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Saraswat Bank Personal Loan Details

Loan amountUp to Rs. 5 Lakhs
Rate of interest13.50% p.a.
Tenure Up to 60 months
Processing feeRs. 2,500
Minimum incomeRs. 15,000 p.m. for salaried & ITR of Rs. 1.50 Lakh p.a for businessmen
Minimum work experience2 years for salaried & 1 year for businessmen
Eligible professionsSalaried and business owners
Loan turnaround period1 - 7 days

Types of Saraswat Bank Personal Loan

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: 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: Personal Loan For Salaried individuals can get up to 20 times your average net monthly salary or a maximum amount of Rs. 5 Lakhs, whichever is lower. Businessmen can get 3 times the average of last 3 years' income or a maximum of Rs. 5 Lakhs, whichever is lesser.
  • Shareholding: 2.5% of the loan amount, subject to a maximum of Rs. 25,000.
  • Repayment tenure: Maximum repayment tenure of 60 months is available.
  • Security: 
    • You must provide compulsory ECS or SI from your salary or business account.
    • Hypothecation of consumer durables or other articles purchased.
  • Guarantor: One guarantor is acceptable.

E-Stock Advance

  • Purpose: To provide finance against bonds, mutual funds, shares and debentures.
  • Quantum: You can get up to 50% of the market value of the security that you pledge, subject to a maximum amount of Rs. 10 Lakhs. Your loan is granted against your shares in demat form.
  • Shareholding: As per shareholding norms.
  • 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.

Gold Loan Yojna

  • Purpose: To provide financing for urgent requirements against gold ornaments.
  • Quantum: 
    • For bullet payment: Maximum of Rs. 2 Lakhs. 
    • You can get a maximum loan amount of up to Rs. 50 Lakhs, subject to 75% of the market value of the gold ornaments.
  • Shareholding: As per shareholding norms.
  • Repayment tenure: 12 months for bullet payment and maximum 36 months for other payment methods.
  • Security: Gold ornaments.

Advance Against RBI Bonds

  • Purpose: To provide loans against RBI and government bonds.
  • Quantum: There is no limit on these loans.
  • Shareholding: As per shareholding norms.
  • 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.

Loan Against Tangible Deposits

  • Purpose: To provide finance for personal expenses against LIP, KVP or NSC.
  • Quantum:
    • 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.

Features of Saraswat Bank Personal Loan

  • Loan amount: Salaried individuals can get maximum up to 20 times their average net monthly salary or a maximum of Rs. 5 Lakhs, whichever is lower. For businessmen, the maximum loan amount available is 3 times the average of last 3 years' income or a maximum of Rs. 5 Lakhs, whichever is lesser.
  • Processing fee: A loan processing fee of Rs. 2,500 will be charged irrespective of the loan amount.
  • Interest rate: Saraswat Bank personal loan interest rates are fixed and start from 13.50% p.a.
  • Repayment tenure: The loan can be repaid in a maximum repayment tenure of up to 60 months as per your convenience.
  • Lowest EMI possible: Rs. 2,301 Per Lakh at 13.50% interest rate for 5 years’ tenure.

Why Apply for Saraswat Bank Personal Loan?

When you choose a personal loan with the Saraswat Bank you have several advantages such as:

  • You can get quick short-term credit facilities to fulfill any of your personal needs, be it domestic, financial, or social. This includes the 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.
  • Personal Loans for self-employed individuals are extended to even salaried individuals under various schemes.
  • There are loan options with security that have no maximum limit with respect to the 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 the 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.

Saraswat Bank Personal Loan EMI Calculation

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. You can calculate your EMI accurately using the Personal Loan EMI Calculator tool available on MyMoneyMantra.com. All you have to do is enter your loan amount, repayment tenure, and interest rate, and the EMI is calculated instantly.

Apart from calculating the EMI, our EMI Calculator tool also displays the amortization schedule for loan repayment.

Here’s an example:

Personal loan amount required: Rs. 5 Lakhs.

Applicable rate of interest: 13.50% p.a.

