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Being an urban co-operative banking institution based in Maharashtra, Saraswat Bank with its best of banking products is fulfilling the needs of all. When it comes to offering best of products, the bank is here with its personal loan online, catering the personal requirements of all. You can easily avail the loan from the bank by just following a simple process and get instant funds for various personal needs. The bank provides personal loan for the maximum amount of₹ 2,00,000 at the interest rate ranging between 14.50%-15% p.a. The applicant has to pay 1% of the loan amount as the processing fee. Also, the loan is to be repaid within the maximum tenure of 5 years.
Saraswat Bank Personal Loan Interest Rate
|Interest Rates||14.50%-15% p.a.|
|Loan Amount||Maximum Rs.2 Lakh|
|Processing Fees||1% of the loan amount|
Saraswat Bank Personal Loan EMI Calculator
To make the repayment of loan convenient the total repayment amount is divided into easy installment termed as EMI. This amount comprises a part of the principal and the interest charged on the loan. This amount can be computed using a personal loan EMI Calculator online. The tool gives quick and accurate result when the loan amount, interest rate and tenure are inserted in the calculator. Firstly, the device computes the installment amount followed by the total interest amount and total repayment amount.
Let’s understand the concept with the help of an example below.
For example: If you want to avail a personal loan of ₹3,00,000 from Saraswat Bank for 5 years at the prevailing interest rate of 14.50% per annum, what would be your EMI, total interest outgo and total amount payable from your pocket? Glance below at a table to know the same…
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 3,00,000||14.50%||1||₹ 27,007||₹ 24,081||₹ 3,24,081|
|₹ 3,00,000||14.50%||2||₹ 14,475||₹ 47,396||₹ 3,47,396|
|₹ 3,00,000||14.50%||3||₹ 10,326||₹ 71,747||₹ 3,71,747|
|₹ 3,00,000||14.50%||4||₹ 8273||₹ 97,123||₹ 3,97,123|
|₹ 3,00,000||14.50%||5||₹ 7058||₹ 1,23,509||₹ 4,23,509|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 44,053||₹ 40,648||₹ 2,55,946|
|2||₹ 50,883||₹ 33,819||₹ 2,05,063|
|3||₹ 58,771||₹ 25,930||₹ 1,46,291|
|4||₹ 67,883||₹ 16,818||₹ 78,407|
|5||₹ 78,492||₹ 6294||₹ 0|
Saraswat Bank Personal Loan Eligibility Criteria
|Salaried||Self-Employed/ Professionals/ Businessman|
|Employee of reputed organization with confirmed service of minimum 1 year in the same organization||Min Net profit of Rs. 1.50 Lac p.a. for last three years|
Saraswat Bank Personal Loan Eligibility Calculator
The bank calculates the disbursal amount considering the factors like the income of the candidate, job stability, other debt payment and loan tenure. The loan eligibility of the candidate is decided by the bank on the basis of his repayment capacity. The person earning attractive income can avail a credit at reasonable rates. See how the candidate’s loan eligibility is calculated :
Suppose, a person earning an income of ₹90,000 per month requires a personal loan. He applies for the same in the bank. The bank assumes that he is able to save 50% of his income that is ₹45,000 and can use it to repay the loan. The bank calculates the amount of loan he is eligible for considering the interest rate and repayment period.
See how the eligibility amount is computed when the following information is available :
Amount-₹ 1 lakh
Loan Tenure-5 years
Rate of Interest-14.50%-15%
Your monthly EMI will be ₹2,353-2,379
So your calculation for personal loan would be
₹1 lakh x 45000/2353=₹19.12 lakhs and 1 lakh x 45000/2379=₹18.91 lakhs
So, his personal loan amount eligibility will range between ₹18.91 lakhs- 19.12 lakhs. For more accurate results, you can use a personal loan eligibility calculator online and know your exact loan amount.
Saraswat Bank Personal Loan Documents
|Duly filled prescribed application form||Duly filled prescribed application form|
|Latest Photograph, Photo Identity & Residence Proof of the Applicant & Guarantor||Latest Photograph, Photo Identity & Residence Proof of the Applicant & Guarantor|
|Income proof: Salary slips for last 3 months, ITR/Form 16 for last 3 years||Income proof: Last two years profit & loss account and balance sheet, & ITR and Bank statement for last 3 months.|
Saraswat Bank Personal Loan Online Application
Now, you can easily apply online for Saraswat Bank personal loan, and fulfill your dreams without any hassle. You just need to browse the site online, fill in your details and click on the apply now button. Rest you have to leave everything on the bank, because after finding you eligible, the bank will surely get back to you, and process your request further. With the help of this online facility, just from the comfort of your home, you can apply online and get the personal loan. Now, there is no need to visit the branch in person to in order to get the loan. Visit the website, and easily apply online for a personal loan.
Saraswat Bank Personal Loan Contact Number
1800 22 9999 is the customer care number you need to dial in order to be in touch with the bank. Be it a complaint, query or concern, the bank executives will always there to help you out in the best way. These professionals with their in-depth knowledge and friendly nature make sure that all your concerns get the equal attention and will be resolved in the least time fame. No matter what all the concerns you have, these professionals with their best of expertise resolve all your problems in the best way.