Janalaxmi Co-operative Bank Ltd., Nasik was established on 14 Feb, 1976. The mission statement of Janalaxmi Bank is “Sneha, Seva, and Samruddhi”. Bank achieved the “scheduled bank” status from the RBI in Feb, 2000. Today the bank has a wide network of 25 Branches and 5 Extension Counters situated in Nasik, Mumbai, Vashi, Pune, Jalgaon and Malegaon.
Purpose: This loan finances purchase of new / old machinery / vehicle.
Eligibility: The applicant should be a member and share holder of the bank.
Quantum of Loan: Maximum of 70% of the cost of new vehicle / machinery is granted as loan in case of new machinery / vehicle. In case of old vehicle / machinery, 40% to 50% the value of old vehicle / machine is granted as the loan.
Rate of Interest: The rate of interest is 15% per annum.
Repayment: The repayment of this personal loan has to be done in equated monthly installments through post dated cheques which have to be submitted at the time of sanctioning the loan.
Security & Guarantee: Two guarantors satisfactory for the bank are needed.
Documents required: Residential proof, income proof, financial statements, etc. of both the applicant and the guarantors are to be submitted.