Fixed Deposit Schemes

What is a Cooperative Society Loan?

A cooperative society is a member-owned financial institution that provides loans, savings, and other financial services to its members. Personal loans from cooperative societies are usually offered at competitive interest rates and with simpler documentation compared to banks.

Eligibility Criteria

• Membership: You must be a member of the cooperative society (some may require a minimum membership period).
• Age: Usually between 21–60 years.
• Income Proof: Salary slips, bank statements, or business income proof.
• Credit History: Some societies check credit scores, while others rely on internal member records.
• Security/Guarantor: Some societies may require collateral or a guarantor.

Documents Required

• Membership proof (share certificate, passbook)
• ID proof (Aadhaar, PAN, Voter ID)
• Address proof (Utility bill, Rental agreement)
• Income proof (Salary slips, ITR, Bank statements)
• Passport-size photographs

How to Apply?

• Become a Member (if not already).
• Submit Application with required documents.
• Verification by the society’s loan committee.
• Approval & Disbursement (may take a few days to weeks).

Benefits of Cooperative Society Loans

• Lower interest rates than banks
• Easier approval for members
• Flexible repayment terms
• Minimal processing fees