Rate Of Intrest
વધુ માહિતી માટે અહિં ક્લિક કરો


Shree Vagad Kala Kendra is a Public Charitable Trust carrying on various kinds of charitable activities in the field of culture, education, medical , sports and relief and rehabilitation work during natural calamities etc.

With the community people realizing the importance of higher education, for becoming employed / self employed and to live in a home of their own, the need to see such well intended dreams of the community people come true, the Trustees realized the need to extend financial support by way of home loans and loans to set up one’s own business.

It was then the Trustees thought a Banking Institution of the community, by the community members, for the community will be the solution for extending such financial support. Shree Vagad Kala Kendra being a Charitable Institution, not being able to undertake financial activities, it was decided by the Community Members to form a separate Association for getting a new Banking License. Even this too was not possible since the Reserve Bank of India had stopped issuing new licenses for starting co-operative Banks. The only alternative left was to form a Co-operative Credit Society for which recognition from the State Government is given.

It was therefore decided to form WAGAD KALA KENDRA CO-OPERATIVE CREDIT SOCIETY LTD. Having fulfilled the norms of minimum requirements of 500 Members and Rs. 5,00,000/- Share Capital, further procedures were taken up and fulfilled with the Government of Maharashtra and approval was obtained for a Co-operative Credit Society in the above name. An inaugural function was arranged at the Birla Krida Kendra in presence of Mumbai Mayor Mrs. Nirmala Samant Prabhavalkar, Petroleum Minister Mr. Murli Deora and other personalities.

Our Co-operative Credit Society is functioning very smoothly; Members have increased to around 4000 and paid up Share Capital is about Rs. 6 Crores. The Credit Society extends term loans to members for periods ranging from 30 to 60 months. Members requiring loan need to fill in prescribed Loan Application form along with necessary documents with signatures of two member guarantors. Loan Applications are put up before the Board of Directors at meeting held every month.

Presently the interest rate charged is 9% p.a. for loans up to Rs.5 lacs, 10% p.a. for loans between Rs.5 Lacs to Rs.15 Lacs & 11% p.a. above Rs.15 Lacs. Housing Loan is given at the rate of 8% p.a. upto Rs. 15 Lacs. Education Loan for Higher Studies at abroad up to Rs.15 lacs at the rate of 10% p.a. & for Physically Handicapped person Interest free loan up to Rs.1 lac for Business purpose as per terms & Conditions.
The Society’s Accounts are audited by Government appointed auditors. The Society is proud to state that during all the years since inception the auditors have given “A” class working Report to the Society.

Maximum loan is given up to Rs.25 Lacs per person.

Fixed Deposit:

We also accept the Fixed Deposit from the member of the Society.
Platinum Scheme – 36 Months – 7% p.a
Suvarna Scheme – 24 Months – 6% p.a
Rajat Scheme – 12 Months – 5% p.a
Diamond Scheme - 60 Months - 7% p.a
Short Term Scheme
9 months – 4.75%p.a
6 Months – 4.50%p.a
3 Months – 4.25%p.a
For Senior Citizen, Physically & Mentally Handicapped – 0.50% p.a extra

Plans are afoot to convert this Credit Society in to a Co-operative Bank in the near future.

Borad Of Directors
Shri Navin K. Nisar (C.A.)

Shri Damji V. Savla
(Vice Chairman)

Shri Shamji R. Karia

Shri Jagshi V. Dedhia

CA Hasmukh N. Gada

Dr. Kantilal K. Savla

Smt. Lawangika D. Savla

Smt. Pratibha Hasmukh Shah

Shri Damji B. Buricha
(Invitee Director)

Dr. Jayantilal R. Satra
(Invitee Director)

Shri Damji R. Shah
(Invitee Director)

Shri Popatlal B. Nandu
(Invitee Director)

Shri Chetan H. Chhadwa (CA)
(Invitee Director)

Shri Pravin C. Gala (CA)
(Invitee Director)

Shri Pravin k Gala
(Invitee Director)