Financial Strength |
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| From the beginning our society’s aim is to provide all needs of our member under single roof. We have arranged to provide financial assistance to our members. As a part of financial assistance we are providing three services. Like Collecting Deposit, Providing Agriculture advances. | ||
| 1- Deposite : | ||
Our society motivates the farmers for savings. We are offering three types of saving accounts at attractive rate, namely Savings Account, Compulsory Deposit and Fix Deposit Account. As a small savings and for regular daily need base requirement savings account is available at rate of 4 % per annum which allows the farmers for withdrawing 7 times a month.For long time savings we are offering one year time deposit at 7 % per annum.For this deposit scheme we are offering half yearly interest payment scheme, so the farmer can enjoy regular half year income. One more deposit scheme we are offering that is Compulsory Deposit. We are treating it as a Provident Fund of Farmer. From the Farmers Crop Amount we are deducting 2% as a compulsory Deposit and we are offering 9% Interest rate per annum. One cannot deposit the amount in this scheme directly but only amount is credited in this scheme from crop account. Figures link |
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| 2-Agricultural Advance | ||
The Society providing agriculture advances to their farmer member to meet their requirement. In Gujarat there are three tire agricultural advance system But as the Society have enough own fund society provides agriculture advances from own fund. As per the NABARD guideline society approve the loan of farmer at very reasonable rate at 8 % to 9 % annum. The society follows the single window system, the process of loan like application, approval, disbursement and repayment are very easy and speedy so the farmers need not to go to other sources and he enjoy the benefits timely. The approval of loan up to Rs. 25000 is instant (As the Secretary is eligible for sanctioned the loan) and above Rs.25000 loan is sanctioned by the board of director it takes time maximum of one month. As the Area have a perennial crop (Long duration) the Society disbursed the loan for a year. Once the farmer approved the loan amount then the approval is valid for three years so he doesn’t have to go for approval for each disbursement. (If his repayment history is good and meets all the requirements during the three years) The society has introduce rebate scheme of 2% to motivate the farmers for timely repay the loan and monitoring the loan amount regularly the overdue is every time below 1% during the year. If the farmer not able to pay the loan amount timely due to some reason the society allow him to roll over for next one year. (The farmer has to pay the interest amount for the last year and it is allowed only for twice.) Figures link |
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| 3- Consumer Credit | ||
The Society has consumer business also. The farmer members are eligible for 20% amount (Subject to sanctioned the credit) of their crop amount as a consumer credit without any interest for three months. So the farmers does not have go anywhere for their grocery needs. The Non farmer members are also eligible for consumer credit of Rs. 500. Figures link |
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