The Sahu Urban T/C Cooperative Society Ltd.

The Cooperative Thrift & Credit Societies are organized and formed with the aim and objects to cater the financial needs and socio-economic development of its members. The services of these societies are focused to save the financial interest of its members as well as save them from the harassments and exploitation of the private money-lenders on the one hand. On the other hand, it creates a sense of self help through mutual help amongst its members as well as encourages them to unite and create a habit of savings for their future needs.

Loan Schemes (subject to Business Policy of the Society)

Emergency loan upto Rs. 50,000/- (Rupees Fifty Thousand only)

This loan is imparted to its members for catering their casual and emergent needs so as to provide them an immediate and interim assistance to overcome the casualty and emergency.

Ordinary Loan upto Rs. 4,00,000/- (Rupees Four Lacs Only) against personal sureties of members.

This loan facility is available for members to meet their regular and ordinary needs of life. The productive purposes get preference over social, religious or other purposes. These loans are granted subject to maximum credit limit of applicant members and considering eligibility and reliability of their surety members. Generally, loans these loans are granted upto twenty times of share money subscribed by the applicant member or their maximum credit limit whichever is lesser as per discretion of the managing committee.

Secured Loan upto Rs. 50,00,000/- (Rupees Fifty Lacs Only)

These loans are granted to selected reliable and credit worthy members against security of mortgage of property/ hypothecation of vehicle/pledge of gold jewelry. These loans are granted upto a maximum of 75% of the value of article of security or Rs.20,00,000/- whichever is lesser at a time to a member.
Secured loan are also granted upto @ 90% of the amount deposited with the society in any of the term deposit scheme in the society

Cash Credit Loan

This facility is available to only most credit worthy and reliable members on fully secured basis against collateral security and reliable permanent sureties.

Interest on Loans

Rate of Interest on Emergency loan is 16.20% p.a.
Rate of Interest on Loan against deposits in society is 2% extra on the rate of interest paid on the deposit concerned.
Rebate on interest on loan @ 1.80% p.a. and 2.40% p.a. is provided immediately on timely payment of instalmentsof Regular Loan/ Emergency Loan and Loan Against Property/Vehicle respectively. No rebate is provided if any instalment of part thereof is overdue in the loan account.
The interest is charged on monthly reducing balance and on simple method of interest.
Interest for First month is calculated from the date of sanction of loan (not the disbursement of loan)