The Kapol Co-operative Bank Ltd. Was established in the year 1939 by Late Rajratna Shri Khushaldas Parekh, an educationalist, socialist and reformist. The bank achieved the “scheduled bank status” in January, 1988 and “Multi State” status on 9th August, 2000 with spread of its operations to Ahmedabad and Surat Districts in Gujarat State.
Purpose: This loanfinances travel within and outside India.
Eligibility: Salaried individuals, Employees of State/Central Govt., PSU/Public Ltd. Co.’s, MNC or reputed Co.’s with minimum two years of service, Pensioners, Self Employed, Professionals and Businessmen with minimum 2 years of stable business etc. are eligible for this personal loan.
Quantum of Loan: 12 times the net monthly income of individuals or pensioners is granted as loan. The minimum amount of loan is Rs. 25,000/-. The maximum amount of loan granted for overseas travel is Rs. 10 lakhs. The maximum amount that is granted as loan for domestic travel is Rs. 2 lakhs.
Rate of Interest: The rate of interest is 15%.
Repayment: The repayment can be done in 12 or 24 or 36 monthly installments.
Security: For loans above Rs. 1 lakh adequate security is required. Two guarantors are also required.