Tenure: 5 years

EMI to be paid each month till the tenure ends: Rs. 11,505

Total interest to be paid: Rs. 1,90,295

Total amount to be paid to the lender: Rs. 6,90,295

Amortization schedule of the above example:

YearOpening BalanceAmount Paid by Customer (EMI*12)Interest Paid During the YearPrincipal Paid During the YearClosing Balance
1Rs. 5,00,000Rs. 23,010Rs. 11,184Rs. 11,826Rs. 4,88,174
2Rs. 4,88,174Rs. 1,38,059Rs. 61,267Rs. 76,792Rs. 4,11,382
3Rs. 4,11,382Rs. 1,38,059Rs. 50,234Rs. 87,825Rs. 3,23,557
4Rs. 3,23,557Rs. 1,38,059Rs. 37,616Rs. 1,00,443Rs. 2,23,114
5Rs. 2,23,114Rs. 1,38,059Rs. 23,185Rs. 1,14,874Rs. 1,08,240
6Rs. 1,08,240Rs. 1,15,049Rs. 6,810Rs. 1,08,240Rs. 0

Comparison of Saraswat Bank Personal Loan with Other Lenders

Name of LenderRate of Interest (per annum)Processing FeeMaximum Loan Limit
Saraswat Bank13.50%Rs. 2,500Rs. 5 Lakhs
HDFC Bank10.25% - 21%Up to 2.50%Rs. 40 Lakhs
Citibank9.99% - 16.49%Up to 2% + GSTRs. 30 Lakhs
SBI9.60% - 15.65%1.50% + GSTRs. 20 Lakhs
Tata Capital10.99% onwardsUp to 2.75% + GSTRs. 25 lakhs
ICICI Bank10.50% - 19%Up to 2.25%Rs. 25 Lakhs

Documents Required for 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

Saraswat Bank Personal Loan Eligibility Criteria

Eligibility conditions differ with different personal loan schemes. The eligibility criteria for the personal loan scheme are as follows: 

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 for metro/ urban cities after all deductions including the proposed EMI should be at least Rs. 20,000 for loans up to Rs. 2 Lakhs, Rs. 25,000 for loans up to Rs. 5 Lakhs.
  • The average monthly income for semi-urban/ rural cities after all deductions including the proposed EMI should be at least Rs. 15,000 for loans up to Rs. 2 Lakhs, Rs. 20,000 for loans up to Rs. 5 Lakhs.
  • This take home salary after deductions of all EMIs (including proposed loan) should be a minimum of 25% of annual gross salary.

For Businessmen

  • Should have at least 1 year experience in the current business.
  • The ITR for the past one-year should reflect gross cash actuals of at least Rs. 1.50 Lakhs per annum.
  • CIBIL rating should be at least 700.

Saraswat Bank Personal Loan Charges

Taking a personal loan from Saraswat Bank involves only the following two charges apart from the interest rate. No other charges, such as CIBIL, FI, etc. are involved: 

  • Processing fees: Rs. 2,500 irrespective of the loan amount.
  • Shareholding: 2.50% of loan amount, maximum Rs. 25,000.

How to Apply for Saraswat Bank Personal Loan on MyMoneyMantra?

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.

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. 

Saraswat Bank Personal Loan Customer Care

You can get in touch with Saraswat 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

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Saraswat Bank Personal Loans FAQs

What can short term credit personal loans be applied for?

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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 Saraswat Bank?

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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 the chosen field of work is mandatory.

What is the CIBIL score required for the Saraswat Bank personal loans?

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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?

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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?

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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?

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The quantum of the Gold Loan Yojna is as follows:

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

What is the maximum loan amount available without any security?

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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 Rs. 5 Lakhs, whichever is lower.
  • For businessmen: You can get 3 times the average of last three years' income or a maximum of Rs. 5 Lakhs, whichever is lesser.

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

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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?

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You can get repayment tenure of up to 60 months with personal loans at the Saraswat 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?

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A processing fee of Rs. 2,500 is charged per application for personal loans at the Saraswat Bank. This amount is irrespective of the final loan amount that you are granted.