Take safe loans from cooperative societies, Collector appeals to public

Department of Cooperation promotes no-frills loans through an awareness rally to protect the public from usury and loan sharks.

The Department of Cooperation organised an awareness rally here Wednesday to popularise its schemes, especially the no-frills loans, among the public to save them from usury.

 Flagging-off the awareness rally, District Collector G. Lakshmipathy said the cooperative societies, with their loan schemes for various sections of the society including traders, small vendors, women, farmers etc., were protecting the people from getting trapped in the sinister designs of the loan sharks. The cooperative societies give loans for raising crops, farm mechanization, dairying, women entrepreneurs, women self-help groups, loans for the differently-abled, jewel loan, house mortgage loan, housing loan and loans for widows and destitute women etc.

 Since the loans being given through the cooperative societies also carry subsidies, the public should make use of it instead of drawing loans from private financial institutions and the usurers charging exorbitant interest rates. Hence, the borrowers’ first choice for getting loans should be cooperative societies, Mr. Lakshmipathy said.

 The awareness rally that started at Thoothukudi District Central Cooperative Bank on Ettaiyapuram Road reached the starting point after traversing New Bus-Stand, Cruz Fernandez Statue, Bala Vinayagar Temple Street, Anna Statue, Jayaraj Road, Puckle Odai Road and Fourth Gate.

 The rallyists, carrying awareness banners, distributed to the public pamphlets explaining the loan schemes of cooperative societies.

 Joint Registrar of District Central Cooperative Bank Nadukaattu Raja, General Manager Saravanan and others participated.