The surrender value of only LIC/SBI/POSTAL policy, Family Members equal to the value of the future liability to be assigned in Favour of Vaasuki Chit Funds.
Subscriber’s NSC /KVP/PLI face value equal to future liability to be pledged in favor of Vaasuki Chits as security.
Bank Guarantee of Nationalized or Scheduled banks equal to the value of future liability with a validity of up to 3 months after the termination of the chit group is also acceptable.
FD’s of Nationalized or Scheduled Bank for any amount per subscriber to be liened in favour of MSIL Chit Funds till the termination of the chit.
In the event of the subscriber not being able to provide security the PRIZE MONEY can be made as FD in the joint name of Vaasuki with the concerned subscriber.
Paid up the value of Non –Prized pass books could also be pledged (Less Foreman’s Commission + interest @ 9% for remaining months ) and will be considered as security.
Properties approved by the government and approved by our legal expert and valued by our evaluator. The approved properties have to be registered mortgaged with the concerned Sub – Registrar to cover the Future Liability.
Personal Surety is accepted for future liability up to ₹18-lakhs. Employees of Central/ State/ Quasi-Government Departments/ Undertakings, employees of Government / Aided schools/ Plus two schools, colleges and employees of Nationalized/ Scheduled Banks and certain Co-operative institutions are generally accepted (Conditions apply) as sureties by the Company for its various schemes.
Gold ornaments can be accepted as security up to a liability 90% of the market value of the gold ornaments.
Subscriber's salary statement can be accepted as security
Note: For further clarification please contact Head Office / Branch