Bhagylaxmi Cr. Co Op. - NavsarjanSurat

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Bhagyalaxmi Credit Co-operative Society Ltd: Empowering Women in Surat's Slums

Surat's slum communities face a unique challenge: a significant portion of the residents are migrants from other Indian states or even from within Gujarat. These individuals often struggle to secure permanent housing within the city, leading them to settle in slums. Due to their migrant status and lack of established assets, they are typically excluded from traditional banking services and credit facilities.
This lack of access to formal credit forces many slum dwellers to rely on private moneylenders who charge exorbitant interest rates, ranging from 5% to a25% per month. These predatory lending practices often trap borrowers in a cycle of debt, as they are unable to secure affordable loans to repay the high-interest debts.
Recognizing this critical issue, Navsarjan intervened to empower women residing in the slums. With their support, a credit cooperative society – Bhagyalaxmi Credit Co-operative Society Ltd – was established in 2019. This member-owned and democratically controlled financial institution provides a safe and ethical alternative to exploitative moneylenders.
Bhagyalaxmi Credit offers its over 1200 women members a pathway to financial inclusion. Members can save money regularly, building a secure financial safety net. Additionally, the society provides access to affordable loans whenever required.
The positive impact of Bhagyalaxmi Credit extends beyond financial empowerment. The economic independence gained by women has led to a noticeable shift in household dynamics. Men are increasingly consulting their wives regarding financial decisions, and a growing number of women are actively participating in social activities outside the home. In some cases, men have even begun to participate in these activities alongside their wives.
The society's success stories are numerous. Women have utilized loans to launch small businesses, achieving financial independence. Many families are now debt-free and actively saving for their futures. Bhagyalaxmi Credit Co-operative Society Ltd exemplifies the transformative power of financial inclusion, particularly for marginalized communities.
Near Old RTO., Ring Road, Surat-395001 email:
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