How does a chit fund work?
A Chit fund is a kind of savings scheme practiced in India. A chit fund company is a company that manages, conducts, or supervises such a chit fund, as defined in Section of the Chit Funds Act, 1982. According to Section 2(b) of the Chit Fund Act, 1982 (Reference form Wiki).
A video is worth more than tens of thousands of words. Refer to the link below. Video courtesy from IFMR (Institute for Financial Management and Research) and AIACF (All India Association of Chit Funds).
What are the benefits of Chit Funds?
A chit fund is a very unique financial instrument, which acts as both a borrowing and savings instrument based on when you decide to lift the chit. Unlike other traditional financial instruments, the dividend loss is minimal and gives you a better rate of returns both in terms of borrowing and savings. When compared to the market rates you have to pay from money lenders (while borrowing) and get from traditional savings instruments (while saving).
What is ChitMonks®?
ChitMonks®is an indigenous platform to help:
- Subscribers to manage all their chits smartly on one reliable platform.
- Agents to manage all their subscribers and their chits at one place.
- Foreman companies will be able to bring their best chits online to sell them.
What should I subscribe at ChitMonks® ?
Since ChitMonks® is an independent entity and purely a technical platform, the subscribers are assured of transparent information about the bids.
This platform will be able to predict the auction amounts for the future auctions and give the subscriber a realistic picture of the interest rates compounded monthly but depicted as, per annum for the ease of understanding.
Will the bid information be available for all the people in the chit groups?
The bid amounts and interest rates vary from each chitgroup to chitgroup within in the same branch of the same chit fund company.
Yet they are very personal to the subscriber based on the financial profile (Cost of Money) of the subscriber. This can be personalized at each subscriber level. Subscribers who are registered through us will be able to get a completely personal profile of bid amounts and the related interest rates.
Will my information be private enough?
How secure is your website — www.chitmonks.com or app?
We have used an industry-accepted oAuth Mechanism for authentication and authorization purposes. This is highly secure framework and also tested by reputed web security agency.
What do I do if my app / website shows some incorrect information or not showing the data I have added?
Please use the Contact Us link to submit your query to us by providing your mobile number and email. We will surely get back to you either through email or phone as soon as possible from our side.
How accurate is your prediction in terms of the bidding amounts and/or interest rates?
We use a scientific and mathematical model to predict your interest percentages and bidding amounts. Based on our algorithmic prediction, today (as on the first release date), we are close to 75% accurate. Prediction percentages can become better based on your involvement initially. Write to us at firstname.lastname@example.org for more details. We will get in touch with you to help you a personalized feedback based on your profile.