Surat-based Varachha Co-operative Bank Ltd., a multi-state scheduled cooperative bank, has launched a special Flood Loan Scheme offering loans of up to Rs 5 lakh at a concessional interest rate of 9% to support traders, entrepreneurs and residents affected by the recent heavy rains and tidal flooding in Surat and nearby areas.
The scheme was inaugurated by Gujarat Deputy Chief Minister Harsh Sanghavi.
Speaking on the occasion, Sanghavi said the Gujarat Government, under the leadership of Chief Minister Bhupendra Patel, is committed to providing swift relief to flood-affected families after completing damage assessments. He praised Varachha Bank for complementing the government’s relief efforts by introducing timely financial assistance and a dedicated flood insurance initiative.
Alongside the loan scheme, the bank also launched a Flood Insurance Scheme to protect traders against losses caused by flooding, covering stock, warehouses, shops and other business assets. Customers will be able to access both banking and insurance services through the bank’s branches.
The flood loans will carry a repayment tenure of up to 60 months, and a dedicated Flood Assistance Counter has been set up at the bank’s head office to expedite loan processing and assist applicants. Under the leadership of Chairman Narendra Kukadiya, the initiative aims to help flood-hit families and businesses recover quickly.
