Loan
Loan Scheme – Building Trust Through Responsible Lending
At Vama Vishwa Co-operative Credit & Supply Society, our loan offerings are designed to provide timely financial assistance to individuals and families from economically weaker sections. Loans play a crucial role in enabling self-employment, managing personal or medical emergencies, funding children’s education, or supporting other essential needs.
A loan is a financial arrangement where money is borrowed with the agreement that it will be repaid over time, along with applicable interest. Our loan policies are simple, transparent, and structured to promote financial discipline while ensuring accessibility for our members.
Key Features of Our Loan Scheme
1. Linked to Savings Scheme
To ensure member accountability and financial habit formation, all loans are offered only to individuals who have an active Monthly Savings Scheme with the Society. Regular saving demonstrates financial commitment and becomes the foundation for loan eligibility.
2. Loan Limit – Up to 3 Times the Savings
Eligible members can avail a loan up to three times the amount saved in their savings account. This structure ensures responsible lending based on the member’s own contribution and repayment capacity.
3. Loan Eligibility Criteria
- Minimum 6 months of active saving history is mandatory
- Members must maintain regular savings without gaps or defaults
- Loan can only be disbursed after thorough evaluation by the Society’s loan committee
4. Interest Rate
Interest is charged on the principal loan amount at a fixed annual rate.
- Interest Rate: Please contact us via WhatsApp / Call / Facebook on the official number to get the current applicable interest rate. Rates may vary based on loan size and tenure.
5. Processing Charges
A processing fee of 1% of the loan amount will be applicable. This is a one-time fee collected at the time of disbursement and helps cover administrative expenses.
6. Stamp Duty Charges
As per government rules, stamp duty charges will be extra and must be borne by the borrower. These charges are required for proper documentation and legal processing of the loan agreement.
7. Insurance Premium
To ensure financial protection against unforeseen events, the loan must be covered under an insurance policy. The insurance premium will vary depending on the loan amount and tenure and will be informed at the time of application.
8. Loan Tenure
The repayment period is flexible and ranges from 6 months to 24 months, depending on the borrower’s financial profile, loan amount, and repayment ability.
How the Loan Helps
Our loan scheme empowers members by:
- Supporting small businesses and livelihood ventures
- Managing medical or family emergencies
- Funding education or vocational training for children
- Covering marriage or housing-related expenses
- Improving cash flow for daily wage earners and self-employed workers
Why Borrow from Vama Vishwa?
- Trusted financial institution with 20+ years of service
- Low interest rates compared to informal lending
- No hidden fees or conditions
- Supportive staff to guide borrowers at every step
- Loans are backed by a strong co-operative network and community values
Get in Touch
To know your loan eligibility or apply for a loan, contact our Loan Officer or reach out to us via:
- WhatsApp / Call / Facebook on the official number
- Visit our office with your passbook and ID proof
We are committed to supporting your financial needs with dignity, transparency, and trust.