The Kangra Cooperative Bank Limited was started in a very humble way as a small Thrift/Credit Society in March, 1960 by a few friends of the District. The bank was converted into a primary urban Cooperative Bank in 1972 by RBI and was permitted to carry out banking activities including acceptance of deposits from public (non-members) by opening their Saving, Current and RD A/c’s. Twenty three years there from in June 1995 it was granted a license to carry out the banking business by the Reserve Bank of India.
Purpose – For the purchase of new vehicle
Eligibility – Salaried, professional, self employed with repayment capacity
Quantum of Loan – Up to 90% of the cost of the new vehicle
Rate of Interest – 13% per annum
Security – Hypothecation of vehicle in favour of the Bank
Repayment – Maximum repayable installments 60 for LMV and 80 for HMV
Others – 1% rebate to regular paymaster members. At least one surety from a regular paymaster member of the Bank Loan will be paid direct to the vendor/supplier/dealer. The loan will be considered on the proforma invoice in favour of the member. Margin money and loan processing charges will be taken. Name of the bank will be written on the RC and the vehicle will be insured jointly with the bank during the continuation of the loan.
The other loans offered by the bank are home loan, personal loan, education loan etc.