Mysore Sales International Ltd., (MSIL) a Government of Karnataka undertaking, established in March 1966, is today a vibrant, multiproduct, multi-dimensional marketing organization, reflecting the changing consumer profile of the country.
MSIL’s motto has always been- ‘Concern for the consumer’.
In early 2005, MSIL entered the Chit Funds area to help the public to have ready access to money invested. The schemes introduced under the brand name “MSIL Chits” are an answer to a growing demand and have received a huge response. They cater to all income groups and help channel money towards targeted needs.
As a State Government Company of 50 years of existence, MSIL has a reputation in the market for stability, reliability and integrity.
Trustworthiness, transparency in operation, past performance and familiarity are important prerequisites of a Chit Fund Service provider. MSIL has all these credentials, being a Govt. Company. MSIL is the only Government Company doing Chit Funds business in the State.
The scheme blends both saving and borrowing and is targeted at mobilizing the household savings of lower and middle-income groups and channelizing the money for their own welfare. The MSIL chits have therefore received an enthusiastic response from the public, especially as it offers schemes for every income bracket.
Mysore Sales International Ltd., is Happy to announce its opening of two Branches MSIL Chit Funds, #385/1, Gowripet, 3rd Cross, Near Bharath Studio, Opp:Airtel, Kolar and MSIL Chit Funds, No.398/362/A, 1st Floor, GRN Complex, Opp:Govt. Junior College, BBRoad, Chickballapur making it totally 24 Branches all over Karnataka to provide better services.
At present MSIL has got a customer base of more than 25,000 members and achieved a turnover of Rs.214 crores during the last financial year 2015-16. Chit Groups ranging from Rs.50,000/- to Rs.50.00 Lakhs are available to cater to the requirement of different classes of people. MSIL has also introduced long term chits having monthly subscription from Rs.1000/- to Rs.25,000/- and chit value of Rs. 50,000/- to Rs.50 Lakhs.
The subscriber can secure the prize amount in the 2nd month itself while the repayment period is stretched up to almost 8 ½ years. MSIL has affordable surety and security norms for getting the prize money. High value chits’ customers can give tangible security including land and buildings which is accepted by the company on mortgage by deposit of title deeds. Bids are allowed up to 40% of the chit amount to facilitate maximum returns for the investors. Prize amount can also be deposited in fixed deposit in the bank and the same deposit can be offered as security for the chit liability. No charges are levied for enrolment. Dividend is allowed from the second installment onwards and both prized and non-prized subscribers are eligible for dividend.
MSIL has got a customer-friendly marketing team comprising of about 30 Business Advisors who would be providing services at the doorsteps of the customer on call. MSIL’s Chit Fund is a good alternative to borrowers compared to any other financial scheme available in the market especially for those people who are planning to take housing loans.
MSIL, besides being a company fully owned by the Government of Karnataka is providing customer protection by conducting the chits strictly in accordance with the Chit Fund Act 1982 and the rules framed by the State Govt. there under. State Govt. has deputed a Additional Registrar of Co-Operative Societies exclusively for overseeing and controlling the Chit Funds Activities of the Company and the compliance of Chit Funds Act and rules.