Our Services

Membership Eligibility & Process

1. The member must be at least 18 years of age.

2. Must be a resident of Bhopal Municipal Corporation area, possessing a valid Bhopal Aadhaar card.

3. If a Bhopal Aadhaar card is not available, then a rental agreement showing residence in Bhopal is required.

4. Should not be involved in any illegal activity.

5. After submitting the application in the office, the membership approval period will be at least 4 working days. This timeline applies only if all documents are correct and the application form is fully filled—the accuracy and completeness of which is the member’s responsibility.

Account can be opened only after becoming a member. Required documents:

1. Photocopy of Aadhaar card with member’s signature.

2. Four recent passport-size colored photographs.

3. Minimum account opening fee of ₹300 (which includes one share worth ₹100, account opening charge of ₹100, and minimum balance of ₹100). If a member wants to purchase more than one share, they can, as each share costs ₹100. Example: If opening with ₹500, the member must specify how much is for shares and how much will remain in the account.

4. The membership application form includes fields such as name, address as per Aadhaar, daily deposit collection address, etc. It is the applicant’s responsibility to fill it properly.

Types of Accounts in Sahulat Credit Co-Operative Society Ltd Bhopal

1. Daily Deposit Account (DD Account):

   • Beneficial for members who can save and deposit daily.

   • Sahulat’s daily collector will visit the member’s home/shop to collect deposits.

   • The collector will also provide a passbook and a daily collection card.

   • Members can deposit from ₹50 up to ₹2,000 daily (no fixed amount requirement).

2. Amanat (Savings) Account:

   • Suitable for those with weekly/monthly income.

   • Deposits and withdrawals must be made by the member personally at the society office.

Loan Types & Eligibility

1. Demand Loan

   • Only Daily Deposit Account holders are eligible.

   • The account must be at least 3 months old with regular transactions.

   • Daily transaction of ₹100 makes the member eligible for up to ₹20,000 demand loan.

   • Borrower must maintain 10% of loan amount as balance in their account.

   • Two guarantors are compulsory—neither should have an active loan.

   • Loan limits: First loan up to ₹15,000; second loan up to ₹30,000; third loan up to ₹40,000 (depending on account activity).

2. Secured Loan

   • Requires gold as security.

   • Society provides a loan up to 90% of gold’s market value or maximum pre-approved amount, whichever is lower.

   • No guarantor required.

   • Available for both Daily Deposit and Amanat account holders.

   • Loan limit: up to ₹50,000.

3. Murabaha & Ijarah (Shariah-compliant loans)

   • No cash is given. Instead, goods/materials are provided to the member.

General Loan Guidelines

1. Loan sanctioning authority rests exclusively with the Board (not staff).

2. Submitting a loan application does not guarantee loan approval.

3. Loans will only be provided for business-related purposes.

4. If a member only repays loans but doesn’t maintain regular deposits in their account, they won’t be eligible for further loans.

5. Incomplete applications will not be considered until properly resubmitted.

6. Each loan category will have separate waiting queues (Demand Loan, Secured Loan, Murabaha/Ijarah).

7. The member must have at least a 3-month-old account with regular transactions.

8. Borrower must maintain 10% of loan amount in their account.

9. If someone has acted as a guarantor, they must have repaid at least 50% of their own ongoing loan before guaranteeing another borrower’s loan.

Guarantor Requirements

1. Must have an account at Sahulat for at least 3 months with regular transactions.

2. Must maintain 5% of the loan amount as balance in their own account.

3. If guarantor has an ongoing loan, they must have at least 50% repaid before acting as guarantor.

4. If a guarantor has already guaranteed someone’s loan, then that borrower must have repaid at least 50% of their loan before the guarantor can guarantee another member.

5. A person without any loan can act as guarantor for maximum two borrowers, but must maintain 5% of the loan amount as balance in their account.

Responsibilities of Daily Collector

1. Deliver the passbook to the Daily Deposit Account holder.

2. Ensure entries are updated in the passbook.

3. Deliver the Daily Deposit card with accurate details.

4. Record collection in the mobile application in real-time at the time of receiving money.

5. Authorized to provide withdrawals up to ₹5,000 per account holder in a single day.

FAQs

Question: What exactly is a Credit Co-operative Society and what is its purpose? Does the government or rich people provide money to it? Why doesn’t this society give loans of ₹50,000 or ₹1,00,000?

Answer: A Credit Co-operative Society is essentially an organization in which people come together to help each other financially. Its purpose is to provide people with interest-free loans at the time of need so they can become self-reliant and stand on their own feet.

This society is not based on money from the government or millionaires. Instead, it mostly consists of lower-class and middle-class people who contribute a part of their savings in order to support one another.

The society gives loans ranging from ₹15,000 to ₹5,00,000. The limit depends on the funds collected in the society and its rules and regulations. Its aim is to help only those who are financially struggling, so that they can get support at the time of need and do not have to depend on others.

Objectives:

1. To provide interest-free loans to people.

2. To promote self-reliance and independence among individuals.

3. To financially support the weaker sections of society and make them stronger.

4. To create a fair system of financial assistance for everyone based on justice and equality.

The loan-giving limit of the society is based on the funds it collects and the needs of its members. Loans are provided only to those who are genuinely in need. The aim is to create financial equality in society and to ensure people do not face extra financial burden.

Question: What exactly is a Credit Co-operative Society, and what is its purpose? Do the government or wealthy people fund it? Why doesn't this society provide loans of ₹50,000 or ₹1,00,000?

Answer: First of all, it's important to understand that Sahulat Credit Co-operative Society is not merely a moneylending institution; rather, it is an excellent organization that operates on Islamic principles. Its purpose is not just to fulfill people’s financial needs, but also to protect them from riba (interest), which is prohibited in Islam, and to show them a way that leads to success both in this world and the hereafter.

Objectives and Features of Sahulat:

1. Interest-free financial system: Sahulat offers a better alternative for financial assistance according to Islamic principles, free from interest.

2. Guidance towards self-reliance: Its purpose is to help people become independent and fulfill their needs without being dependent on others.

3. Encouraging the habit of saving: Sahulat teaches its members that the first step toward financial growth begins with saving.

4. A path to collective progress: This institution brings together lower- and middle-class people, pooling their small savings to solve larger financial challenges.

5. Striving for Muslim financial independence: It aims to develop a system within the Muslim community that leads to financial stability and self-sufficiency.

Not just loans, but also education:
Sahulat is an organization that doesn’t just give loans but also educates its members about financial responsibility, the proper use of their income, and better planning for the future. It teaches them that fulfilling one’s needs does not require reliance on interest-based systems and that financial success can be achieved by following Islamic principles.

No dependence on government or wealthy people:
Sahulat’s entire system is based on the savings and mutual cooperation of its members. Most of the people involved belong to the lower and middle classes, who combine their small savings to help one another. It does not depend on government support or funds from millionaires.

Key Highlights:

• Sahulat is not just an institution, but also a part of the Islamic financial system.

• It provides a model of freedom from interest and strengthens Muslims financially within society.

• It offers people the opportunity to understand their financial responsibilities and to become independent.

Conclusion:
Joining Sahulat does not simply mean getting access to a loan, but rather improving one’s financial life according to Islamic principles and playing a positive and effective role in society.

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