The Saraswat Bank began its operations in 1918, and headquartered in Mumbai, India. It has been assisting customers realizing their dreams in various ways by providing financial aid to those who need it. With their two-wheeler loans, the bank is looking to penetrate the market with an entirely new segment of customers by funding their aspirations of buying motorcycles. The bank is also famous for being the best co-operative society in Mumbai and offer loans at affordable rates.
The two-wheeler loans from Saraswat Bank are provided to both salaried and self-employed applicants.
The rates of interest provided by Saraswat Bank is comparatively lower to other famous financial institutions.
The bank offers two-wheeler loans quantum of maximum up to Rs. 20 lakh.
The tenure of the loan is provided for a maximum period of 60 months.
Unlike other banks with stringent criteria, the eligibility criteria for a Saraswat Bank loan is relatively more straightforward. Salaried individuals employed in a reputed organization for at least one year of tenure are eligible for this loan.
Like every other financial institution, Saraswat Bank also requires some documents from the applicants' side. Here is a list of documents you need to submit.
A filled application form as suggested by the bank.
Latest photograph of the applicant.
Valid identification documents of the applicant like photo ID and residential address proof.
For salaried applicants: Salary slips of the last three months or the income tax filing or Form 16 of the previous one year.
For self-employed applicants: Balance sheet or the profit/loss account of the last three years and ITR reports.
Invoice provided by the dealer of the vehicle.
The bike should be insured with a two-wheeler insurance policy.
Saraswat Bank provides the best interest rates as compared to other premier banks and lenders. The interest rate for your loan would be fixed at 12% with a daily reducing plan.
Q1. What is the processing fee on Two-Wheeler Loan from a Saraswat Bank?
The processing fee of the bank is relatively less on two-wheeler loan. Currently, it is just 0.5% of the total loan amount.
Q2. What security will I need to provide the bank?
Hypothecation of the two-wheeler will be required with the bank, and in some cases, a guarantor may be required for the loan.
Q3. What exact loan amount I can get from the bank?
Either you can get 80% of the total on-road cost of the vehicle or 20 times your take-home salary on a monthly basis.
Q4. What are the loan tenors available to the loan borrowers?
The maximum time provided by the Saraswat bank to repay the loan is of 60 months.
Q5. Will I get a loan if I cannot get a guarantor?
Provided that you have a good salary and a better financial track record regarding credit scores, the loan will be disbursed to you without having to look for a guarantor.
Q6. Can I get a loan without an address proof?
No. Your loan application will not be considered without submitting the address proof.