To support those affected by floods in Surat, The Varachha Co-operative Bank has launched a ‘Flood Loan’ scheme offering up to Rs 5 lakh at 9% interest, along with a new flood insurance scheme. The initiatives were launched by Deputy CM Harsh Sanghavi.
Following the heavy rainfall and floods in Gujarat’s Surat, several parts of the city were affected by waterlogging, causing significant losses to industries, businesses, residential areas, and livelihoods. According to a press release, to support those affected, The Varachha Co-operative Bank Ltd launched a ‘Flood Loan’ scheme offering loans of up to Rs 5 lakh at just nine per cent interest, along with a new insurance scheme providing protection against floods and waterlogging.
Government Applauds Bank’s Initiative
The schemes were launched by Deputy Chief Minister Harsh Sanghavi. Addressing the gathering, the Deputy CM praised the resilience of the people of Surat and their spirit of helping one another during the recent heavy rains and floods.
Speaking at a programme held at the Head Office of Varachha Bank, he said the Government had set a target of completing the damage assessment survey within 72 hours, and nearly 80 percent of the work has already been completed. Reports on the losses suffered by industries, shops, and commercial establishments are being prepared, based on which the State Government will soon announce a relief package. He added that the Government and local social organisations are committed to working together to help Surat recover and return to normalcy at the earliest.
He appreciated Varachha Bank for truly living up to its commitment of standing with people during times of disaster. He praised the Bank’s noble initiative and congratulated it for fulfilling its social responsibility by announcing the ‘Flood Loan’ scheme, offering financial assistance of up to Rs 5 lakh to flood-affected people at an interest rate of only 9 percent.
On the occasion, Minister of State for Health Prafulbhai Pansheriya also appreciated Varachha Bank and stated that this commendable decision would provide maximum benefit to small traders. MLA Pravinbhai Ghoghari, Bank Chairman Narendra Bhai Kakadiya, and Vithal Dhanani also addressed the gathering. MLA Kanti Balar, prominent leader Jayanti Eklera, Manhar Sachpara, Mukesh Patel, and other dignitaries were also present on the occasion.
‘Flood Loan’ Scheme Details
The scheme offers financial assistance of up to Rs 5 lakh to help people secure their future during times of disaster. To minimise the financial burden on borrowers, the interest rate has been fixed at only 9 per cent. The loan can be repaid over a long tenure of 60 months. To ensure a hassle-free application process, Varachha Bank has established a dedicated help desk at its Head Office, where applicants will receive prompt guidance and quick loan approvals.
New Insurance for Future Protection
With the objective of providing financial security against such natural disasters in the future, Varachha Bank has also introduced a special General Insurance scheme. Under this scheme, traders can avail insurance coverage of up to Rs 10 lakh on stock by paying an annual premium of just Rs 1,000. In the event of floods or waterlogging, the policy will provide complete financial protection against damage to stock, warehouses, or other business property. (ANI)
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