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What is Ujala

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What is Ujala Credit Co-operative Society Ltd.?

  • Ujala Credit Co-operative Society Ltd. is Multistate credit co-operative society registered under Multistate Co-operative Society Act 2002 (Our registration number is MSCS/CR/552/2012.
  • Ujala Credit Co-operative Society Ltd. follows guidelines of Multistate Credit Co-operative Society Act 2002 governed by Central Registrar which falls under Ministry of Agriculture to take deposits from and lend money to its members.
  • Ujala Credit Co-operative Society Ltd. has operation in the state of Delhi-NCR, Uttarpradesh, Uttarakhand, Punjab, Haryana, Rajasthan and Madhya Pradesh.
  • Ujala Credit Co-operative Society Ltd. is committed towards giving better returns on deposits as compared to other investments to its members while ensuring that funds are safe and each depositor gets his money (with interest) back the same day on maturity .
  • Ujala Credit Co-operative Society Ltd. is committed to create hundreds of jobs besides creating thousands of self-employment opportunities in the country and thus for raising the social and financial status of its members.

How member’s money is safe with Ujala Credit Co-operative Society Ltd.?

  • Ujala Credit Co-operative Society Ltd. is a legal entity which fully complies with the rules and regulations as defined under Multistate Co-operative Society Act 2002.
  • Ujala Credit Co-operative Society Ltd. is professionally managed by experts who have vast experience in the field of Co-operative, Banking and Finance.
  • The funds collected under various deposits are invested as secured & micro loans only, thus ensuring safety of funds and interests of Ujala members.

Where does Ujala Credit Co-operative Society Ltd. Invest the funds collected?

  • Ujala Credit Co-operative Society Ltd. lends the collected funds as secured & micro loans to its members as per the provisions of Multistate Co-operative Society Act .
  • Secured and Micro Loans ensures that the funds lent are 100% safe with minimal risk.

How can Ujala Credit Co-operative Society Ltd. Offer higher rate of interest on deposits?

  • Ujala Credit Co-operative Society Ltd. is exempted to pay income tax as per the Income tax act 1961 section 80P (which is close to 35% on other financial entities) on its interest income by lending to the members. This saves huge amount of money which enables us to pay higher rate of interest.
  • We as a society, work on a very low cost model at its branches and offices which results into huge savings per branch.
  • Ujala Credit Co-operative Society Ltd. is not required to maintain CRR and SLR (Close to 30% of Deposits, which is mandatory for banks and which produces no or very little return for banks). Hence we have extra amount of money to lend which generates more income for society.
  • There are many more such things which results into better profits and return on investment for Ujala. These benefits are transferred to our members in shape of higher returns on their deposits.

Why should a member give a deposit to Ujala?

  • To earn higher of interest as compared to other investments etc. this helps against Mahangai .
  • Deposits are safe as compared to various fraudulent and illegal companies who run away with people’s hard earned money.
  • Interest earned on regular members deposits is exempted from TDS as per existing Income Tax Act 1961.
  • Option of Investment for investors varies from FD, MIS, RD and DDS schemes from short term duration to long term duration.
  • Liquidity of investor is better compared to investment in insurance and other schemes.
  • We provide same day maturity payment to customers as compared to days/months taken by other institutions.
  • Door step services by our network of Advisors to assist a member for his financial needs