Saraswat Bank Advance Against RBI Bonds
Overview about Saraswat Bank
Based in Maharashtra, Saraswat Bank is a cooperative bank established in 1918. It is the first bank in India to offer Merchant Banking services. In 1978, the bank received license from to deal in foreign exchange. Currently, the bank has business relationship with almost over 125 banks in 45 countries. Saraswat Bank completes 75 years in 1992. So far, the bank has 267 branches across the country. The bank adopts the highest standards of professionalism and offers a wide range of products and services. The bank was declared as one of the “Scheduled” banks in 1988. The bank provides comprehensive loan solutions at extremely attractive rates to help you meet your requirements.
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Purpose of Saraswat Bank Advance against RBI Bonds
The main purpose of Saraswat Bank Advance against RBI Bonds is help you meet your personal expenses. This is a kind of personal loan that helps you fulfill your genuine personal requirements that may range from innovating your house to pay off your medical bills and children’s education.
Eligibility criteria for Saraswat Bank Advance against RBI Bonds
The eligibility criteria required for Saraswat Bank Advance against RBI Bonds include:
- Holder of transferable RBI bonds are eligible for Advance against RBI Bonds offered by Saraswat Bank.
Features and benefits of Saraswat Bank Advance against RBI Bonds
This personal loan scheme offered by Saraswat Bank comes with a host of attractive features and benefits which include:
- There is no limit for the loan amount received as Advance against RBI Bonds
- Basic of advance: There are two ways of providing advance against RBI Bonds. Saraswat Bank offers 90% of the face value of bond in Demat format. It charges interest on regular basis. The second method offers 95% of accrued value of bond in Demat format and charges cumulative interest.
- Repayment Period: The repayment period offered by Saraswat Bank is 5 years when it comes to term loan or the maturity date, whichever is earlier.
- Processing fees: The bank does not charge any processing fees processing your loan. Besides without any hidden costs in the advance taken against RBI bonds.
- Shareholding: Nominal membership is required.
- Security: RBI Bonds serve as security when you take advance against RBI bonds.
- Rate of interest: The bank charges floating interest rates on its advance against bonds. Currently, the applicable of rate of interest is 12.25% per year. The bank may change its current interest rates without notifying you in advance
Documents required for Saraswat Bank Advance against RBI Bonds
You need to submit a complete loan application form supported by all required documents. Usually, banks ask for the following documents for processing your personal loan:
- Address proof.
- Identity proof.
- Aadhaar number.