Way back in 1984, a group of enthusiastic and co-operative minded people belonging to KDO Jain Community assembled and took a strong decision for launching a Co-operative Bank of their own in this great city of financial hub and monetary operations. The promotion work was entrusted to Shri Pravin D Khona, Shri Laxmichand S Ratani & Shri Virchand L. Munver.
The 1st branch was opened in May 1984 at Bhandup. Chief Promoter & founder Shri. Pravin D. Khona, a Chartered Accountant, was the first Chairman of the bank. Bank is headed by an experienced Chief Executive Officer Shri Dinesh Parekh having wide experience at Senior Level position in a prominent public sector Bank. He is aided by well experienced & qualified staff at Branches/Head Office.
PURPOSE – For purchase of new cars / new Two Wheelers
BENEFICIARY – Employed, Businessmen & Professionals
RATE OF INTEREST – For loans Up to Rs.5.00 lakhs the interest rate is 12.00 % per annum and for loans above Rs.5.00 lakhs the interest rates is 12.50 % p.a.
MARGIN – 10% to 25%
REQUIREMENTS – application Form, balance Sheet for last 3 years,
Tax Papers, Property Documents.
OTHER CONDITIONS – Bank’s Shares to be purchased; Two Guarantors with Net worth / Income.
Apart from the new car loan and two wheelers loan the bank offers home loan, business loan, personal loan, educational loan etc.