Saraswat Cooperative Bank, an urban co-operative finance institution, is the first co-operative bank to provide Merchant Banking services. The bank was conferred with Scheduled Status by the Reserve Bank of India on September 1, 1988.
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Here is useful information
regarding car financing schemes of Saraswat Bank.
The Saraswat Co-op. Bank Ltd.
- The bank offers term loan for purchase of new and used cars.
- No prepayment charges
- Interest on daily reducing balance.
- Bank charges constitute 0.5 % of loan amount.
- Period for repayment of loan is 5 years.
- As security the bank hypothecates the car to be bought.
Loan Amount
For Premium mid segment cars, one can take 80% of Ex-showroom cost, insurance and registration charges. For small cars, 90% of Ex-showroom cost, insurance and registration charges is available. Maximum amount available is Rs.25.00 lakhs per applicant.
Benefit for Existing Clients
When purchasing small cars, the existing clients get 100 % of cost of vehicle, insurance, registration charges and accessories. In case of premium mid segment cars, 90% of cost of vehicle, insurance, registration charges and Rate of Interest can be availed.
Documentation Required
Apart from Income Proof, Identity Proof and Resident Proof, one has to submit duly filled loan application form with covering letter, proforma invoice from the dealer, and PAN No.
For Premium mid segment cars, one can take 80% of Ex-showroom cost, insurance and registration charges. For small cars, 90% of Ex-showroom cost, insurance and registration charges is available. Maximum amount available is Rs.25.00 lakhs per applicant.
Benefit for Existing Clients
When purchasing small cars, the existing clients get 100 % of cost of vehicle, insurance, registration charges and accessories. In case of premium mid segment cars, 90% of cost of vehicle, insurance, registration charges and Rate of Interest can be availed.
Documentation Required
Apart from Income Proof, Identity Proof and Resident Proof, one has to submit duly filled loan application form with covering letter, proforma invoice from the dealer, and PAN No.
