The Co-Convener of the BJP’s Delhi Cooperative Cell and Chairman of Delhi based Madhav Co-operative Urban Thrift and Credit Society, Satish Garg has demanded a hike in the personal loans from Rs 2 lakh to Rs 10 lakh for credit co-ops.
Talking to Indian Cooperative correspondent Garg also said that loans against property should be increased from Rs 5 lakh to Rs 20 lakh.
”The loan limit should be extended as we lose customers to heavy loan offers made by others” said Satish Garg, Chairman of Delhi based Madhav Co-operative Urban Thrift and Credit Society limited.
“There is an urgent need to amend the act which gives permission for granting personal and home loans. Personal loans should be extended from Rs 2 lakh to Rs 10 lakh and loans against property should be increased from Rs 5 lakh to Rs 20 lakh”, demanded Garg.
Talking about the society, Garg added that ”our society is in the list of the best 10 thrift and credit societies in Delhi’. The society was registered in 2001 under the leadership of my father Late Lal Ghanshyam Das” he said.
“Over 8,000 members are associated with the society and earned a net profit of Rs 25 lakh in the last financial year i.e. 2018-19. Our society is equipped with all the facilities like NIFT, RTGS etc and will soon launch mobile banking”, he underlined.
He further added that our objective is not to earn profit but to serve the last man of society. . We are catering to the needs of so many poor families especially those who were earlier forced to take loans from big money lenders who charged heavy interest rates. Our rate of interest is very reasonable”, the Society Chairman informed this correspondent.
“The recovery of loan of our society is good and only 1.35 crore is pending with the borrowers. Over 8 employees are working in different branches of the society”, he asserted.
It is learnt that there are around 52,000 thrift and credit society in Delhi. On an average 50 lakh people are associated with these cooperatives in one way or other.