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Saraswat Bank

Saraswat bank http://www.saraswatbank.in

Saraswat Cooperative Bank was conferred with "Scheduled" status by Reserve Bank of India in 1988. The bank is the first co-operative bank to provide Merchant Banking services.

Saraswat Bank provides term loan for purchase of new and used cars. Special attractions of Saraswat Bank's Car Finance Scheme are - (1) No prepayment charges and (2) Interest on daily reducing balance.

Superfast Car Loan Scheme

Purpose

Term Loan for purchase of new/ used cars  

Limit of Loan 

(a) Premium mid segment cars: - 80% of Ex-showroom cost, insurance & registration charges.
For small cars: 90% of Ex-showroom cost, insurance and registration charges
(b) 20 times of net salary (Minimum Net Salary Rs.5000/-) Or 2 times of net cash accruals

a,b, whichever is less For existing clients, 100 % of cost of vehicle, insurance & registration charges and accessories.

Rate Of Interest

  • 10% daily reducing for 36 months
  • 11% daily reducing for 60 months
  • 9% for 60 months under Loyalty scheme for *existing customers

Equated Monthly Installments: ( For Rs 1.00 Lakh )

Months 12 24 36 48 60
Regular Scheme 8792 4614 3227 2585 2174
Loyalty Scheme 8745 4568 3180 2489 2076

Repayment Period 

Maximum 5 Years

Security

Hypothecation of car to be purchased 

Share Holding

Loan upto Rs. 2 Lakhs - Nominal membership
Loan above Rs. 2 Lakhs - 2.5% of loan amount, subject to maximum of Rs.25,000/- 
*Refer to "Share Holders" section on main menu to know more about the benefits extended OR click here to know about benefits extended to shareholders 

Processing Charges

0.5 % of loan amount applied

Special Features

  1. No prepayment charges
  2. Interest on daily reducing balance
  3. Special scheme for existing customers with following features : 100% of the cost of vehicle, insurance, registration charges and accessories

Rate of interest 8%

Processing fees NIL

Documents Required

  • Loan application form with covering letter
    Proforma Invoice from the dealer.
    Latest salary slip/certificate or copy of income tax return filed with computation of income.
    Income Tax PAN No.
    Photograph and Residential Proof of Borrower