Saraswat Bank Personal Loan Interest Rates
Get instant personal loans up to Rs. 5 Lakhs online from Saraswat Bank at a fixed interest rate of 13.50% p.a. The tenure is up to 60 months and the processing fee is Rs. 2,500 irrespective of the loan amount.
Saraswat Bank Personal Loans Interest Rates
| Loan Product | Rate of Interest | Effective Rate |
|---|---|---|
| Kwik Loan against property | Floating - PLR - 3.75% | 10.65% |
| Privilege Finance | Fixed-rate | 12.50% |
| Gold Loan | Floating - PLR - 3.25% | 11.15% |
| E-stock Loan | Floating - PLR ? 4.25% | 10.15% |
| Personal Loan | Fixed-rate - PLR | 14.40% |
| Group Loan - Salary account holders | Fixed-rate | 12.50% |
| Group Loan - Salary account with other banks | Fixed-rate | 13.00% |
| Against Government Bonds/RBI Bonds, and tangible security | Floating - PLR - 3.25% | 11.15% |
| Loans to physically challenged | Fixed-rate | 10.25% |
Saraswat Bank Personal Loan - Features and Benefits
- Available at all locations including the semi-urban and rural areas
- Instant loans up to Rs 5 Lakhs are available for salaried individuals.
- Relaxed eligibility and net take-home pay norms make it easy for its extensive customer base
- Personal Loans are also available to self-employed businesspersons depending on their income generation and repaying capacity.
- Personal Loans are available either with or without collateral to meet all kinds of domestic emergencies.
- A simplified application and documentation formalities
- Competitive personal loan interest rates
- Flexible repayment tenures
- Transparent fee structure
- Facility to apply for personal loans online
- Insurance facilities are available to cater to unforeseen emergencies, including permanent disability and death.
Saraswat Bank Personal Loan Details
The details of the loan are elaborated below:
Personal Loan
| Purpose | To meet all kinds of personal emergencies |
| Eligibility | Salaried individuals having 2 years of service, and a minimum of one year in the current organisation are eligible for Personal Loans subject to the satisfaction of income eligibility norms: Salaried Individual - Metro and urban towns
Salaried Individual - Semi-urban and rural areas
Common Condition - The NTH pay should not be less than 25% of the GMI after deduction of all EMIs including the proposed Personal Loan. Self-employed Business Individuals - Minimum of one year?s experience in the business Gross cash accruals should be a minimum of 1.50 Lakh per annum |
| Maximum quantum of loan | 5 Lakhs subject to:
|
| Rate of interest | Fixed-rate - PLR of the Bank - 14.40% (at present) |
| Repayment tenure | Maximum of 60 months |
| Security |
|
| Charges | Processing Fee - 2,500 (Fixed) |
| Documents |
|
Saraswat Bank Personal Loans - At a Glance
| Loan Product | Ideal for | Maximum Finance | Interest Rate | Maximum Tenure |
|---|---|---|---|---|
| Personal Loan | Meet personal emergencies like medical, marriage, and education | Rs - 5 Lakhs | 14.40% | 60 months |
| Multipurpose Loan - Group Loan Scheme | Personal Loan but available as a group loan | Rs - 5 Lakhs per individual member of the group | 12.50% to 13% | 60 months |
| Gold Loan | Loan for personal purposes against gold jewellery | Maximum Rs - 50 Lakhs | 11.15% | 12 months |
| E-stock Advance | Loan against shares and mutual funds | Rs - 10 Lakhs | 10.15% | Overdraft subject to annual review |
| Advance against Government/RBI Bonds | Personal requirements against Government/RBI bonds | No maximum limit | 11.15% | Maximum 5 years |
| Loans against Tangible Security | Personal Loans against NSC, KVP, or LIC policy | No maximum limit | 11.15% | Maximum of 10 years |
| Kwik Loan Against Property | Loan for business or personal purposes against property | Rs - 5 Crores | 10.65% | Maximum 7 years |
| Loans to Physically Challenged | Personal Loans for physically challenged people | Rs - 5 Lakhs | 10.25% | 60 months |
Saraswat Bank Personal Loan Interest Rates FAQ's
Saraswat Bank is a cooperative bank. It does not adopt the MCLR or the repo-rate linked interest rates as other commercial banks do. Saraswat Bank follows the Prime Lending Rate (PLR) structure. The bank offers a discount on the PLR to its customers while deciding the individual rate of interest.
The PLR of Saraswat Bank is 7.90%. All its retail loans come at a discounted rate to the PLR.
Saraswat Bank offers both fixed and floating rates of interest on its retail loans. Both these rates link to the PLR of the bank.
Saraswat Bank links its PLR to market conditions. At times, the rate can go up or down, as well depending on market fluctuations. The bank revises its PLR accordingly. Thus, the rate of interest on the individuals goes up and down along with the PLR.
In the case of home loans, Saraswat Bank maintains the EMI constant but increases the tenure. In the case of Personal Loans, the mandate is short and fixed. It cannot change the tenure. Therefore the bank increases the EMI when the rate of interest goes up and vice versa.
Saraswat Bank charges interest on the daily reducing balances on its retail loans.
Customers can avail of a Personal Loan to cater to all kinds of personal purposes like medical emergencies, marriage or education, expenses, and so on. They should ensure not to use the loan for speculative purposes.
Saraswat Bank obtains a declaration from the borrower that the gold ornaments pledged as security belong to the borrower. It is to prevent miscreants for obtaining gold loans by pledging stolen ornaments.
Yes, Saraswat Bank offers demand loans and overdraft facilities against its fixed deposits.