The Varachha Co-operative Bank LTD Business & Personal Loans

The people of Saurashtra of Western Gujarat have moved away from their rain-starved native to Textile and Diamond city of Surat in search for income generation and survival almost four decades ago. Since then Saurashtrians have considered Surat as their home land.  After coming to Surat, some individuals began trading business while majority of them entered into labour front. In a phased manner, the population of the people, involved in diamond trade, belonging to Saurashtra increased to a sizeable extent in Surat, particularly in the area of Varachha, making it mandatory to have a Bank of their own.

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Together with a well known philanthropist, writer, columnist and social reformer Shri P. B. Dhakecha and other individuals from Saurashtra, conceived an idea of a Bank, as a result The Varachha Cooperative Bank Ltd. came into existence on 16th October 1995 which was inaugurated by revolutionary Saint Shri Swami Sacchidanandji. Our board members are not only from diamond trade but also from textile, real estate and service sectors.

At the end of the first financial year in 1996 the number of shareholders was 4484, share capital was of Rs.57.44 lacs, deposits was of Rs.2.70 crores, advances was of Rs.2.07 crores and profit stood at Rs. 4.77 lacs. and as on today these figures stand at 18837, Rs.7.9 crores, Rs.289 crores and Rs.155 crores and Rs.5.5 crores respectively. This phenomenal growth of the Bank is solely because of confidence reposed by the people of Surat upon our Bank.

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Technology has always remained on our fore-front and we are among the firsts to introduce information technology to its best for the benefits of our customers and controlling authorities.  Currently we are providing branchless core banking services along with SMS and internet banking.

All our branch are equipped with self service kiosks to our customers. Bank owns state of the art data center having full disaster management recovery plan. With the permission from RBI, Bank has already started direct Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) services for the customers.

Bank has also acquired 19  ATMs, installed at various branches, which will not only be connected among themselves but will have nationwide connectivity. This endevour of giving facility to our customers to have access to more than 1.5 Lacs ATMs installed at other nationalized and foreign banks across the country will make The Varachha Co-Op. Bank Ltd. as one of the first Co-Op. Banks of Gujarat to do so.

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Our Bank has also volunteered itself for many social causes in past and even continue to do in present, notables being as under :

  1. Promotion and execution of Mass Marriages
  2. Building and maintenance of Checkdams in Saurashtra
  3. Spreading awareness to stop Female-feticide
  4. Creation of fund for family of soldieries who have sacrificed their lives
  5. Blood, eyes and body donations
  6. Insuring all its shareholders and accountholders.

Personal Loans

Attractive Loan Schemes at very competitive rate of interest & reasonable documentation with fast disposal. Our various loan schemes are Car Loan, Home Loan, VCB Credit Loan, VCB Mortgage Loan, VCB SME Loan, Industrial and Business Loan, Vendor Finance, LC discounting, Gold loan scheme Loan, Educational Loan, Share Overdrafts etc.

  • Home Loans
  • FD Loan
  • Two Wheeler Loans
  • Self Employee Loans
  • Car Loans
  • Gold Loan
  • Personal loan/Surety Loan for Members
  • Education Loans
  • NSC/ KVP Loans

Business Loans

Term Loan for capital investment in fixed assets, such as Plant & Machinery, Construction/Purchase of factory Shed/Office Premises, Furniture & Fixtures, Technical Gadgets/Equipment, etc.

  • Cash Credit Loans
  • Over Draft
  • Consumer Durable Loans
  • Machinery Loans
  • Tuf Machinery Loans
  • Mortgage Loans
With Effective From 01-06-2017
Loan TypeRate(in %)
CASH CREDIT11.00
CAR LOAN10.00
COMMERCIAL VEHICAL LOAN13.00
EDUCATION LOAN10.00
FD LOANFD RATE + 1%
GOLD LOAN10.50
GOVT. SCHEME LOAN12.00
HOUSING LOAN 10 / 15 YEARS9.75
MACHINARY LOAN11.00
MACHINARY(TUF) LOAN11.00
MORTGAGE LOAN13.00
NSC / KVP LOAN12.00
OVERDRAFT (AGAINST PROPERTY)12.50
OVERDRAFT (PROFESSIONALS) (DOCTOR)13.00
OVERDRAFT (AGAINST FD)FD RATE + 1%
PERSONAL LOAN13.00
PERSONAL LOAN (PROFESSIONAL) (DOCTOR)12.50
SELF EMPLOYED LOAN10.50
TERM LOAN11.25
TWO WHEELER LOAN13.50