Started close to a century ago in 1918, Saraswat Bank, or “The Saraswat Co-Operative Banking Society” as it was originally called, has been helping customers fulfil their dreams in various ways by providing financial reinforcements to those who need it. Now, with their Bike Loan offering they are looking to capture an entire new segment of customers fund their aspirations of buying niche motorcycles. Also, Saraswat Bank is popular for being the best co-operative society in Mumbai.
Perfect Personal Loan Deals for you
Bike Loan from Saraswat Bank:
Mumbai is home to a huge number of aspirational low income earners who can’t afford to pay the entire cost of a two wheeler. This is where the Two Wheeler Loan offering from Saraswat Bank comes to their rescue. Besides, owning a two wheeler works wonders in navigating the highly busy roads of Indian cities. Saraswat Bank understands this very situation and offers bike loans at highly affordable rates. With this loan, you can own any bike you have dreamed of owning.
Features and Benefits of Swraswat Bank 2 Wheeler Loan:
- Saraswat Bank two wheeler loans are offered to both salaried and self-employed individuals.
- The interest rates offered by Saraswat Bank is comparatively lower to that offered by other popular financial institutions.
- Saraswat Bank offers two wheeler loans of up to a maximum of Rs. 20 lakh.
- Loan tenures are available up to a maximum of 60 months (5 years).
Saraswat Bank Two Wheeler Loan eligibility:
Unlike other banks with stringent criteria, the eligibility for a Saraswat Bank loan is relatively simpler.
- Salaried professionals, for instance, should be employed in a reputed organisation for a period of at least one year.
Saraswat Bank Bike Loan Documentation:
Like every other financial institutions, Saraswat Bank also requires a number of documents from the applicants’ side. Here is a list of documents you need to submit.
- A completely filled application form as suggested by the bank.
- Latest photograph of the applicant.
- Valid identification of the applicant like photo ID and residential address proof.
- Income proof:
- For salaried professionals: Salary slips of the last 3 months or the income tax filing or Form 16 of the previous 1 year.
- For self-employed professionals: Balance sheet or the profit/loss account of the last three years.
- Invoice provided by the vehicle dealership
Do not forget to insure your bike with two wheeler insurance policy
Saraswat Bank Two Wheeler Loan Interest Rates:
Saraswat Bank offers the best interest rates when compared to some of the leading banks and lenders. The interest rate for your loan would be fixed at 12% with a daily reducing plan.
Frequently Asked Questions (FAQs):
- What is the processing fee on a Saraswat Bank Two Wheeler Loan?
Unlike other banks, the processing fee too is relatively low on a Saraswat Bank two wheeler loan. Currently it stands at just 0.5% of the total loan amount.
- What are the security I will need to provide?
As is common with other lenders, you will need to provide the hypothecation of the two wheeler and get a guarantor for the loan.
- What’s the exact loan amount I can get?
You will either get 80% of the total on-road cost of the vehicle or 20 times your monthly take-home salary.
- What are the loan tenors available for me?
Saraswat Bank offers flexible loan tenors. The maximum time you will get to repay the loan is 60 months.
- Will I get a loan if I cannot get a guarantor?
Provided that you have a good salary and a better financial track record in terms of CIBIL scores, you can get a loan without having to look for a guarantor.
- Can I get a loan without a residential address proof?
No. Your loan application is privy to you submitting the address proof.
- What documents work as address proof?
For ID proofs, you can provide your aadhaar card, voter ID, driver’s license, electricity bill, or phone bill.
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