The Varachha Cooperative Bank Ltd. came into existence on 16th October 1995 and Inauguration ceremony was done by on the hand of Shree Swami Sacchidanand. The bank offers home loans, educational loan, personal loan etc. The Bank has been awarded with First Prize for the best performance among all Cooperative banks in Surat District during the FY.2000 – 01. At present the share capital and reserves raised to nearly 40 crores.
Purpose – The loan is offered for the purpose of travel
Eligibility – Professionals, Self employed, Salaried
Quantum of Loan – Maximum amount of loan for each person is two lakh
Rate of Interest – 13%
Guarantee – 2 property owners guarantee, their bank account in SPCBL from past 3 years is necessary.
Repayment – Repayment in easy installments spread up to 12 to 60 months. The borrower can prepay at will with no penalty, or pay more than his/her stipulated monthly installment at any time, depending upon availability of funds with you. This would enable the borrower to pay off the loan faster and reduce his interest burden. The bank does not charge any Prepayment Penalty