: Madgaon School Complex Co-operative Credit Society launches car loan facility #FinanceIndia #StockMarketNEWS #Business NT NETWORK Margao The Madgaon School Complex Co-operative Credit Society

@StockMarketNEWS Thu 16 Sep, 2021

Posted in: #Business #FinanceIndia #StockMarketNEWS

Madgaon School Complex Co-operative Credit Society launches car loan facility #FinanceIndia #StockMarketNEWS #Business
NT NETWORK

Margao

The Madgaon School Complex Co-operative Credit Society Ltd recently announced its decision to provide a loan facility to its members for the purchase of four wheelers and two wheelers with lower interest rates and further return of patronage to loanees.

Addressing a press briefing in Margao on Wednesday, chairman of the credit society Babaji Sawant said, “We are happy to announce that the society has taken a decision to provide loan facility for the purchase of four wheeler and two wheeler with much lesser interest rate of 8 per cent which will come down effectively due to the return of patronage to the loanee members and approximately 0.3 per cent to 0.4 per cent. The limit for the total term loan other than housing loan would not exceed Rs 10 lakh till the further enhancement of loan limit.???

The credit society which began with 36 members and a share capital of Rs 3,600 today has a total membership of around 2,000 members and share capital of Rs 2.65 crore, deposits of Rs 28 crore and loans to the tune of Rs 26 crore. Sawant also informed that they were planning to have more educational institutions.

“We have one extension counter in Canacona, Chaudi in the rented premises opened with due approval from the office of Registrar of Co-operative Societies. This caters to the people working in the educational institutions in Canacona taluka with approximately 25 schools and colleges. Looking at the response from the members and their request at other places, we are hoping to open additional extension counters in Mormugao and Quepem talukas as well.

Sawant also congratulated all the teachers who were awarded with state awards including BOD member of the society Sanjay Savant Dessai and society member F M Nadaf. Secretary Sandeep Redkar, treasurer Lorencia Vaz and directors Sarita Fernandes and Jose Pereira were present at the meeting.
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