Saraswat Bank Personal Loan Interest Rates

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 rate of interest on its retails 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 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.

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 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.

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.

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