Introduction

Registered under Delhi Cooperative Societies Act, 2003, the organization has been intensively working with the urban informal workers since last 12 years. It is a member owned thrift and credit co-operative, is working in East Delhi & Madanpur Khadar with saving products like saving deposits, recurring deposits and fixed deposits. Members also can get loans for working capital, health expenses, marriage, funeral and also for housing purposes.

Objective of the cooperative:-

• To save them against the money lender
• To help each other in the time of distress.
• To increase the saving habit of the members.
• Positive improvement in social and economic condition of the members.
• To educate and impart the quality training for members.
• To promote livelihood activities for members.
• Provide social security cover to the members.

Gain from cooperative:-

• Credit facility as per saving and income generating activity
• Credit facility at reasonable rate of interest.
• Increase in marginal propensity to save of individual member.
• Capacity building of members.

Membership of the Co-operative:-

• Individual or informal sector worker who is either 18 years or more than 18 years old.
• Individual who might purchase at least one share of the cooperative.
• Native of working area of cooperative.

Products of the co-operative

• Saving Account– There are 2 types of saving account – Compulsory Deposit (CD) and Optional Deposit (OD).
• Member can deposit and withdraw the sum from their account as per their wish and requirement from the Optional Deposit (OD).
• Recurring Account:-It is a regular saving product in which minimum saving Rs. 100/- each month by one is necessary.
• Fixed Deposit: – Minimum one thousand for 6 months and maximum of 3years.

Eligibility for availing credit facility from cooperative:-

• Members whose saving account is with cooperative at least since last six months.
• After providing all kind of necessary documents, loan should be approved by one of the board member of the co-operative.
• Loan amount should be fully covered by guarantor saving/ recurring deposit. Guarantor cannot withdraw from their account till the final repayment of loan amount.

Loan limit:–

• Working Capital (for Petty business and street vendors)- 5000- 100000.
• Guarantor loan – Rs. 5000 – 100000.

Loan Repayment Schedule:-

• Repayment of loan including interest will deposit on fixed date which will be clearly quoted in loan agreement documents.
• In case of loan against Recurring and Term deposit, repayment should come before the maturity of RD/ term deposit account.
• In case of non repayment by lone, guarantor is liable for repayment of full loan amount.

Rate of Interest on Saving

Type of Loan 

• Working Capital ( for Petty business and street vendors)
• Regular Loan (for house repair, education, marriage, funeral, Medical and to repay the money lender / sahukaar)

List of Governing Board Members: