Chitty Loan
What
is Chitty Loan For?
Chitty Loan is a bridge between your actual financial need and
the delay in chitty getting prized in your favour
When am I eligible for a chitty loan?
If you are a non-prized subscriber in a chitty and remitted 10%
of the total number of instalments promptly, you are eligible
for an advance up to 50% of the total chitty amount or sala (gross
subscription to be remitted per month multiplied by the number
of instalments in the Chitty). In the case of 100 months chitties,
the maximum loan amount will be 30% of the sala.
How
are the Principal and the interest of the Chitty loan settled?
The principal of the advance is settled by adjustment from the Chitty
prize money and the interest has to be remitted every month.
What is the interest rate?
The interest rate of the advance is 13% (simple) and for defaulted
accounts 15%.
To
avail this facility, please check our branch list and get in touch
with the branch
which is most convenient for you.
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