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 accrualsa,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
- No prepayment charges
- Interest on daily reducing balance
- 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
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