How do we register in eChits?
Joining an eChit is very simple. Please register yourself and chose a chit that suits your requirement from the available eChits. Click on the join chit link, share your details. Our team will validate the details and will contact you within 24hours. Once you submit the required documents and make your first payment, you will get the details of your subscription immediately.
Why should I join eChits?
eChit stands synonymous to transparency, efficiency and comfort. You will have control over chit and will be able to take financially prudent decisions basis availability of information at your fingertips. We are adding a host of extra benefits, especially to our customers, which typically you wont be getting if joining directly.
What proofs do I need to submit?
You need to submit KYC documents along with your income proof and 6 months bank statement.
How do we validate the subscribers who are joining?
We use an algorithm that will give a score to each subscriber basis the financial statements. We give utmost importance to this process as we have to safe guard the interests of all non-prized subscribers.
How can I trust chit fund companies?
Registered chit funds are regulated by the state governments. A Registered Chit Fund Company makes a Security deposit equal to 100% of chit value in a Schedule Bank as FDR, which is pledged in favour of registrar of chits. Therefore, a member in a registered Chit Fund Company is very much secured than a member in a non-registered company.
How do I pay?
You can make payments through cash, cheque, DD or through online payment mode from the ChitMonks app.
Will my chit information uploaded to CIBIL?
None of your transactions with Chit funds are reported to CIBIL.
Can I withdraw/leave from a chit group after becoming a member?
When a subscriber withdraws/leaves, the foreman has to find an alternate subscriber in his place. Until then the chit fund company has to arrange funds on behalf of that subscriber. Hence withdrawal is permitted but the subscriber will get actual amount contributed in the chit minus company commission only at the end of the Chit period or until the foreman finds a replacement.
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 email@example.com for more details. We will get in touch with you to help you a personalized feedback based on your profile.