First interest-free credit outlet, Mutually Aided Co-operative Credit Society (MACCS) SEVA has come up in Tandur area of Rangareddy District. It is backed by Human Welfare Foundation.
Smt. K. Vijaya Laxmi Chairperson Municipal Council Tandur, and JIH President Hamid Mohammed Khan inaugurated the government approved outlet in Tandur on 18th Jan, 2016.
The SEVA outlet offers interest-free loans, and savings accounts for its members who can opt for either term deposit or daily deposit. Beneficiary of a loan in SEVA need not have to provide surety.
When asked how one can benefit from loan service at SEVA, Human Welfare Foundation AP & TS general secretary Abdul Jabbar Siddiqui said that the loans would be given to small businesses and vendors in the area after an appraisal process.
Mr. Siddiqui noted that there’s a limit of maximum Rs. 50,000 for loan amount and beneficiary would receive goods instead of cash as a loan. Our loan collectors promptly recover loan instalments on a daily basis, and maximum repayment time is 90 days.
“Our actual target is those income groups that often fluctuate at Below Poverty Line (BPL) level. We want to help them come out of BPL and stabilize themselves,”
“Unlike other micro loan offers from local sources and banks that come with huge interest, SEVA’s interest-free loan with easy repayment option would attract people,” believes Mr. Siddiqui.
He hoped that more SEVA outlets mean hopeless farmers would not commit suicide and poor men would not fail to protect the dignity of their families due to interest-bound loan menace.
The first SEVA branch in Telangana was established in Sangareddy in November 2012. Members of a SEVA outlet are like shareholders of the society who enjoy their due share according to law.
On this occasion Mr. Muhammed Khaja Dist. President SEVA MACCS, Ranga Reddy, & Mr. M. Sirajuddin Samdani President Jamat e Islami Hind Tandur were also presented.