The Sanchay Cooperative Urban Thrift & Credit Society Ltd.
The Sanchay Cooperative Urban Thrift & Credit Society Ltd. is a member-owned thrift and credit cooperative registered under the Delhi Cooperative Societies Act, 2003. The cooperative has been working intensively with urban informal workers for the past 12 years, primarily in East Delhi and Madanpur Khadar. It supports members through saving and credit services such as saving deposits, recurring deposits and fixed deposits. Members also have access to loans for working capital needs, health expenses, marriage, funeral purposes and housing requirements.
Objectives of the Cooperative
The Sanchay Cooperative Urban Thrift & Credit Society Ltd. has been formed with the purpose of strengthening the financial security and collective support system of its members, particularly those engaged in informal sector work. Through its thrift, savings and credit services, the cooperative seeks to encourage responsible financial behaviour, reduce vulnerability in times of crisis, and create opportunities for members to improve their social and economic well-being. Its objectives reflect both economic empowerment and mutual solidarity among members.
The cooperative works with the objective to:
- Protect members from dependence on moneylenders
- Encourage mutual support during times of distress
- Increase the saving habits of members
- Support positive improvement in members’ social and economic conditions
- Educate and provide quality training to members
- Promote livelihood activities
- Provide social security support to members
Benefits to Members
Members gain from the cooperative through:
- Credit facilities linked to savings and income-generating activities
- Credit at reasonable interest rates
- Increased saving capacity among members
- Capacity building and financial awareness
Membership Eligibility
Membership is open to:
- Individuals or informal sector workers aged 18 years or above
- Individuals who purchase at least one share of the cooperative
- Individuals who are natives or residents of the cooperative’s working area
Savings Products of the Cooperative
Saving Accounts
There are two types of saving accounts:
- Compulsory Deposit (CD)
- Optional Deposit (OD) — members may deposit or withdraw as per their needs
Recurring Deposit
- A regular saving product where a minimum amount is saved every month
Fixed Deposit
- Minimum amount of ₹1,000
- Minimum tenure of 6 months and maximum of 3 years
Eligibility for Credit Facility
Members can avail loans subject to the following conditions:
- The member must have a saving account with the cooperative for at least six months
- Required documents must be submitted
- The loan must be approved by a board member
- The loan amount must be fully covered by a guarantor’s saving or recurring deposit
(the guarantor cannot withdraw until full repayment of the loan)
Loan Categories & Limits
Working Capital Loan
(for petty businesses and street vendors)
₹5,000 to ₹1,00,000
Guarantor Loan
₹5,000 to ₹1,00,000
Loan repayment is carried out as per the loan agreement, and in case of non-repayment, the guarantor is responsible for repayment of the full loan amount.
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
| Saving A/C (CD) | 4% yearly Interest |
| Saving A/C (OD) | 4% yearly Interest |
| Recurring A/C | 9% yearly Interest for one year , 10% for 2 years and 11 % for three years |
| Fixed Deposit | 9% yearly Interest for one year , 10% for 2 years and 11 % for three years |
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:
| Sl.No | Name | Designation |
| 1 | Mohammad Zafar Alam | President |
| 2 | Madan Lal | Vice President |
| 3 | Arbind Singh | Secretary |
| 4 | Manoj Kumar Rai | Treasurer |
| 5 | Smt Santosh | Member |
| 6 | Rakesh Kumar | Member |
| 7 | Rajwati Devi | Member |
| 8 | Asha Devi | Member |
| 9 | Govind | Member |
Regd, Office :
102, Sagar Complex, New Rajdhani Enclave, Vikash Marg, Delhi – 110092
Helpline No. 9315876962