Credit Cooperative Software

Service Details:

Credit cooperative society registration is basically registering credit cooperative society according to the legal documentation and with a group of people who have the same motive. Society Registration is very important for credit co-operative society

The credit cooperative society is one of the types of cooperative society and is a part of a multi-state co-operative society. For download a form 1 of a multi-state co-operative society visit to the official website of MSCS.

A credit co-operative society is a credit society that is a member-owned financial cooperative and is controlled by its member.

The motive of promoting the economy and society is key for credit cooperative society registration is providing credits at a reasonable price and giving financial services to its members.

The credit cooperative society registration includes fewer documents compared to others. Also, these societies do provide loans to their members for economic and social growth. The types of loan they offer:

• Personal loan
• Home loan
• Credit line
• Equipment Financing
• Business loan
• Mortgage loan

You have a benefit of these loan services from credit cooperative society registration. Legalised societies are the 1st preference of everyone.

After the credit cooperative society registration, it can do work for the welfare of the society :

• They are formed to give financial support to members.
•  Their chief role is to conclusively preserve the rights of producers and consumers (Rural people).
• Acquires deposits from members.
• They tend to eliminate additional profits of middlemen in business and trade.
• Provides loans to the member at reasonable rates of interest. ( Home loan, personal loan, vehicle loan etc.) Types of credit cooperative societyUnder a three-tier structure, you can observe a classification of a credit cooperative society :
  • Primary Credit Cooperative Society

  is a group of people who are borrowers and non- borrowers living in a specific locality. Membership for the residents of the locality is open for all. Plus, they take an interest in the business affairs of one another.

  • Central Credit Cooperative Society Banks

  A central credit co-operative society is a group of people where the membership of the central co-operative bank is restricted to primary societies only. That is also known as banking union .Now, people are also allowed as members of nearly all Central Co-operative Banks.

  • State credit Co-operative society Banks

  State credit Co¬operative Banks society, formed with the aim of inviting deposits from the wealthy urban classes. They are the mediator between the joint stock banks and the co-operative movements.