NAGASHIVA CHIT FUND PRIVATE LIMITED

Documents to be submitted by the person receiving the chit amount

1.  A minimum of 5 monthly installments must be paid to be eligible to collect the chit amount.

2.  For individuals borrowing a 5 lakh or 10 lakh chit loan: The subscriber must submit 3 cheques in the subscriber's name, and the guarantors (2 people, either employees or business persons) must also provide 3 cheques each.

3.  For every chit (both the subscriber and the guarantor) 3 cheques and a bank statement must be submitted separately.

4.  A Mortgage (MOD) document must be registered for the chit value 20 lakhs and above.

5.  After the 15th month, the subscriber's documents alone will be enough to collect the chit amount.

6.  Only subscribers who have paid their installments within the due dates will be eligible for the settlement in particular month.

7.  After submitting the guarantor and documents the chit amount will be transferred to your bank account next day.

8.  If a member exits the group or misses 2 consecutive months' payments, a 6% commission will be deducted from the chit amount by the company, and the remaining amount will be provided only after the chit term ends.

9.  If you transfer your chit to someone else, a 1% fee of the chit value must be paid as a registration charge.

10.  The management has full authority to accept or reject the guarantor.

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