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).
What is the maximum amount of advance?
The maximum amount of advance is Rs.75,00,000/- under this category.
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?
Duration of Chitty is above 50 months and up to 120 months: 11.25% (simple) and for defaulted accounts 13.5%.
Duration of Chitty is 50 months or below 50 months 11.75% (simple) and for defaulted accounts 14%.