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Special Scheme for Defense Forces

Purpose Personal Expenses Home Loan Education Loan
Eligibility Personnel of Indian army, Indian Navy, Indian Air force, Indian coast guard and paramilitary forces with min two-year of service Personnel of Indian army, Indian Navy, Indian Air force, Indian coast guard and paramilitary forces with min two years of service Personnel of Indian army, Indian Navy, Indian Air force, Indian coast guard and paramilitary forces with min two years of service
Amount of Loan Commissioned officers: Maximum upto 5.00 lakh Max : Rs 140 lakh
  1. India – Rs. 75 Lakhs
  3. For medical courses – Rs.150 lakhs
  5. Abroad – Rs. 500 lakhs
  7. Vocational courses – Rs.10 lakhs
Junior Commissioned Officers: Maximum upto 3.00 lakh
Non-Commissioned Officers: Maximum upto 2.00 lakh
Jawans: Maximum upto Rs 1.00 lakh
Basis of advance As per Saraswat Insta Personal Loan scheme. As per Saraswat Home Plus scheme. As per Saraswat Udaan Education Loan scheme.
Security As per Saraswat Insta Personal Loan scheme. As per Saraswat Home Plus scheme. As per Saraswat Udaan Education Loan scheme.
Guarantors As per Saraswat Insta Personal Loan scheme. As per Saraswat Home Plus scheme. As per Saraswat Udaan Education Loan scheme.
Repayment Maximum 60 months Max 240 months Maximum 15 years including moratorium period.
Processing fee Nil Applicable as per Saraswat Home Plus scheme. As per Saraswat Udaan Education Loan scheme.
Rate of interest As per Saraswat Insta Personal Loan scheme. As per Saraswat Home Plus scheme. As per Saraswat Udaan Education Loan scheme.
Reset of Floating Interest Rate on Equated Monthly Instalment [EMI] based Loan:
  1. Option to Switch ROI Type:
Borrowers shall have the option to switch their loan from Floating Rate of Interest (ROI) to Fixed ROI and vice versa, subject to a maximum of two (2) switches in a financial year during the entire tenure of the loan.
  1. Applicable Charges:
A request charge of 0.50% shall be levied on the outstanding loan balance at the time of the switch, irrespective of whether the switch is from fixed to floating or floating to fixed ROI.
Pennal Charges Penal charges in the range of 1% to 2% p.a. each, subject to maximum of 2% p.a. for non-compliance of terms and conditions of loan contract, till such time the same is complied with.
Shareholding Rs. 500/- Upto 1 Cr - Rs. 1000/-
Above 1 Cr - Rs.25000/-		 Upto 1 Cr - Rs. 1000/-
Above 1 Cr - Rs.25000/-

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