

Note: For gold loans, a declaration from the borrower stating that he or she is the true owner of the ornaments is mandatory.

Other The Saraswat Bank products

The Saraswat Bank provides solutions for personal needs and business needs, be it short term or long term financing. To ensure that there are options to suit the unique requirements of customers, an array of different products are offered as follows:

Products offered by the Saraswat Bank

Car Two Wheeler Loan

Education Loan

Vastu Siddhi Home Loan

 

Kwik LAP Loan

Doctor Delite

Multipurpose Loan- Group Loan Scheme

Advance against tangible security to individuals engaged in agriculture allied activities

Special Scheme For Defense Forces

Loan for Physically Challenged

PradhanMantriAwasYojna

Top Up Loan

Corporate Loan

Term Loan

Rental Loans

Commercial Automobile Loans

Udyogini Loan

Working Capital Loans

Unnati Loans

 

 

How to calculate EMI on The Saraswat Bank Personal Loan

The EMI on the loan scheme that you choose is extremely important for you to know before you apply for a loan. This determines your monthly budget and helps you understand your repayment ability for a loan plan. Calculate your EMI accurately using the EMI calculator tool available on MyMoneyMantra.com. All you have to do is enter you loan amount and repayment tenure and the EMI is calculated as per the current interest rate on the plan that you have chosen.

How does CIBIL Score affect the Saraswat Bank Personal Loan

For most financial institutions, the CIBIL score is an important criterion for determining your eligibility for a loan scheme. With the Saraswat Bank, a CIBIL score of at least 700 is mandatory for any loan application. The CIBIL score provides your credit and repayment history and adds credibility to your loan application. Check your CIBIL score online on www.mymoneymantra.com using the CIBIL Score calculator tool. 

The Saraswat Bank Personal Loan Processing Fee and Other Charges

The processing fees depend upon the loan amount with the Saraswat Bank Personal Loans. The processing fees are as follows:

Processing Fee for Personal Loan

2500 irrespective of the loan amount

Processing Fee for E-Stock Advance

Pledging Charges as applicable

Processing Fee for Gold Loan Yojna

500 per instance

Valuation Charges for Gold Loan

Charges at actual to be borne by the applicant.

Custody Charges

 

Custody Charges of 300 per quarter in case the gold ornaments are not retrieved within one month of closure of the loan account.

Processing fees for Advance Against RBI/ Government Bonds

NIL

Processing fees for Advance against Tangible Income

NIL

 

The Saraswat Bank Customer Care

You can get in touch with Sarawat Bank for any queries, grievances or complaints regarding your loan account or application. You can get in touch on the following numbers:

Toll Free Number (24X7)

1800229999

Chargeable 24X7customer care number

022- 41572070

 

Corporate office number

[+91-] (022) 66005555


Head Office:

Saraswat Co-Operative Bank Limited,

Eknath Thakur Bhawan 953, Appasaheb

MaratheMarg, Prabhadevi,

Mumbai- 400025

Email ID: corporatecenter@saraswatbank.com

Frequently Asked Questions

What can short term credit personal loans be applied for?

Personal Loans with the Saraswat Bank can be used for several personal financial needs including domestic, social and financial requirements. This includes travel, education, family function expenses, medical expenses and even debt repayment or other financial obligations.

What is the work experience required to apply for a personal loan with the Sarawsat Bank?

For Salaried individuals, a minimum loan experience of 2 years in the respective field with at least 1 year in the current company is mandatory. For businessmen, 1 year experience in chosen field of work is mandatory.

What is the CIBIL Score required for The Saraswat Bank Personal Loans?

Your CIBIL Score is an indicator of your repayment and credit history. For any applicant for personal loans with the Saraswat Bank, a CIBIL Score of 700 is mandatory.

Can I Get loans against pledged securities with The Saraswat Bank?

Yes. You can get advances against securities such as gold ornaments, E-stock, government and RBI bonds or other tangible security such as NSC, Life insurance policy or KVP for immediate financial requirements.

Is there any security required for a general personal loan with the Saraswat Bank?

