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Every new venture requires a trusted shoulder to flourish. Here to empower your business plans, Saraswat Bank offers loan for the purchase of commercial vehicles up to Rs. 100 Lakh.

Eligibility:

  1. Individual
  2. Businessman
  3. Commercial organizations
  4. Transport Operators
  5. 3 - Wheeler 
  6. Taxi
  7. Car Pools in operation since last 3 years

Loan Amount:

Max Rs. 125 lakh


Basis of Advance

  1. 75% of Ex-showroom cost
    OR
  2. 4 times of Average Net Cash Accruals Or latest audited Gross cash accruals 



     1 OR 2 whichever is lower

Repayment Period

48 months


Rate of Interest:

  1. Upto Rs 50 lakh : PLR - 1.75: 12.65% p.a
  2. Above Rs 50 lakh: PLR - 3.25:11.15% p.a

Processing Fee:

0.5% of loan amount, upper cap Rs 50000/-


Shareholding:

2.50% of loan amount, Maximum Rs. 25000/-


Security:

  1. Hypothecation of vehicle
  2. Guarantors where collateral security is nil
  3. Collateral security may not be insisted for loans upto Rs 10 lakh
  4. Loans above Rs 10 lakh upto Rs 50 lakh: 25% Collateral security
  5. Loans above Rs 50 lakh upto Rs 125 lakh: 40% Collateral security

Documentation:

  1. Duly filled prescribed application form
  2. Proforma Invoice of the authorized dealer
  3. KYC of the Applicant & Guarantor
  4. Copy of contract
  5. Businessman: Last 3 year’s profit and loss, balance sheet and ITR of last 3 years, bank statement of business account for last 3 months.
  6. For Self-employed: Copy of license and experience certificate.
  7. New Operators: Projected income


Mile yahan, Dono Jahan

True to its new tag line, "Mile Yahan Dono Jahan", Saraswat Bank is committed to bridging the gap between technology and tradition by bringing to its customers the best of both worlds.

Keeping tradition intact and embracing technology, the Bank has matched strides with India's digital revolution by offering various digital banking services designed to make banking more easy and convenient like mobile banking, internet banking, international VISA EMV and RuPay chip cards, etc. Simultaneously, through its emphasis on personalized attention, the Bank has maintained its personal touch with customers. Agility of the small bank with the ability of the large bank has been Saraswat Bank's enduring heritage new.

Contact Saraswat Bank

Corporate Office
Saraswat Co-operative Bank Limited
Ekanath Thakur Bhawan 953, Appasaheb Marathe Marg, Prabhadevi. Mumbai- 400 025
Tel: [+91] (022) 2400 5555
Email: corporatecenter@saraswatbank.com