The Bank has a very humble but a very inspiring beginning. On 14th September 1918, ” The Saraswat Co-operative Banking Society” was founded. Mr. J.K. Parulkar became   its first Chairman, Mr. N.B. Thakur, the first Vice-Chairman, Mr. P.N. Warde, the first Secretary and Mr. Shivram Gopal Rajadhyaksha, the first Treasurer. These were the people with deep and abiding ideals, faith, vision, optimism and entrepreneurial skills. These dedicated men in charge of the Society had a commendable sense of service and duty imbibed in them. Even today, our honorable founders inspire a sense of awe and respect in the Bank and amongst the shareholders.

The Society was initially set up to help families in distress. Its objective was to provide temporary accommodation to its members in eventualities such as weddings of dependent members of the family, repayment of debt and expenses of medical treatment etc. The Society was converted into a full-fledged Urban Co-operative Bank in the year 1933.

The Bank has the unique distinction of being a witness to History. The Bank, which was originally founded in 1918, i.e. close on the heels of the Russian Revolution, also witnessed as a Society and as Bank-the First World War, the Second World War, India’s freedom Movement and the glorious chapter of post-independence India. During this cataclysmic cavalcade of history, the Bank as a financial institution and its members could not of course remain unaffected by the economic consequences of the major events. The two wars in particular brought in their wake, paucities of all kinds and realities and stand by its members in distress as a solid bulwark of strength. The Founder Members and the later-day management’s of the Bank continued to demonstrate their unwavering faith in the destiny of the common man and the co-operative movement and they encouraged the shareholders to save despite all odds.

Education Loan

Saraswati  Education Loan

  • Parent of the student.
  • Student will be the co-applicant
  • For studies in India & abroad.
Loan Amount
  • Maximum Rs 10 Lakh for education in India
  • Maximum Rs.20.00 lakhs for Education abroad.
Basis of Advancei.              100% of cost of the studies and other expenses provided by the applicant


ii.             50 times of the Avg Net Salary (Salaried person) or 3 times of Average Net Cash Accruals (Businessman / professional).


i or ii whichever is lower, and further permissible based on value of security as detailed underRepayment

  • Maximum 144 months inclusive of moratorium period of max 36 months.

Rate of Interest


PLR- 0.5 =14.00%PLR-1.50=13.00%




Present PLR @ 14.50% p.a
SecurityUpto Rs 2.00 Lakh:

Two Guarantors.

Above Rs 2.00 Lakh And Upto Rs 5.00 Lakh:

Hypothecation Of Household Articles Worth Minimum Of Rs. 3 Lakhs And Two Guarantors.

Above Rs 5.00 Lakh And Upto Rs. 20.00 Lakh:

Following Permissible Securities. Value Will Be Considered Based On Various Margins Decided By The Bank.

  • Tangible Security Like LIC ,NSC ,KVP ,Gold, RBI Bonds Or FD’s With Our Bank


  • Mortgage Of Unencumbered Property
  •  One Or More Personal Guarantees Depending On The Merits Of the                   Proposal.

Processing Fees

  • For studies in India – Nil
  • For studies abroad – 0.5% of the loan amount


  • Upto Rs 2 lakhs-Nominal membership
  • Above Rs 2 Lakhs -2.5% of the loan amount (max Rs 25000)

Documents Required

  • Duly filled application form

Admission related documents, such as,

  • Offer letter from university / college / institutes stating details of course and admission procedure/s .
  • In case of students going to USA – I 20 / Admission letter
  • Passport copy (in case of education abroad) or identity proof.
  • Latest academic mark sheets
  • Work experience proof if any

Loan related documents, such as,

  • KYC documents of applicants and guarantor such as PAN card, address proof, photograph.
  • For salaried person, copies of

(i)     Salary slip for last three months

(ii)    Bank Account statement (where Salary is credited) for last six months,

(iii)   ITR & Form 16 for last three years

  • For businessman / professional, copies of

(i)     Last three years’ Audited Profit & Loss & Balance Sheet,

(ii)    ITR with Computation of Income for last 3 years

  • Bank Account Statement (related to business/profession) for last six months.

Key features of the scheme

  • No prepayment charges
  • Issue of solvency certificate
  • Foreign currency/ Demand Drafts / Travellers’ cheques available.
  • Loan available on the basis of admission letter
  • Phased disbursement facility available
  • 0.5% concession in Rate of interest for all girl students and students of IIM, IIT, XLRI etc.


  • Comprehensive Insurance of assets charged to the Bank
  • Optional Life Insurance cover at concessional rates


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