Saraswat Bank is a popular cooperative bank in India that offers instant and easy personal loans for education and other purposes. Borrowers can avail of these loans at the lowest interest rates. Saraswat Bank personal loan for education requires minimal documentation. To know more about the maximum loan amount, interest rates, and eligibility, continue reading this blog.
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Overview of Saraswat Bank Personal Loan for Education
Saraswat Bank provides unsecured loans for education up to INR 5 lakhs at interest rates ranging from 12% p.a to 18% p.a. Applicants should meet the income eligibility to avail of these loans. Besides, the CIBIL score of the applicant is given due importance. The maximum repayment period is up to 60 months with minimal documentation.
Applicants must take out an education loan insurance policy that covers them in case of a serious accident or death. This would help ensure the loan gets paid off even if you can’t work or are no longer around.
| Saraswat Bank Personal Loan for Education | |
| Maximum Loan Amount | Up to INR 5 lakhs |
| Interest Rates | 12% p.a to 18% p.a |
| Repayment Period | Maximum 60 months (5 years) |
| Security | Required |
| Processing Fees | INR 2,500 irrespective of the loan amount |
Also Read: Know all about education loans against fixed deposits. Check out the pros and cons, the top banks and how to apply.
Saraswat Bank Personal Loan Interest Rates
Saraswat Bank education loans can be availed at competitive and attractive interest rates. The Saraswat Bank interest rates on personal loans for education range from 12% p.a to 18% p.a. The rate of interest varies on the CIBIL score of the applicant.
Ideally, a CIBIL score of 750 and above should be there to avail the lowest interest rates on Sarawat Bank personal loans for education. Therefore, it is important to increase your credit score.
Saraswat Bank Personal Loan Eligibility Criteria
Two basic criteria must be fulfilled to avail of a Sarawast Bank personal loan for education. The first requirement is that the applicant should fulfil the income eligibility. Secondly, the borrower must also show proof of the security. Check them out below-
Income Criteria
For salaried employees, the minimum income must be up to INR 20,000 per month for loans up to INR 2 lakhs and up to INR 25,000 per month for loans up to INR 5 lakhs.
| Loans Amount | Income for Metro/ Urban Cities | Income for Semi-urban/ Rural Cities |
| Loans up to INR 2 lakhs | INR 20,000 per month | INR 15,000 per month |
| Loans up to INR 5 lakhs | INR 25,000 per month | INR 20,000 per month |
For businessmen, they should have a minimum of 1 year of experience in business. Besides, they are required to show IT returns of the last 1 year reflecting gross cash accruals of INR 1.5 lakhs p.a.
Security
To qualify for the loan, you must show them proof that you can repay it. Saraswat Bank offers two options:
- Automatic Payments from your Salary or Business Account (ECS/SI): A set amount of money will be automatically deducted from your chosen account each month to cover your loan payment.
- Pledge Valuables (Hypothecation): You can use valuable household items you own (furniture, electronics) as collateral for the loan. The bank won’t possess these items unless you fail to repay the loan.
Saraswat Bank wants some assurance that you’ll be able to make your loan payments. These options allow them to recover the loan amount if necessary.
Also Read: Planning to pursue online courses? Check out the best banks, eligibility criteria, and documentation for education loans for online degree courses.
Documents Required
To avail of personal loans for education for Saraswat Bank, the borrower needs to submit some documents. This relates to KYC documents for identification, academics, and financial statements. Check the list of documents required below-
- The official loan application form
- Recent passport-size photographs
- ID proofs like Aadhaar Card and PAN card
- Latest three months salary slips and bank statements for salaried employees
- ITR statements for the last three years for self-employed and the last three months’ bank statements
How to Apply?
Applying for Saraswat Bank personal loan for education is a straightforward process. You can head to their official website and easily apply for the loan. To apply and successfully submit your education loan application, follow these steps-
- Click on ‘Retail Loans’ under the ‘Personal’ category on the menu bar.
- Navigate to ‘Personal Loans’.
- Scroll to the bottom and click on ‘Apply Now’.
- Fill in the required details and click on ‘Submit’.
- Wait for a call back from a bank representative and let them know your requirements.
This was all about Saraswat Bank’s personal loan for education. They have a dedicated education loan scheme too, that provides loans up to INR 1.5 crores to study abroad. However, to avail of smaller loan amounts, it is ideal to take a personal loan for education from Saraswat Bank. You can also compare HDFC Bank education loans and Saraswat Bank education loans.
To know more about education loans, the best bank accounts for students, forex cards, and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience
FAQs
Saraswat Bank offered personal loans for education besides their dedicated education loan scheme. You can avail loans up to INR 5 lakhs at the lowest interest rates for a maximum of 5 years.
A maximum loan of up to INR 5 lakhs is offered to avail of personal loans for education from Saraswat Bank.
Sawaswat Bank education loan interest rates start from 9% p.a onwards. However, if you take a personal loan for education from Saraswat Bank, interest rates range from 12% p.a to 18% p.a, depending on the CIBIL score.
Yes. To qualify for the loan, you must show them proof that you can repay it. You can use valuable household items you own (furniture, electronics) as collateral for the loan. The bank won’t possess these items unless you fail to repay the loan.
Saraswat Bank offers instant and easy personal loans for education and other purposes. Borrowers can avail of these loans at the lowest interest rates with minimal documentation.
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