How chit fund works?
Unlocking the Mystery: A Comprehensive Guide on how Chit Fund Works
Unlocking the Mystery: A Comprehensive Guide on how Chit Fund Works
How chit fund works: Subscribers are clubbed together into groups according to the chit schemes they have chosen. They pay a monthly subscription to create the 'Pot' regularly from which the first month installment made as a deposit to obtain PSO and agreement number. A group will start its functioning as soon as all the slots in a group are filled in.
The auction process allows the members to place their bids following the amount they wish to borrow from the Pot.
Once the members have placed their bids, the lowest bidder merits the chance to win the amount they have bid for. A lucky draw is conducted in case of multiple bidders bid the same lowest amount and therefore the winner shall be announced.
The documents due diligence shall be carried out to make sure the future receivables before the disbursal of the prize money as a part of credit policy. Kopuram collects fewer documents comparing to the other players in the market.
The prize money is paid to the successful bidder after all the required assessment is completed.
Subscribers including a successful bidder enjoy the left out amount in the pot as a form of dividend which shall be distributed equally among the subscribers in the group.
We are always available and open to answer your questions and concerns. Talk to us, to have a better clarification
Corporate Office: RR Tower-IV, Thiru Vi Ka Industrial Estate, Guindy,
Chennai – 600032
Head Office: 1021/2, Vetri Towers, Avinashi Road, Coimbatore -641018
Call us: +91 844-844-9027
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