• Saraswat Bank Advance Against Tangible Security

    Established in 1918, Saraswat Bank is a cooperative bank offering a wide range of products and services. Headquartered in Maharashtra, Saraswat Bank is one the first banks to offer Merchant Banking services in India. The bank was officially permitted to initiate foreign exchange in 1978. So far, the bank has business relationship with over 125 banks in 45 countries. In 1988, Saraswat Bank was declared as the “Scheduled” bank. The bank has a total number of 267 branches spread across the country.

    Purpose of Saraswat Bank Advance against Tangible Security

    Saraswat Bank offers advance against tangible security to help you fulfill your personal needs. The amount received as loan can be used for meeting your personal expense. It could be used for paying medical bills, renovating your houses, paying for your children’s education, arranging a pleasure and many such personal requirements. The Advance against Tangible Security is a kind of personal loan offered by Saraswat Bank.

    Eligibility criteria for Saraswat Bank Advance against Tangible Security

    An applicant needs to fulfill the following eligibility conditions:

    • Your life insurance policy should be in force for a minimum period of 3 years.
    • Your National Savings Certificates or Kisan Vikas Patra should be minimum 1 year old, if you are applying for a term loan.

    Features and benefits of Saraswat Bank Advance against Tangible Security

    Listed below are the main features and benefits of the plan:

    • Basic of advance: Saraswat Bank offers 90 % against of face value against National Savings Certificates for a residual maturity period less than 3 years. The bank offers 85 % of the face value, if residual maturity period is over 3 years. In case of life insurance of policy, the bank offers 10% of the surrender value.

    • Repayment Period: The repayment period offered by Saraswat Bank for advance against tangible security is 5 years or the maturity date, whichever is earlier. This is applicable for term loans.
    • Processing fees: No processing fee is levied on advance against tangible security.
    • Shareholding: Nominal membership.
    • Security: your LIC policy can serve as security. However, the policy should mention that can be assigned or loan can be received against it.
    • Rate of interest: Saraswat Bank charges floating interest rates on its advance against tangible security. The bank charges an annual interest rate of 12.25%. The interest rate charged by the bank on advance against tangible security is subject to change.

    • There is no limit on the amount of loan provided by this scheme.

    Documents required for Saraswat Bank Advance against Tangible Security

    Saraswat Bank may ask you to submit the following documents, along with filled loan application form:

    • Address proof
    • Identity proof
    • Aadhaar number.

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