‣ When it comes to financial emergencies, such as medical expenses or paying for a wedding, people look for loans from many sources to meet their needs. One such source is a chit loan . A loan against a chit is a secured loan where you can pledge your chit receipt and get a loan in return. You can get loan amount up to 70% of the amount of Chit Receipt .
Who can apply for Loan against Chit?
‣ Nagashiva Chit members can take loan if they have not taken their chit amount
‣ All the Chit Fixed deposit holders can apply for a loan
‣ All the recurring deposit also holders can apply for a loan
‣ All the Daily Saving account holder also holders can apply for a loan
Why Take Loan?
1. Life Goals: When you want financial assistance to make your life goals a reality be it a house, car or higher education.
2. Immediate financial requirements: You can apply for a loan when you have a financial emergency
3. To make financial arrangement for unforeseen expenses: If you are in an unforeseen situation where you have debts to clear such as social events, hospitalization and so on; you can apply for a loan to make sure things go on smoothly.
Rules :
1. You must be a Member of Our Nagashiva Company.
2. There will be 1.5% monthly interest rate for the loan against chit and the processing fee and document fee is 1% for the loan.
3. There will be a monthly interest rate of 2% for a loan against a recurring deposit, but a processing fee and a document fee of 0.5% is charged for the loan.
4. In case of any accident in the case of a borrower , it is necessary to insurance on the amount of the loan so that the future heir or borrower does not face any difficulty.
5. Our Company Charges 1% Service Fee for Lending and if the Borrower Repays the Loan taken within a 15 Days, The Company does not Refund the Service Fee to the Borrower.
6. member who fails to pay Loan EMI for two months is pay double penalty, a member who has not paid Loan EMI for 3 months Is considered a Nagashiva Loan defaulter.
7. If you want to repay the part amount before the loan period, a fee of 2% is charged on loan amount.
Benefits of Loan on Chit :
‣ Loan against Chit are Available at a Lower Interest Rate as Compared to Other Unsecured Loans.
‣ Chit Fund is much Easier, Simpler, Faster and Cheaper than Borrowing from a Bank.
‣ Documentation Made Easy.
‣ Quick Processing.
‣ User-friendly Service.
‣ Easy Availability.
‣ Financial Flexibility.
Required Documents :
1. 6 Month Un-Prized Chit Receipt Statement.
2. 6 Month Recurring Fixed Deposit Receipt Statement.
3. 3 Month Daily Collection Account Statement.
4. Chit Fixed Deposit Receipt.
