Requirements

Following are our requirements in case of different types of Guarantors / Securities:

Objectives of Financial Planning

1. SALARIED EMPLOYEES:

  1. Three sureties each drawing minimum basic pay of Rs. 25,0000/- P.m. with net receiving not less than Rs.2,00,000/- P.m.
  2. They should submit their latest original pay slips/salary certificates and Xerox copies of their Identity Cards.  
  3. All sureties should write their full surnames on surety forms.
  4. They should have completed 5 years of service.
  5. They should have 5 years service remaining after chit expiry. 
  6. All the columns of surety form should be filled up properly otherwise surety form will not be accepted.
  7. Sureties offered if found to have stood as guarantors previously and have high liability on them is not considered.
  8. All sureties who are same family members will not be accepted.
  9. All sureties who are partners/directors of same firm will not be considered.
  10. All sureties from Army/Navy/Air force/Defence/Police will not be considered. One civilian surety is compulsory.
  11. If member (SB) is house wife, her husband surety is Compulsory.
  12. Pensioners are not accepted as sureties.

2) BUSINESSMEN/PROFESSIONALS WHO ARE IT ASSESSEES:

  1. Member and sureties should submit their latest 3 years IT Assessment copies along with computation of income tax copies with taxable income of Rs.10,00,000/- Per annum.
  2. Xerox copy of Pan Card and IT Challans should be submitted.
  3. In case of Businessmen, they should have income from Business Profit only (Salary, LIC Agents Commission, Real Estate income IT Assessments will not be considered)
  4. All the particulars of business from Col.No.10 to 13 in the Surety from should be filled up properly.
  5. Those who have filled all 3 years IT Assessments in the same year will not be considered.
  6. Original IT Assts. /Challans should be submitted along with Xerox copies for verification.
  7. Sureties of businessmen having secure and established business for at least 10 years are acceptable.
  8. Sureties of Building Contractors are acceptable only if they own immovable local urban property and submit documentary evidence for the same along with copies of latest 3 years IT Assessments and PAN Card Xerox Copy.

3. BANK GUARANTEE:

  1. The bank guarantee should be in our proforma on Rs.100/- stamp paper purchased in the name of member/bank.
  2. The guarantee should be from a Scheduled Commercial Bank (Not private/Co-operative Banks).
  3. The guarantee should be addressed to our concerned Branch.
  4. The amount of guarantee should be 1 1/3 rd of future Liability. (For Tamilnadu & Karnataka branch it is 100% of FL)
  5. The period of bank guarantee should be up to 3 months after chit expiry.
  6. Bank Guarantee must be numbered.
  7. Bank guarantee for an amount exceeding Rs.25, 000/- Should be signed with seal by 2 officials of the issuing bank one of them being the Bank Branch Manager.
  8. Collateral security along with bank guarantee will not be accepted.

4. L.I.C POLICIES:

  1. Surrender Value certificate should be submitted. The Surrender value should be at least double the future Liability. (For Tamilnadu & Karnataka Branches it is 1 ½ of FL).
  2. Original LIC bond duly assigned in our favour by LIC authorities as per our proforma.
  3. LIC policies in the name of Minors are not acceptable.
  4. Collateral security along with LIC Policy will not be accepted.

5. LOCAL IMMOVABLE URBAN HOUSE PROPERTY:

In case of offering local immovable urban property in the name of either the prized subscriber (member) or a third party guarantor (s) the following are the requirements:

  1. The value of the property should be 1 ½ of future liability.
  2. Original Registered Sale Deed/Gift deed/Exchange deed/Relinquishment deed, etc., should be provided.
  3. Original link deed for 30 years.
  4. Original Encumbrance Certificate for 13 years.
  5. Municipal approved original blue print of house plan. In fact, certified copy of whole apartments approved plan.
  6. Latest Municipal Tax paid receipt                        }               If latest bill is
  7. Latest Water Tax paid receipt                         }               not paid, it should be
  8. Latest Electricity Bill paid Receipt                   }               duly paid & enclosed.
  9. Mutation certificate should be enclosed if the property is not yet transferred in Municipal
    Records.
  10. House Tax Assessment Demand Register Extract to be obtained from Municipal Office.
  11. Registered Valuer’s valuation report to access the value.
  12. Government Valuation Certificate from a competent Registrar.

The property pledge will be accepted along with one personal guarantor acceptable to the foreman.

6. CHIT PLEDGE:

Other chits held with the company by the successful Bidder or his family members or any other third party may be offered as security if the net paid amount after deducting company commission of 5% is equal to the liability of the successful Bidder. Net paid amount is the total of subscriptions amount excluding dividends.

THE MEMBER AND THE SURETIES SHOULD SUBMIT ANY ONE OF THE FOLLOWING IN PROOF OF THEIR RESIDENTIAL ADDRESS  viz., RATION CARD/ELECTRICITY BILL/GAS BOOK OR BILL/VOTER ID CARD/LICENSE CARD/TELEPHONE BILL/BANK STATEMENT. INCASES WHERE THE FUTURE LIABILITY IS OVER RS.3,00,000/-, NO PERSONAL SIRETIES WILL NORMALLY BE ACCEPTED.ONLY IMMOVABLE LOCAL URBAN PROPERTY,THE VALUE OF WHICH IS ATLEAST ONE AND HALF TIMES THE LIABILITY WILL BE ACCEPTED AS SECURITY.IN EXCEPTIONAL CASES, AND ENTIRELY AT THE DISCRETION OF THE MANAGEMENT, PERSONAL SURETIES MAY ALSO BE ACCEPTED. PLEASE NOTE THAT THE ABOVE MENTIONED ARE ONLY THE SOME OF OUR IMPORTANT REQUIREMENTS. THE PRIZED SUBSCRIBER HAS TO FURNISH ADEQUATE SECURITY AGAINST THE FUTURE LIABILITY OF THE CHIT AND IT IS ENTIRELY AT THE DISCRETION OF THE MANAGEMENT TO EITHER ACCEPT/REJECT SURETIES/SECURITIES OR CALL YOU TO FURNISH ADDITIONAL SURETIES/ SECURITIES/OTHER INFORMATION.

NO INTEREST IS ALLOWED ON THE PRIZE PAYABLE AMOUNT INCASE OF DELAY IN DRAWING THE PRIZE PAYABLE AMOUNT BY YOU AS IT IS YOUS OBLIGATION TO FURNISH ACCEPTABLE SECURITY AND DRAW THE PRIZE PAYABLE AMOUNT AT THE EARLIEST.

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