BENEFITS OF A CHIT FUND :
- Whenever a subscriber has an unexpected Financial requirement like marriage or medical emergency etc.
- subscriber can bid for the Prize Amount and if he emerges as the Prized Subscriber
- The non prized subscriber who is a saving member upto the last installments gets dividend which is comparatively higher than the interest that are accrued by way of Recurring Deposit Schemes
- Investments in chits is safe without having to worry about fluctuations in the market.
- This lumpsum payment of the Chit Amount is of timely financial help without having to go through the hassles of taking a loan.
- Finally, it is the easiest way to obtain finance in lumpsum and is easy to re-pay in monthly installments.
How did work dakshata Chit Funds(EX : 1,00,000 CHIT)
- If the monthly installment is Rs 5000 there are 20 members the pot in the first month will contain Rs100000
- The subscriber who can the auction to access Rs.80000 is the first month and the others benefits in their share of the Rs.20000 surplus.
- 5% is calculated on the commission the foremen keep for servicing this subscriber
- Ex :Rs.100000 chit 5% - 5000, effectively Rs.250 (for each one 5000*5/100=250) is to be paid which will be added with Chantha for every month.