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. The Kapol Co-operative Bank Ltd. is one of the fastest growing scheduled banks in India. The bank has a customer base of above 2.5 lakh customers and 67963 share holders.
Purpose: This loan finances any personal needs of an individual, like education, construction of a house, purchase of consumer durables, etc.
Eligibility: Individuals who are salaried persons or self – employed can avail this personal loan. Total deductions from the salary including the proposed EMI should not exceed 50% of the gross salary.
Quantum of Loan: The maximum amount that could be granted as loan is Rs. 50,000/-
Rate of Interest: The rate of interest is 16% per annum.
Repayment: The maximum period of repayment is 36 months, i.e. 3 years.