Interest free loan program to payoff Mission’s debt & reduce interest cost
What is Sangam Fund?
Sangam Fund comprises of Zero Interest Loans given by any participant to Chinmaya Mission Chicago for a period of 3 or more years.
What is the objective of the Sangam Fund?
Each loan amount will be used exclusively to pay our existing mortgage and reduce interest cost.
What is the magnitude of financial benefit to Chinmaya Mission Chicago (CMC)?
Our existing mortgage is $2.8 million. If left for full 25 years, interest will be over $1.6 million.
This program will substantially reduce or even eliminate this expense.
Can you provide process steps of the Sangam Fund program?
Major steps are as follows:
1. Loan commitment: Send the completed pledge form to Chinmaya Mission Chicago with a check. Suggested loan levels are: Platinum ($100,000+), Gold ($50,000), Silver ($10,000), and Bronze ($5,000). The loans are categorized into three groups for repayment: Group A (5 yrs.+), Group B (4 yrs) and Group C (3 yrs).
2. Acknowledgement Note: Each loan will be given an official written acknowledgement note with repayment date specified (Loans of $50,000 or more will be repaid in two installments; other loans will be repaid at the end of the loan period).
How much does it cost to a donor?
We estimate that the after tax cost (or lost opportunity to earn interest) to a donor will be quite low i.e. For every $5,000 loan cost will be $35/year-$105/year (based on 1%-3% interest & 30% tax)
Can I request the loan amount before the end of the term?
In an emergency situation (submitted in a written request), we will do our best in repaying the loan before the term.
Are the loans secured?
The loans are secured by the existing assets of CMC.
Who do I call if I have questions about the Sangam Fund?
|Ashok Dholakia||(708) 602-3901 (cell)|
|Suresh Kumar||(630) 362-0104 (cell)|
|Shanker Pillai||(630)-886-6442 (cell)|
|Deepak Chande||(708) 253-3570 (cell)|
|Ashok Bhatia||(847)-477-5157 (cell)|
|Rajul Bhalala||(847)-302-2383 (cell)|
|Premal Joshipura||(847) 814-6072 (cell)|
|Ujjwal Mehta||(847) 682-7020 (cell)|