NAGASHIVA CHIT FUND PRIVATE LIMITED
Documents to be submitted by the person receiving the chit amount
1. Aadhaar Card, Ration Card, and Photograph Original required.
2. House tax receipt or electricity bill receipt required.
3. Bank cheque three required.
4. One-month bank account statement required.
Two Guarantors are Required:1. A member of the Nagashiva 2. Government employee.
Both the member and the guarantor's documents will be uniform.
5. For those taking the chit amount after 12 months, any one guarantor is required. For those taking the chit amount after 15 months, own documents are sufficient.
6. When receiving the chit amount by pledging property, no guarantors are required.
7. The member taking the chit amount will not need any paperwork or guarantor when depositing cash for the remaining months.
8. A guarantor can provide assurance for two individuals. A minimum civil score of 750 is sufficient.
9. If chit group member wishes to receive the chit amount within six months, they must inform before joining the group. If they wish to receive the chit amount after seven months, they must inform at least one month in advance
10. Those living in rented houses, living in other states or abroad can join the Nagasiva chit group, but can only receive the chit amount at the end of the chit period.
11. Nagashiva members can avail insurance for the chit value. The premium is 1% of the chit value, and this offer is applicable to individuals between the ages of 20 and 50.
These documents apply only to those with a chit value of up to 10 lakhs. Additional documents will be required for those with a chit value exceeding 10 lakhs.
