Surat: Varachha Co-op Bank announces Rs 5 lakh flood relief loans

The Varachha Co-operative Bank Ltd. has launched a special 'Flood Loan' scheme to provide financial relief to people affected by the recent floods in Surat, offering loans of up to Rs 5 lakh at an interest rate of 9 per cent. The bank also introduced a flood insurance scheme to protect traders against losses caused by floods and waterlogging.The schemes were launched by Gujarat Deputy Chief Minister Harsh Sanghavi at the bank's head office in Surat.

Surat, Gujarat: Deputy Chief Minister Harsh Sanghavi launches Varachha Bank's Flood Loan Scheme for flood-affected residents of Surat.

(Source : Information Dept.) pic.twitter.com/5WON9A0iMA

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The initiative comes after heavy rainfall and flooding inundated several parts of Surat, causing widespread damage to industries, businesses, residential areas and livelihoods.
Addressing the gathering, Sanghavi praised the resilience of Surat's residents and their spirit of helping one another during the crisis. He said the state government had set a target of completing the damage assessment survey within 72 hours and that nearly 80 per cent of the exercise had already been completed.He said reports on losses suffered by industries, shops and commercial establishments were being prepared, based on which the state government would soon announce a relief package."The government and social organisations are working together to help Surat return to normalcy at the earliest," he said, while appreciating Varachha Bank for standing with flood-affected citizens during a difficult time.
The Deputy Chief Minister described the 'Flood Loan' scheme as a commendable initiative and congratulated the bank for fulfilling its social responsibility by extending financial assistance of up to Rs 5 lakh to flood-affected people at a concessional interest rate of 9 per cent.Under the scheme, borrowers can avail loans of up to Rs 5 lakh with a repayment period of 60 months. To facilitate quick processing, the bank has set up a dedicated help desk at its head office to assist applicants and ensure faster loan approvals.

PHOTO | Surat: Gujarat Deputy Chief Minister Harsh Sanghavi launched Varachha Bank's special 'Flood Loan' and Flood Insurance schemes to support people affected by the recent floods in Surat. The Flood Loan offers financial assistance of up to Rs 5 lakh at just 9 per cent… pic.twitter.com/VEpJ9svsWx

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Varachha Bank has also introduced a special general insurance scheme aimed at providing financial protection against future flood-related losses. Under the scheme, traders can insure stock worth up to Rs 10 lakh by paying an annual premium of Rs 1,000. The insurance policy covers damage to stock, warehouses and other business property caused by floods or waterlogging.Minister of State for Health Praful Pansheriya said the initiative would provide significant relief to small traders affected by the floods.MLA Pravin Ghoghari, Bank Chairman Narendra Kakadiya and Vithal Dhanani also addressed the gathering. MLA Kanti Balar, Jayanti Eklera, Manhar Sachpara, Mukesh Patel and several other dignitaries were present at the event.

(State Correspondent)