The Kapol Bank was established in 1939, to provide financial support to the economically weak parts of society. The bank received the status of a scheduled bank status in January 1998 and in August of 2000 it received the status of a multi-state bank. The bank primarily had their operations in Gujarat, in cities such as Ahmedabad and Surat. Today they have around 14 branches in Mumbai and 1 branch in Surat that are completely computerised branches.
This personal loan offered by the Kapol Bank can be used for any personal expenses of the applicant. It can be for any emergency medical and hospitalization expenses, expenses related to a marriage, or even any other religious ceremonies etc.
Who is eligible for Kapol Bank Personal Loan
To apply for the personal loan from Kapol Bank the applicant should be either professionals, or should be an individual who runs his/her business. Even salaried or self-employed individuals can apply for this loan.
Features and benefits of Kapol Bank personal loan are
The maximum loan amount available under this type of loan is Rs. 1 lakh.
The rate of interest that the bank will charge on a yearly basis will be 16.25% per annum. This rate will be subject to change and is at the bank’s discretion.
The equated monthly installments for every lakh you borrow will be Rs. 2, 458 per lakh.
The repayment tenure for the personal loan will be a maximum of 60 months or 5 years.
Documents that may be required by the bank are
Income proof of the applicant such as bank statements, salary certificate, etc.
Address proof of the applicant such as passport, utility bills, driving license, etc.
IT returns of the applicant for the last 2 years.
The loan application form for the personal loan.
Passport sized photographs of the applicant.
Other documents may also be required by the bank during the application process.