Interest on loans reduced with benefits like no other; Saraswat Bank at the forefront

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Indore

8 January 2020

DIVYA AZAD

Saraswat Bank, India’s largest Urban Co-operative Bank, slashed its interest rates on loans w.e.f. 15th December 2020, on its major loan products like Home Loan, Car Loan, Loan against property and Gold Loan. Under the Swastik Bonanza scheme, the Bank, along with the rate cuts, has bundled additional benefits such as discount on processing fee, up to 100% finance and free NETC FASTag.  These rate cuts and benefits can be availed till 31st March 2021.

Sr. No.ProductsRate of Interest*Additional Benefits*
1Home Loan7.00% p.a.No processing fees
2Car Loan8.00% p.a.100% Finance, Free FASTag
3Loan Against Property8.80% p.a.Upto Rs 5 Crore
4Gold Loan8.50% p.a.No processing fees
5Two-Wheeler Loan11.00% p.a.100% Finance

*Terms and Conditions Apply

This step is taken as a measure to ease the current financial crisis prevalent in the market and enable customers to balance their credit requirements easily and conveniently. In the New Year, the slashing of rates will surely benefit customers in fulfilling their financial needs and prove economically feasible.

Earlier in October, the Bank had extended concession on major parameters like interest rate, processing fee, margin, etc. on some of its loan products, on the festive occasions ofDussehra and Diwali, to benefit customers. This was done to bring some relief to customers / end-users from the ongoing economic slowdown due to pandemic.The recent revision in rates will further add to this relief and extend economic flexibility and benefits to the customers. The latest feather in the Bank’s cap is its recognition as the 2nd best bank in India in the World’s Best Banks 2020 survey conducted by the prestigious Forbes magazine.

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