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Multi Purpose Loan - Group Loan Scheme
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Multi Purpose Loan - Group Loan Scheme

Title

Norms

Purpose

  • Personal Expenses

Eligibility

  • Group of Minimum 10 employees
  • Permanent employees working with reputed Public/ Pvt organization
  • Minimum net take home salary : Above Rs. 10,000/- for all locations

Limit of loan

  • Maximum loan up to  Rs.5 lakh per individual

Basis of Advance

  1. 100% of the cost OR
  2. 15 times of net salary where salary is above Rs 10000/- up to Rs 25000/- or 20 times of net salary ( Salary above Rs 25000/-)
    1 or 2, whichever is less

Repayment Period

  • Maximum 60 months
  • Upto 84 months depending on merits of proposal

Rate of Interest

  • 13.50% p.a. (fixed)
  • concession upto 0.25 % p.a will be given to teachers and professors of school, college and educational institute

Processing fees

  • Upto Rs 0.50 lakh: Rs 250/-
  • Above Rs 0.50 to 1.00 lakh: Rs 500/-
  • Above Rs 1.00 Lakh: 1% of loan amount

Shareholding

  • Loan up to Rs 1.00 Lakh: Nominal Membership
  • Loan above Rs 1.00 Lakh:2.5% of the loan amount , max Rs. 25000/-

Security

  • Repayment under Sec 60 of the MSCS Act 2002 or salary account with our Bank or recovery of EMI through Salary deduction.
  • Hypothecation of consumer durables/ articles purchased
  • Two guarantors from the same organization 

Documentation

  1. Duly filled prescribed application form
  2. Latest Photograph, Photo Identity & Residence Proof of the Applicant &  Guarantor
  3. Income proof
    Salaried person : salary slips for last 3 months and Bank Statement for last 3 month or Form 16 for last 2 years of the Applicant.

  4. Certification from HRD confirming the list of employees availing loan and details provided by the applicant
Conditions apply
93902443ce2aa20501d710077a23b4f2 savings account, loans, SME loans, NRI banking services, Forex, car loan, home loan, co-operative bank, trade finance
Saraswat-Bank
Saraswat-Bank