Rules Updated

Last Revision on 11/01/2014


A.   General rules:

1. All members need to fill up forms for their detail and submit to seven star group for our record.


2. All members must have to follow the rules agreed by this group. By signing this document below, the member will be automatically agree all the terms & condition and if member is disagree with any of the rule then don’t sign below and let us know the problem. We will try our best to resolve issue ASAP.


3. Existing members can have multiple account of his/her family members after approval of other group members. [Added]


4. All the new members must have to fill our member joining form with all required detail. [Added]


5. If anyone would like to join group in between then new joining member must have to pay the amount within 3 months in just 3 instalments including the current month regular instalment, the amount is same as other member’s total instalment till date. [Revised 01 - 2014]


6. Group has defined maximum 25 members. Group can’t approve the new member if 25 members joined this group. [Added]


7. For New member, anyone must have two references available within a group. [Added]


B.    Payment Installation:

1. Monthly installation will be Rs. 1500 for each seven star members. [Revised]


2. This installation must be received in 10 days from starting of each month.


3. If we won’t received it before due date then late installation fees has to be paid of Rs. 100 in addition with instalment.


Member can pay their instalment by following methods:

  • Bank Transfer – Bank detail will provide in separate letter upon request
  • In Cash
  • By Cheque – Payable to Gitaben Dhorajiya


4. This account can accept only INR currency if anyone wants to transfer from another country then has to specify currency as Indian in wire transfer.


5. If Wire Transfer initiated then service tax & other bank transfer charges are not liable on group. Group must receive the exact instalment from member after all deduction otherwise group will consider as part payment in case of not received required instalment payment.


6. At the time of paying instalment member can ask for to do sign on own managed document from In Charge of this group for the proof of the payment if paying by cash. If there is any problem later on then without any proof we won’t be able to resolve it. And the member is liable for the payment.


C. Loan:

1. Maximum loan can obtain member of this group will be in Rs. 75,000 in total which is depends on availability of balance and number of loan request received during the month.[Revised 17-01-2015]


2. Now the member who want loan has to request on our website in Loan Request section and without loan request we won’t be able to process your loan. Seven Star will not be responsible to give loan if hasn’t requested through website. [Added – 2014]


3. Loan will be given if balance is available on account otherwise will be declined.


4. Loan will be based on FCFS (First come first served) so first request for loan will be served first then consecutively. [Deleted] – No need to have this rule as every request will get loan


5. Loan can be given on 15th of each month; however loan request can be taken at any time. Between 16th to 15th period cycle. Loan requested on 16th will be considered as highest priority and on 15th will be considered as lowest. [Revised v1.0 - 2014]


6. Loan will be distributed on 15th of each month but Loan cannot be given between the dates 16th to 14th of next month. [Revised v1.0 - 2014]


7. Maximum time for loan repayment is 10 Months or may be it can be less than this which is depends upon the date of final disbursement. [Added].


8. At the time of loan taken, In Charge of Group will give fix EMI which has to pay per month including regular instalment. [Added]


9. Member has to decide the instalment of repayment or clarify any specific date for repayment if any.


10. Interest on Loan will be 1% (Monthly, 12% Yearly) on amount taken.


11. Interest must pay each month with the regular instalment otherwise late fees for loan will be charged as Rs. 100.


12. If person has more than 2 accounts of his/her family, then loan can be given for all accounts on request if available but 2 witnesses required for loan approval. [Added]


13. Witness will be responsible to recover the loan payment in case of any problem with the member who has taken the loan or couldn’t finish repayment before given time. [Added]


D.   Loan Interest & Other benefits:


1. On 11/01/2014 meeting, we have taken decision to distribute the interest & all other benefits every end of the year. Applicable from year 2013 onwards. [Added]


E.    Separation / Member Termination:


1.       Any member can leave this group at any time with their own circumstances.


2.       To leave this group, Member has to inform the in charge of this group and specify the reason of leaving.


3.       At the time of leaving, if is there any loan amount pending then the leaving member has to pay the loan payment instantly with all pending interest or any fine to the group. [Revised]


4.       The total fund he has invested till date will be given back within 2 days of time excluding week end. In case of any loan payment required to pay then seven star will deduct the loan money first then will pay the remaining money. [Revised]


Note: Other points in this category have been shifted to new created F category below.


F.    Investment Distribution: [New Addition]


1. Investment in Group will continue up until the group will decide to withdraw all money from group. [Revised v1.0 - 2014]

 2. Group will withdraw every two years and distribute to all members keeping Rs.30, 000.00 balance on each members account & carry forward to next year. [Revised v1.0 – 2014]

 3. No disbursement of core instalments money till 2 years. However interest can be distributed every year [D.1] [Revised v1.0 - 2014]

 G.     Future Planning:


1. We will raise this discussion point in our next meeting about investment & plan about the group.

Note: All above Rules are also available on our website for your quick review. I request you to use our website to check all your details including loan & instalments.


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