|Loan amount||Up to Rs. 5 Lakhs|
|Rate of interest||13.50% p.a.|
|Tenure||Up to 60 months|
|Processing fee||Rs. 2,500|
|Minimum income||Rs. 15,000 p.m. for salaried & ITR of Rs. 1.50 Lakh p.a for businessmen|
|Minimum work experience||2 years for salaried & 1 year for businessmen|
|Eligible professions||Salaried and business owners|
|Loan turnaround period||1 - 7 days|
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:
When you choose a personal loan with the Saraswat Bank you have several advantages such as:
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:
|Year||Opening Balance||Amount Paid by Customer (EMI*12)||Interest Paid During the Year||Principal Paid During the Year||Closing Balance|
|1||Rs. 5,00,000||Rs. 23,010||Rs. 11,184||Rs. 11,826||Rs. 4,88,174|
|2||Rs. 4,88,174||Rs. 1,38,059||Rs. 61,267||Rs. 76,792||Rs. 4,11,382|
|3||Rs. 4,11,382||Rs. 1,38,059||Rs. 50,234||Rs. 87,825||Rs. 3,23,557|
|4||Rs. 3,23,557||Rs. 1,38,059||Rs. 37,616||Rs. 1,00,443||Rs. 2,23,114|
|5||Rs. 2,23,114||Rs. 1,38,059||Rs. 23,185||Rs. 1,14,874||Rs. 1,08,240|
|6||Rs. 1,08,240||Rs. 1,15,049||Rs. 6,810||Rs. 1,08,240||Rs. 0|
|Name of Lender||Rate of Interest (per annum)||Processing Fee||Maximum Loan Limit|
|Saraswat Bank||13.50%||Rs. 2,500||Rs. 5 Lakhs|
|HDFC Bank||10.25% - 21%||Up to 2.50%||Rs. 40 Lakhs|
|Citibank||9.99% - 16.49%||Up to 2% + GST||Rs. 30 Lakhs|
|SBI||9.60% - 15.65%||1.50% + GST||Rs. 20 Lakhs|
|Tata Capital||10.99% onwards||Up to 2.75% + GST||Rs. 25 lakhs|
|ICICI Bank||10.50% - 19%||Up to 2.25%||Rs. 25 Lakhs|
To apply for a loan with the Saraswat Bank, the following documents are necessary:
Eligibility conditions differ with different personal loan schemes. The eligibility criteria for the personal loan scheme are as follows:
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:
Here are the steps that you need to follow to get a loan through MyMoneyMantra:
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.
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|
|Corporate office number||[+91-] (022) 66005555|
Saraswat Co-Operative Bank Limited,
Eknath Thakur Bhawan 953, Appasaheb
Email ID: email@example.com
Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.9% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.
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.
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.
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.
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.
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.
The quantum of the Gold Loan Yojna is as follows:
For salaried and self-employed individuals, the loan amount provided is as follows:
The minimum take-home salary after all the deductions including the proposed EMI should be at least 25% of your gross monthly income.
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.
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.