Saraswat Bank Personal Loan Interest Rates

Get instant personal loan up to Rs. 5 Lakhs online from Saraswat Bank at fixed interest rate of 13.50% p.a. The tenure is up to 60 months and processing fee is Rs. 2,500 irrespective of the loan amount.


Saraswat Bank Personal Loans Interest Rates

Loan ProductRate of InterestEffective Rate
Kwik Loan against propertyFloating - PLR - 3.75%10.65%
Privilege FinanceFixed-rate12.50%
Gold LoanFloating - PLR - 3.25%11.15%
E-stock LoanFloating - PLR ? 4.25%10.15%
Personal LoanFixed-rate - PLR14.40%
Group Loan - Salary account holdersFixed-rate12.50%
Group Loan - Salary account with other banksFixed-rate13.00%
Against Government Bonds/RBI Bonds, and tangible securityFloating - PLR - 3.25%11.15%
Loans to physically challengedFixed-rate10.25%


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 available for the salaried individuals.
  • Relaxed eligibility and net take-home pay norms make it easy for its extensive customer base
  • Personal Loans also available to self-employed businesspersons depending on their income generation and repaying capacity.
  • Personal Loans 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 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

PurposeTo meet all kinds of personal emergencies

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

  • Loan up to 2 Lakhs - Minimum average net take-home (NTH) pay up to 20,000.
  • Loan up to 5 Lakhs - Minimum average net take-home pay up to 25,000.

Salaried Individual - Semi-urban and rural areas

  • Loan up to 2 Lakhs - Minimum average NTH salary up to 15,000
  • Loan up to 5 Lakhs - Minimum average NTH payment up to 20,000.

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:

  • Salaried individual - 20 times average net monthly salary of the last 3 months.
  • Self-employed person - 3 times of the average gross cash accruals for the previous 3 years.
Rate of interestFixed-rate - PLR of the Bank - 14.40% (at present)
Repayment tenureMaximum of 60 months
  • Hypothecation of consumer articles (if the end-use of the loan is for purchasing consumer durables).
  • ECS mandate or Standing Instruction from the Salary or the Business account for the repayment of the EMI.
ChargesProcessing Fee - 2,500 (Fixed)
  • KYC documents for establishing the ID and residential address
  • Payslips of the applicant for the last 3 months or the Form 16/IT returns
  • Businesspersons should submit the ITR for the previous 3 years
  • Bank statement for a minimum of the previous 3 months

Saraswat Bank Personal Loans - At a Glance

Loan ProductIdeal forMaximum FinanceInterest RateMaximum tenure
Personal LoanMeet personal emergencies like medical, marriage, and educationRs - 5 Lakhs14.40%60 months
Multipurpose Loan - Group Loan SchemePersonal Loan but available as a group loanRs - 5 Lakhs per individual member of the group12.50% to 13%60 months
Gold LoanLoan for personal purposes against gold jewelleryMaximum Rs - 50 Lakhs11.15%12 months
E-stock AdvanceLoan against shares and mutual fundsRs - 10 Lakhs10.15%Overdraft subject to annual review
Advance against Government/RBI BondsPersonal requirements against Government/RBI bondsNo maximum limit11.15%Maximum 5 years
Loans against Tangible SecurityPersonal Loans against NSC, KVP, or LIC policyNo maximum limit11.15%Maximum of 10 years
Kwik Loan Against PropertyLoan for business or personal purposes against propertyRs - 5 Crores10.65%Maximum 7 years
Loans to Physically ChallengedPersonal Loans for physically challenged peopleRs - 5 Lakhs10.25%60 months

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Saraswat Bank Personal Loan Interest Rates FAQ's

What rate of interest concept does Saraswat Bank use for their retail loans?


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.

What is the PLR of Saraswat Bank today?


The PLR of Saraswat Bank is 7.90%. All its retail loans come at a discounted rate to the PLR.

Does Saraswat Bank offer fixed or floating rates of interest?


Saraswat Bank offers both fixed and floating rate of interest on its retails loans. Both these rates link to the PLR of the bank.

When does the rate of interest on individual loans change?


Saraswat Bank links its PLR to market conditions. At times, the rate can go up or down, as well depending on the market fluctuations. The bank revises its PLR accordingly. Thus, the rate of interest on the individuals goes up and down along with the PLR.

How does Saraswat Bank treat the EMI when the PLR changes?


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.

How does Saraswat Bank charge interest on its retail loans?


Saraswat Bank charges interest on the daily reducing balances on its retail loans.

What personal emergencies does the Personal Loan cater to?


Customers can avail a Personal Loan to cater to all kinds of personal purposes like medical emergency, marriage or education, expenses, and so on. They should ensure not to use the loan for speculative purposes.

What precautions does Saraswat Bank take when offering gold loans?


Saraswat Bank obtains a declaration from the borrower that the gold ornaments pledged as security belongs to the borrower. It is to prevent miscreants for obtaining gold loans by pledging stolen ornaments.

Does Saraswat Bank offer loans against its fixed deposits?


Yes, Saraswat Bank offers demand loans and overdraft facility against its fixed deposits.