Amanat Co-Operative Society
We all know that Allah has forbidden interest. A large section of society is trapped in interest based finance of local money lenders (Mahajans) and Banks. Farmers and poor backward people are committing suicide out of frustration because of the rising interest rates. Due to economic hardship, women are becoming a victim of Mahila Bachat Gat (Women Savings Group). In such a situation, “Amanat Mutually Aided Cooperative Credit and Thrift Society” was established on 4th Feb 2022 under the “Andhra Pradesh Mutually Aided Cooperatives Societies Act, 1995″ to solve the financial problems of society with an interest-free model of Microfinance is based on Islamic principles and values.
Ever since its inception, “Amanat Mutually Aided Cooperative Credit and Thrift Society” has been working tirelessly and growing the outreach of interest-free microfinance in YSR Kadapa.
Entrepreneurs, unemployed youth, business women, poor and skilled people irrespective of religion and caste will provide interest-free loans from coming June 2023 due to which people in YSR Kadapa will be able to avoid interest-based finance from banks, women’s savings groups, and local moneylenders.
You are requested to join “Amanat Mutually Aided Cooperative Credit and Thrift Society” and be a part of the systematic struggle to establish an interest-free society and give us the opportunity to provide interest-free financial services.
THE PURPOSE OF ESTABLISHMENT
- To inculcate the habit of savings among members and protection of their savings.
- To help the members meet their financial needs on easy and interest-free terms.
- To invest members funds in various businesses for legitimate and halal income.
- To purchase essential goods for the members home and commercial needs.
- To carry out activities which enable the overall development of the members within the framework and rules of the society and its Respective State Cooperative Societies Act.
VISION
- Demand loan limit will be increased from 20 thousand rupees to 50 thousand rupees.
- A minimal service charge is levied on demand loan. In future efforts will be made to make the service charge of demand loan free of cost.
- Gold security good loan will be launched.
SAVING ACCOUNT
- Rs. 200/- will be required for opening a Saving Account.
- The minimum amount to be maintained in the Saving Account will be Rs. 200/-
- No service charge will be levied on savings and no interest will be paid on deposit or savings.
DAILY DEPOSIT ACCOUNT
- A deposit of Rs. 100/- will be mandatory for starting a Daily Deposit Account.
- The minimum amount to be maintained in the Daily Deposit Account will be Rs. 100/-
- There will be no lock-in period for withdrawing money from the Daily Deposit Account.
- Under this scheme, the approved agents of the institution will collect and deposit money from your house, shops or office etc. through mobile app.
HAJJ/UMRAH R.D ACCOUNT
- The tenure of this Account will be one to five years.
- It is mandatory to deposit at least two thousand rupees per month in this Account.
- Hajj/Umrah R.D Account cannot be closed for one year
FIXED DEPOSIT ACCOUNT
- The tenure of this account will be 6 months to 5 years.
- No loans will be given against FD Account.
- Money received through the Fixed Deposit Account is invested in a legitimate business on a profit-loss sharing basis.
DEMAND LOAN
- Under this scheme, a member can avail a loan up to Rs.50,000/-
- The loan repayment period will be 90 to 180 days.
- A service charge will be levied on the principal amount from the borrowers.
SHORT-TERM BUSINESS LOAN
- Only a daily deposit account holder will be eligible to avail a loan under this scheme.
- Rs. 25,000/- will be the maximum amount lent to the borrower.
- The loan will have 90 to 180 days repayment period and the loan installment must be paid daily.
- A service charge will be levied on the principal amount from the borrowers.
FEATURES
- Fast and Efficient Service
- Well skilled and qualified staff
- Equipped with Advance Banking Software and Technology.
- Free SMS Facility
Terms & Conditions
- Membership is must to avail any deposit or loan benefit of the society
- To become a member one must purchase minimum 10 shares of Rs. 500 and pay an entry fee of Rs. 50.
FUTURE PLAN
VEHICLE LOAN
- Under this scheme, Motorcycle, Auto-Rickshaw and Cars are purchased and given.
- The loan repayment period will be 12 to 48 months
- One time profit will be charged on the loan.
COMPUTER LOAN
- Under this scheme Computer Systems, Laptops, Printers etc. are purchased and given to the members.
- The loan repayment period will be 6 to 12 months.
- One time profit will be charged on the loan.
HOME APPLIANCE LOAN
- Under this scheme Furniture, Refrigerator, Cooler, Washing Machine AC, TV etc. are purchased and given to the members.
- The loan repayment period will be 6 to 12 months.
- One time profit will be charged on the loan.
BUSINESS GOODS LOAN
- Under this scheme various electronic machines and other goods/stocks used in business are purchased and given to the members.
- The loan repayment period will be 6 to 24 months
- One time profit will be charged on the loan.