Saraswat Co-operative Bank

The Saraswat Co-operative Bank Limited was established on the 14th of September 1918 with the mission of helping the people in distress. The Saraswat Co-operative Limited was set up as society but soon converted into a full-fledged bank in 1933.The Saraswat Co-operative Bank is termed as the number one co operative bank in the whole of Asia. In the ever competitive banking scenario of India Saraswat Co-operative Bank offers a wide range of products from traditional term loans to short term products like Bills discounting under Letter of Credit etc. The bank is the first co-operative bank to provide Merchant Banking services.

Saraswat Bank's Car Finance Scheme

Key features

• The bank provides term loans for old and new cars
• No prepayment charges are taken
• Interest is charged on daily reducing balance
• Bank charges constitute 0.5 % of loan amount
• Period for repayment of loan is 5 years for Business class and 7 years for salaried class
• As security, the bank hypothecates the car to be bought
• Mode of payment would be monthly installments.
• The bank provides a maximum of ` 25,000 per applicant.
• For Premium amd mid segment cars one can avail 80% of ex- showroom cost as loan amount and for small cars 90% of the showroom cost can be availed also including insurance and registration charges.
• The rate of interest varies between 9.5% to 10.5% depending on the period for which the car loan has been taken.

Documents Required

• Income Proof
• Identity Proof
• Resident Proof
• A loan application form with cover letter
• A Performa Invoice with Pan No mentioned in it.

Bank Scheme for Tata Nano

Features:

• The Saraswat Co-operative Bank provides a loan amount of about 85% of the cost of the vehicle along with a maximum repayment period of 7 years.
• The loan offered by the bank would cover registration and insurance charges along with that the applicant would need to pay a processing fee of 0.05% which would not be more than ` 1000.
• The rate of interest charged by The Saraswat Co-operative Bank would be 10% for the first two years, 10.5% for the next three years and 11.5% for the last two years.

Documents Required:

The documents required by The Saraswat Co-operative Bank for providing loans to Tata Nano applicants are :

• Residence proof, and photograph of the applicant and the guarantors.
• Proforma invoice of the dealer
• Incase the applicant is employed he would need to show his salary slip for the last six months and in case of self employed the applicant would need to show the Profit and Loss balance sheet of his company for the last 2 years and his bank statement for the last 6 months.

Last Updated on 26 june 2011