Saraswat Bank offers personal loans to individuals and businesses, providing financial assistance for various needs. It is one of the best cooperative banks in India that offers instant and easy personal loans in India without any difficulties. Applicants must meet the minimum income requirements to be eligible for the loan up to INR 5 lakhs. The interest rates offered are as low as 12% based on excellent CIBIL scores for personal loans. Let’s explore features, benefits, eligibility, documentation, and application process in this blog.
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Overview of Saraswat Bank Personal Loans
Saraswat Bank personal loans are offered up to INR 5 lakhs at fixed interest rates. Interest rates on these loans range from 12% p.a to 14% p.a as per the credit score, which should be 750 and above. Salaried individuals and businessmen can apply online through their official website and repay the loans for up to 5 years. All you need to do is to submit documents related to identity proof, address proof, income proof, and more.
The Saraswat Bank personal Mudra loan scheme is offered to enterprises. Micro enterprises engaged in trading, services, manufacturing, or other income-generating activities can avail of this loan. The loan amount is up to INR 10 lakhs at interest rates of 11.75% p.a onwards. You must pay a processing fee of INT 2,500 irrespective of the loan amount.
Many prefer taking Saraswat Bank personal loans for education due to attractive interest rates and multiple benefits to students. You can also use the loan amount for any purpose including wedding, home construction or renovation, renovating, purchase of consumer durable goods, or others.
| Loan Amount | Up to INR 5 lakhs |
| Interest Rates | 12% to 14% p.a |
| Repayment Tenure | Up to 5 years |
| Eligibility Criteria | Salaried Individuals and Businessmen |
| Documents Required | Identity proof, address proof, income proof, and more |
Also Read: Know all about Saraswat Bank Forex Card. Explore the major highlights, benefits and eligibility criteria.
Requirements for Saraswat Bank Personal Loans
It is important to fulfil the eligibility criteria. You must be an Indian citizen above 21 years of age to apply for personal loans from Saraswat Bank. Other requirements related to income, security, and insurance must be met. Let’s check out all major criteria and requirements as laid by the bank for the borrowers-
Income Eligibility
All applicants who successfully show the minimum monthly income requirements are offered quicker and hassle-free personal loans by Saraswat Bank. The income requirements are different for obtaining loans up to INR 2 lakhs and INR 5 lakhs for urban and rural city applicants.
| Loan Amount | Urban Cities (or Metro Cities) | Rural Citied (or Semi-Urban Cities) |
| Up to INR 2 lakhs | INR 20,000 per month | INR 15,000 per month |
| Up to INR 5 lakhs | INR 25,000 per month | INR 20,000 per month |
Businessmen must have a minimum of 1 year of experience in business. They must also reflect ITR statements for the last 1 year reflecting gross cash accruals of INR 1.5 lakhs p.a.
Loan Amount Eligibility
The amount of loan you will be offered depends on the income of the individual. The maximum amount that can be offered is-
- 20 times the average monthly net salary for the last 3 months (For salaried employees)
- 3 times the average of the last three years’ gross cash accruals (For business)
- Maximum of INR 5 lakhs, whichever is less.
Security/ Collateral
Applicants are required to submit compulsory ECS/S.I. from a Salary account or Business account. Besides, hypothecation of household articles or consumer durables or articles purchased is necessary.
Insurance
Saraswat Bank often requires personal loan borrowers to have insurance coverage for partial permanent disability or death. This ensures that the loan can be repaid even in unforeseen circumstances.
Also Read: Know all the details about Saraswat Bank zero balance online account opening which is a perfect account for students.
Documents Required
Any personal loan application is incomplete without the submission of documents. You must also submit supporting documents to Saraswat Bank for verification purposes. Attaching authentic and bonafide certificates will escalate the processing and approvals. The documents required to avail Saraswat Bank personal loan are-
- Complete the loan application form
- Recent passport-size photographs
- Aadhaar Card and PAN card for identification
- 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
- Collateral documents
- Any other document as required by the bank
How to Apply?
To apply for personal loans from Saraswat Bank, you can simply visit their official website. Make sure to fill in the required information carefully and upload the documents. Here’s a step-by-step guide on how to apply for a Saraswat Bank personal loan for education:
- Visit the Saraswat Bank Website
- Navigate to Personal Loans: Look for the “Personal” category and click on “Retail Loans.”
- Start the Application: Scroll down and click on “Apply Now.”
- Fill in Details: Complete the online application form with your personal and financial information.
- Submit: Submit the application and wait for a bank representative to contact you.
You can also apply offline by visiting the nearest nearest Saraswat Bank branch. Obtain the application form and fill it out. Complete the form with the necessary details and submit it along with supporting documents.
This was all about Saraswat Bank personal loans. 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 personal loan interest rates range from 12% to 14% per annum. They are offered at fixed ROI.
The maximum amount depends on the income of the individual or business. Salaried employees are offered 20 times the average monthly net salary for the last 3 months. Businessmen are offered 3 times the average of the last three years’ gross cash accruals. A maximum of INR 5 lakhs can be offered (or whichever is less).
The minimum income requirement is INR 25,000 per month for salaried individuals in urban areas and INR 20,000 per month for those in semi-urban/rural areas. For self-employed individuals, an annual income of at least INR 1.5 lakhs is required.
To apply, you need to submit a completed loan application form, the latest photographs, photo ID proof and residence proof, salary slips for the last 3 months or bank statements (for salaried) and ITR copies for the last three years and bank statements for the last three months (for self-employed).
You can apply for a personal loan through the Saraswat Bank website or by visiting the nearest branch.
A CIBIL score of at least 750 is mandatory for any personal loan application with Saraswat Bank. The CIBIL score indicates your credit and repayment history, adding credibility to your loan application.
Approval for a personal loan from Saraswat Bank typically takes 24 to 48 hours after the submission of a complete application and required documents. The exact time may vary based on the completeness of the application and the verification process.
