One of the leading cooperative banks in India, Saraswat Bank offers competitive interest rates on personal loans. On fulfilment of income eligibility criteria, credit score, and other employment and financial factors, borrowers can avail of personal loans up to INR 5 lakhs at interest rates of 12% p.a onwards. To know more about Saraswat Bank personal loan interest rate, continue reading further.
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Saraswat Bank Personal Loan Interest Rate
Saraswat Bank offers personal loans at a fixed interest rate from 12% to 14% per annum. This rate applies to loan amounts up to Rs. 5 lakh with a repayment tenure of up to 5 years. The exact and effective rate of interest varies as per the range of CIBIL scores for personal loans.
Saraswat Bank offers multi-purpose personal loans for travel, marriage, medical expenses, etc. One of the popular ones is the Saraswat Bank personal loans for education, which offers financial assistance to students.
- It’s important to note that interest rates can change over time.
- Therefore, it’s advisable to check the latest interest rate information directly with Saraswat Bank before applying for a loan.
Also Read: Know all the details about Saraswat Bank zero balance online account opening which is a perfect account for students.
Factors Affecting Saraswat Bank Interest Rate
Various factors determine the interest rates you will get on the personal loans availed from Saraswat Bank. Most common include the credit score, loan amount, repayment tenure, and income level. If these factors are good, you are eligible to receive favourable loan terms and conditions and lower interest rates.
Credit Score
Credit score determines the creditworthiness of the applicant. A higher CIBIL score which ranges from 750 to 900 indicates a lower risk for the lender. It can help you avail of Saraswat Bank personal loans at lower interest rates with additional concessions and benefits.
Loan Amount
The amount of loan availed is another factor that determines the interest rate on Saraswat Bank personal loans. Larger loan amounts might attract slightly higher interest rates due to increased risk for the lenders.
Repayment Tenure
Usually, the repayment tenure on Saraswat Bank personal loans is 60 months (5 years). Longer loan terms often result in higher interest rates as the lender bears interest costs for a longer period.
Income Level
Income eligibility is an important criterion to avail of personal loans from Saraswat Bank at lower interest rates. For, salaried employees, the minimum income should be INR 15,000 to avail of the loans. A higher income can positively impact your interest rate as it signals higher repayment capacity.
Also Read: Know all about Saraswat Bank Forex Card. Explore the major highlights, benefits and eligibility criteria.
Key Features of Saraswat Bank Personal Loan
Saraswat Bank personal loans can be availed up to INR 5 lakhs. Competitive interest rates, minimal documentation, and flexible repayment tenure make it a desired option to avail of funds. You can easily apply for the loans online on their official website.
Just fill out the application loan form and upload KYC documents, salary slips (for salaried employees), and ITR statements (for businessmen).
- The minimum salary of the applicant should be INR 15,000 for loans up to INR 2 lakhs. However, for loans up to INR 5 lakhs, the minimum monthly salary should be INR 20,000.
- Insurance coverage must be obtained after you apply for the loan.
This was all about Saraswat Bank personal loan interest rates. Make sure to fulfil the eligibility criteria and submit authentic documents without any forgery for lower and favourable interest rates.
To know more about education loans, the best bank accounts for students, forex 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 offers personal loans at a fixed interest rate from 12% to 14% per annum. This rate applies to loan amounts up to Rs. 5 lakh with a repayment tenure of up to 5 years.
To avail of a personal loan from Saraswat Bank of up to INR 2 lakhs, the minimum monthly salary should be INR 15,000 for semi-urban cities and INR 20,000 for metro/urban cities.
To avail of a personal loan from Saraswat Bank of up to INR 5 lakhs, the minimum monthly salary should be INR 20,000 for semi-urban cities and INR 25,000 for metro/urban cities.
A 12% interest rate for a personal loan can be considered decent, but it’s not necessarily the best available rate. Loans from other banks like ICICI Bank personal loans start from 10.80% p.a onwards which offers many other benefits.
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