‣   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 50% 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 3% 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 chit fixed deposit, but a processing fee and a document fee of 0.5% is charged for the loan.

4. 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.

5. There will be a monthly interest rate of 2% for a loan against a daily saving account, but a processing fee and a document fee of 0.5% is charged for the loan.

6. When taking a loan against chit, the borrower is required to provide identity card, proof of address and 2 bank checks for security.

7. 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.

8. 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.

9. The EMI of the loan taken by the borrower must be paid on or before the due date, if the EMI is not paid on the due date, the borrower will be charged 5% penalty.

10. 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.

11. If you want to repay the part amount before the loan period, a fee of 2% is charged on loan amount.

12. If you want to repay the full amount before the loan period, a fee of 1% is charged on loan amount

13. The company Does repays the loan by canceling the mortgage of the borrower who has not paid the loan installments on time for a period of more than 3 months and that borrower cannot become a member of Nagashiva Company again.

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.