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    Saraswat Bank Multi Purpose Loan

    Overview about Saraswat Bank Multi-Purpose Loan

    This bank is has existed for almost 100 years but remains a much modernized bank, keeping pace with times. The personal loans from the bank are equally useful and are available for various sorts of professionals to serve their designated purposes. This for example, is a personal loan that has multi-purposes. This bank was founded in 1918, and has been a part of history, not just in the country but in the world as well. It was close on heels with the Russian Revolution, was a known Society and as Bank during the First World War, the Second World War along with the Indian freedom Movement and post-independence India. The bank went through very rough patches especially during the time of the World wars. However, they went through with it through sheer determination to save the bank despite all odds. The cooperative movement also had a strong hand in it.

    Purpose of Saraswat Bank Multi-Purpose Loan

    This personal loan is a multipurpose loan which means that it can be taken for any personal purposes that an individual may have, as long as it is not a commercial type. Besides, if you need commercial or professional personal loans, there are other options from this bank. This personal loan on the other hand can help you buy that particular home appliance or expensive furniture that you have been longly waiting to buy but other financial priorities have disrupted your plans. This personal loan can be taken also to travel and do much more.

    Eligibility Criteria for Saraswat Bank multi-Purpose Loan

    The individual should be an Indian citizen and also be over the age of 18 years. He or she should also fall under the following income requirements for this multi-purpose loan from Saraswat Bank:

    1. Salaried persons: Employee of reputed organization with confirmed service of minimum 1 year in the same organization
    2. Businessman/professional/self-employed : Minimum net cash accruals of Rs. 1.50 Lac p.a. for last three years

    Features and Benefits of Saraswat Bank Multi-Purpose Loan

    The following are the main benefits and features of this personal loan from Saraswat Multipurpose Loan:

    1. A loan can be taken for up to an amount of Rs. 2 lakhs.
    2. Security:
      1. Hypothecation of consumer durables/two wheeler/computer etc
      2. Loan amount Up to Rs. 50,000/- One Guarantor,
      3. Loan amount Above Rs. 50,000/- Minimum Two guarantors
    3. Shareholding for the personal loan is possible through nominal membership.
    4. The maximum allowed repayment period for this loan is 60 months which is 5 years.
    5. Advance for the loan can be paid:
      1. 100% of cost
      2. Salaried : up to 15 times of the Average net salary
      3. Businessmen : 2 times of the Average Net cash accruals
      4. a or b, whichever is lower
    6. Rate of interest is fixed at 16%. However, there is a concession of 0.25% for teaching professionals only if they are associated with a school, university or institution with the exclusion of coaching centres and private tuitions.

    Documents Required for Saraswat Bank Multi-Purpose Loan

    The basic documents required for applying to Saraswat Bank Multipurpose loan includes:

    1. You need a duly filled prescribed application form
    2. Photo Identity of the applicant
    3. Residence Proof of the Applicant &
    4. Income proof a) or b) as applicable
      1. Salaried person : salary slips for last 3 months, ITR/Form 16 for last 3 years
      2. Businessman/Professional/self-employed: last three years profit & loss account and balance sheet, & ITR and Bank statement for last 3 months.
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