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Multi Purpose Loan
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Multi Purpose Loan

Title

                               Norms

Purpose

  • Personal Expenses

Eligibility

  • Salaried persons: Employee of reputed organization with confirmed service of minimum 1 year in the same organization
  • Businessman/professional/self employed.

Limit of loan

  • Maximum Rs. 2.00 lakh

Basis of Advance

  1. 100% of cost
  2. Salaried : Upto 15 times of Avg net salary
    Businessmen : 2 times of Avg Net cash accruals
    1 or 2 whichever is lower

Repayment Period

  • Maximum 60 months
  • Pravasi and Computer Maximum 60 months

Rate of Interest  Fixed @

  • 15.00% p.a- General
  • 14.75 % p.a - Elite Silver Account holder
  • 14.50 % p.a - gold Account holder
  • Concession of 0.25% p.a. for teachers/ professors (excluding coaching and Pvt tuitions)

Processing fees

  • 1% of sanctioned loan amount

Shareholding

  • Loan upto 1 Lakh: Nominal Membership
  • Loan Above 1 lakh : 2.5 % of Loan amount.

Security

  • Hypothecation of consumer durables/two wheeler/computer etc
  • Loan amount Upto Rs. 50,000/- One Guarantor,
  • Loan amount Above Rs. 50,000/- Minimum Two guarantors
  • Repayment under Sec 60 of the MSCS Act 2002, or salary account with our bank or recovery of EMI through Salary deduction or repayment through ECS.

Documentation

  1. Duly filled prescribed application form
  2. Latest Photograph, Photo Identity & Residence Proof of the Applicant &  Guarantor
  3. Income proof a) or b) as applicable
    a)Salaried person : salary slips for last 3 months, ITR/Form 16 for last 1 year
    b) Businessman/Professional/self employed: last two years profit & loss account and balance sheet.  
Conditions apply
467371775086e094fb7a843004cb7999 savings account, loans, SME loans, NRI banking services, Forex, car loan, home loan, co-operative bank, trade finance
Saraswat-Bank
Saraswat-Bank