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.
Maximum Loan Amount
(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
Maximum loan amount sanctioned is (a ) or (b) whichever is less.
For existing clients, the bank offers
(1) 100 % of cost of vehicle, insurance & registration charges and
accessories in case of small cars.
(2) 90% of cost of vehicle, insurance, registration charges and
accessories in case of premium mid segment cars.
Rate Of Interest
9% daily reducing for 36 months
11% daily reducing above 36 months
Existing Customers - 8% on daily reducing balance
Maximum repayment period is 5 years and the bank charges 0.5 % of loan
amount applied as processing charges. As security the bank hypothecates
the car to be purchased.
Documentation Required
