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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 with minimum two years of experience in the same organisation, preferably from higher cadre.
  • 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

Rate of Interest

  • Fixed @ 12.50% p.a. having salary account with us.
  • Fixed @ 13.00% p.a. salary account not with us (direct deduction from salary)

Processing fees

  • Rs. 500/- irrespective of the 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

  • Hypothecation of consumer durables/two wheeler/computer etc.
  • Two guarantors from the same organization
  • Repayment under Sec 60 of the MSCS Act 2002 or salary account with our Bank or recovery of EMI through Salary deduction.
Documentation
  • Dully filled prescribed application form
  • Latest Photograph, Photo Identity & Residence Proof of the Applicant & Guarantor
  • Income proof a)  or  b) as applicable

a) Salaried person: salary slips for last 3 months, ITR/Form 16 for last 1 year
b) Business/Professional/self-employed: last two years profit & loss account and balance sheet. 

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