One of the leading providers of financial services in India, Saraswat Bank has been serving as a cooperative bank since 1918. The bank has nearly 267 branches in India. The bank also deals in foreign exchange and its business relation has extended to 125 banks in 45 countries. The bank offers Personal Banking, NRI Banking, Corporate Banking, Treasury Services, Insurance, Mutual Funds, and Loans, Deposits and many other financial services and benefits.
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Purpose of Saraswat Bank Multi-Purpose Loan - Group Loan Scheme
The Multi-Purpose Loan - Group Loan Scheme offered by Saraswat Bank is particularly designed to help you meet your personal expenses. This is a group scheme. The borrower can achieve a whole lot of personal tasks by opting for a Saraswat Bank Multi-Purpose Loan - Group Loan Scheme.
Eligibility criteria for Saraswat Bank Multi-Purpose Loan - Group Loan Scheme
The eligibility conditions for Saraswat Bank Multi-Purpose Loan - Group Loan Scheme include:
- Since this is a group loan scheme, a minimum of 10 employees are required to opt for finance under this scheme.
- Permanent employees of reputed Private and Public sector organizations with minimum two years of experience in the same organization are eligible for this scheme.
- Your minimum take home salary should be more than Rs. 10,000.
- Both salaried and self-employed individuals can opt for this loan.
Features and benefits of Saraswat Bank Multi-Purpose Loan - Group Loan Scheme
Listed below are the main features and benefits of Saraswat Bank Multi-Purpose Loan - Group Loan Scheme:
- Loan amount: The bank offers loan up to Rs. 5 lakh for each individual under this scheme.
- Basic of advance: The bank offers 100% of the cost or up to 20 time of your net salary- whichever is lower.
- Repayment Period: The loan repayment tenure is maximum 60 months or up to 80 months.
- Processing fees: The bank charges 1% of the total loan amount as processing fees.
- Shareholding: It is 2.5% of the loan amount or a maximum of Rs. 25000 if the loan amount is above Rs. 2 lakh.
- Security: The following can serve as security - salary account with Saraswat Bank, Hypothecation of consumer durables or articles purchased and two guarantors from the same organization.
- Rate of interest: Saraswat Bank charges 13.50% on its Multi-Purpose Loan - Group Loan Scheme. The type of interest charged on this scheme is fixed. Saraswat Bank Interest rates are subject to change from time to time.
Documents required for Saraswat Bank Multi-Purpose Loan - Group Loan Scheme
The following documents are required to opt for a Saraswat Bank Multi-Purpose Loan - Group Loan Scheme:
- A complete and filled application form.
- Identity proof of both applicant and guarantor.
- Residence Proof of both applicant and guarantor.
- Income proof – (salary slips for last 3 months, latest 3 years’ Form 16 for salaried individuals and 3 years’ profit & loss account and balance sheet, ITR and Bank statement for non-salaried individuals).
- A certificate form HRD affirming that the list of employees opting for this group scheme and confirming the details provided by the applicants.