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 was established with the main objective of the bank is to serve the economically weaker sections of the society. 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 loan is against lease rental / rent receivables.
Eligibility: Owners who let out their properties to reputed companies, public sector undertakings, established commercial organization, multinationals, banks, other reputed institutions or individuals with adequate means can avail this loan.
Quantum of Loan: 70% of rent (up to maximum of 60 months rent receivables), not exceeding Rs.50.00 lakhs is granted as loan.
Rate of Interest: The rate of interest of this personal loan is 15%.
Margin: There is a 30% margin.
Repayment: The maximum period of repayment is 60 months or unexpired period of lease whichever is lesser.
Security: Property whose rent receivable is financed will be mortgaged or tangible security worth 1½ times of the loan amount will form the security.