New Delhi: The Sahyog Credit Cooperative Society Ltd, based in Delhi’s Jamia Nagar, celebrated its first anniversary on Sunday, reinforcing its commitment to providing interest-free financial services to daily wage earners, small businesses, and shopkeepers. The society offers Daily Deposit Accounts, allowing members to deposit a minimum of Rs. 100 daily at their doorsteps, and provides interest-free loans ranging from Rs. 50,000 to Rs. 2 lakh under various schemes tailored to meet both personal and business needs.
Operating under the nationwide Sahulat Microfinance Society, Sahyog benefits from a robust network that spans 13 states with 130 branches and a membership of 3.5 lakh individuals. The milestone event took place at Milli Model School in Okhla, New Delhi, with Congress MP Tariq Anwar as the chief guest, alongside prominent local dignitaries.
Usama Khan, CEO of Sahulat Microfinance Society, emphasized Sahulat’s 14-year legacy of interest-free financial services across India. He highlighted that Sahulat has 63 registered credit cooperative societies operating through 121 branches, collectively serving nearly 3.5 lakh members. The organization handles annual deposits of approximately Rs. 1460 crore and disburses loans worth Rs. 625 crore, figures that are doubling each year.
“Sahyog’s success is built upon the strong foundation of Sahulat’s proven model,” Khan stated. He underscored that Sahulat-affiliated societies empower low-income individuals by facilitating structured savings and financial support without interest, ensuring compliance with Indian regulations and international microfinance standards.
Sahyog’s primary focus is on serving small-scale businesses and low-income individuals in areas such as Zakir Nagar, Batla House, Abul Fazal, Okhla Vihar, and Shaheen Bagh. Among its key services:
Daily Deposits Account: Enables shopkeepers, street vendors, and auto drivers to deposit funds daily at their convenience. Collections are managed at their doorsteps, with e-receipts and passbooks for tracking transactions.
Savings Accounts: Available for salaried individuals, working women, and skilled professionals, with a minimum deposit of Rs. 200, catering to long-term financial planning.
Interest-Free Loans: Three major loan schemes are offered:
Demand Loan: For personal consumption, with no interest or hidden charges, only a minimal surcharge for operational costs.
Consumer Murabaha Financing: Facilitates the purchase of durable goods, such as home appliances, under an Islamic-compliant profit-sharing model.
Commercial Murabaha Financing: Supports small businesses with loans ranging from Rs. 10,000 to Rs. 2 lakh.
Abdul Mannan, Vice President of Sahyog, revealed that within its first year, the Jamia Nagar branch enrolled 750 members, with plans to reach 1,000 by 2025. The society also intends to expand its branches across Delhi to accommodate a larger beneficiary base.
Clarifying concerns about operational charges, Mannan reiterated that Sahyog does not levy interest or fixed percentage fees. Instead, it recovers minimal service costs, ranging from Rs. 500 to Rs. 2,000 per loan of Rs. 20,000 to Rs. 50,000, covering administrative expenses such as doorstep collections and banking software.
Additionally, the society introduced the Haj and Umrah Account, allowing individuals to save for their pilgrimage with deposits as low as Rs. 200 per day or Rs. 5,000 per month, structured over one to five years.
Congress MP Tariq Anwar lauded Sahyog’s initiative, recognizing its role in uplifting economically weaker sections through ethical financial solutions. He urged collective support for cooperative movements to alleviate poverty, emphasizing that India’s economic struggles necessitate grassroots financial empowerment.
Echoing these sentiments, Prof. D.K. Dhusia of Jamia Millia Islamia’s Commerce and Business Studies Department noted that interest-free microfinance is a powerful tool for small businesses, aligning with Islamic banking principles.
Further reinforcing Sahyog’s humanitarian efforts, Dr. Majid Ahmed Talikoti, Chairman of Medicant Hospital in Jharkhand, announced free OPD treatments and a 50% discount on cancer treatments for Sahyog members, demonstrating the far-reaching social impact of cooperative financial institutions.
With its rapid growth and steadfast commitment to interest-free financing, Sahyog Credit Cooperative Society stands as a model for ethical microfinance, promising financial inclusion and economic stability for marginalized communities.