The Saraswat Bank requires you to provide an ECS or SI form your current employer. In addition to that, you must provide a hypothecation of the household articles or other consumer durables purchased through your personal loan.

How much gold loan is available with the Saraswat Bank?

The quantum of the Gold Loan Yojna is as follows:

  • For bullet payment: Maximum of 2 Lakh.
  • You can get a maximum loan amount of up to 50 Lakh, subject to 75% of the market value of the gold ornaments.

What is the maximum loan amount available without any security?

For salaried and self-employed individuals, the loan amount provided is as follows:

  • For salaried individuals: You can get up to 20 times your average net monthly salary or a maximum amount of 5 Lakh, whichever is lower.
  • For businessmen: You can get 3 times the average of last three years' income or a maximum of 5 Lakh, whichever is lesser.

What is the minimum take home salary required for personal loans with the Sarawat bank?

The minimum take-home salary after all the deductions including the proposed EMI should be at least 25% of your gross monthly income.

What is the maximum loan repayment tenure available with the Saraswat Bank Personal Loans?

You can get repayment tenure of up to 60 months with personal loans at the Sarawsat Bank. In case of advances against security, the repayment tenure is subject to the maturity of the assets that you have pledged.

What is the processing fee for Personal Loans at the Saraswat Bank?

A processing fee of 2500 is charged per application for Personal Loans at the Saraswat Bank. This amount is irrespective of the final loan amount that you are granted.

Why apply for The Saraswat Bank Personal Loan on MyMoneyMantra?

MyMoneyMantra is your one stop solution for any financial requirement that you may have. From personal loans to business loans, you can get assistance for any funding that you may require in simple steps. This avoids any chances in errors during documentation or the actual loan application that may hinder your loan processing time and the turnaround time.

MyMoneyMantra brings to the table several years of experience with helping customers find the right financing options based on their requirements. You have several benefits of applying for a personal loan with Sarawat Bank through MyMoneyMantra, such as:

  • You can compare products from over 70 financial institutions to make sure that you get the lowest interest rates and the right plans to suit your immediate requirements.
  • Get instant e-approval when you apply for a loan through MyMoneyMantra.
  • The registration process and loan application process is extremely simplified to ensure that you get quicker turnaround time with your loan plans.
  • Make sure that your monthly budget is planned correctly using the simple EMI calculator available online to get accurate figures for the possible EMI for a certain loan plan.
  • Check your eligibility for a loan plan that you have chosen with the eligibility calculator available online.
  • Improve your chances of loan approval with continued financial support provided by MyMoneyMantra Associates.
  • All the loan application procedures including documentation and application are taken care of by MyMoneyMantra.
  • You can check your latest CIBIL score using the CIBIL score calculator on MyMoneyMantra.com.
  • Loan plans are customized to suit your requirements based on the loan amount needed, the urgency of the requirement your current financial condition.
  • No hidden charges and conditions. You can be assured of complete transparency with all the loan application processes.
  • You have complete guarantee of confidentiality with all the details that you provide to MyMoneyMantra while applying for your loan.

How to apply for The Saraswat Bank Personal Loan on MyMoneyMantra?

MyMoneyMantra aims at making financing easy and simple for all its customers. If you choose to apply for a loan through MyMoneyMantra, you have the advantage of simple and straightforward steps that will speed up the application as well as the processing time of every loan application. Here are the steps that you need to follow to get a loan through MyMoneyMantra:

  • Register on mymoneymatra.com
  • To do so, enter your gender and other personal details such as your name, phone number, email ID, city of residence, employment status and type and the loan amount required.
  • You will be provided with a One Time Password that you have to enter to complete the registration process.
  • Following the registration, loan plans that are customized to suit your requirements will be suggested.
  • Choose a plan that suits your requirements.
  • Based on the chosen loan plan, you will get a documentation checklist.
  • The loan application is made after these documents are verified by MyMoneyMantra associates.
  • Once you have applied for a loan, you will have to complete a personal interview with officials from the Saraswat Bank.
  • This is the final stage of loan application following which the associates of MyMoneyMantra will continue with necessary follow up procedures.
  • After approval of your loan, the amount is disbursed as per the conditions of the sanction letter provided to you.