Surat’s flood-affected traders, small businesses, and industries in Gujarat can now access loans up to Rs five lakh at a concessional interest rate of 9 per cent. Deputy Chief Minister Harsh Sanghavi mentioned that a relief package will be announced by the state government after a rapid assessment of flood-related losses.
The Varachha Co-operative Bank Ltd. introduced a “Flood Loan” scheme and a new insurance product to cover losses from floods and waterlogging. Sanghavi highlighted the impact of heavy rainfall on Surat, causing damage to residential and industrial areas, as well as affecting industries and livelihoods.
The state government is currently conducting a survey to evaluate flood-related damages within 72 hours. Sanghavi assured that a relief package will be unveiled soon based on the reports of losses suffered by various sectors. The bank’s initiative offers loans of up to Rs five lakh at a 9 per cent interest rate to support those affected by the floods.
The scheme allows eligible borrowers to access loans with a repayment period of up to 60 months. The bank has established a dedicated facility at its head office to assist applicants in the loan process and ensure quick approvals. Additionally, a general insurance scheme has been introduced to safeguard businesses against flood and waterlogging losses.
