🔄 How It Works – Chit Fund Process Explained
Saving Made Simple. Borrowing Made Easy.
At Pragathiee Chitfund, we believe in community-driven financial support. A chit fund helps you save regularly and access a lump sum amount when you need it most — all while earning returns. Here’s a step-by-step breakdown of how it works:
🪙 Step 1: Join a Chit Group
Choose from one of our flexible chit schemes based on your monthly saving capacity. Each group consists of a fixed number of members and a defined monthly contribution.
Example: If you choose a ₹5,000 monthly chit for 30 months, the total chit value is ₹1,50,000.
📅 Step 2: Make Monthly Contributions
Each member pays a fixed monthly amount. This pooled amount becomes the chit fund corpus for the month.
> Payments can be made online, in person, or through agents.
> Timely payments ensure auction eligibility and good standing.
. 🔨 Step 3: Monthly Auction or Draw
Every month, the group holds an auction to decide who receives the chit amount.
>Members who need funds can bid for the lowest amount they are willing to accept. >>The member who accepts the lowest bid (maximum discount) wins the auction and receives the chit amount minus the discount. >>>The discount amount is distributed as dividend among all members equally. >>>>If no one bids, a lucky draw may be held to select a winner.
💰 Step 4: Receive the Chit Amount
The winning member receives the money (by bank transfer or cheque), and continues to contribute monthly until the group ends.
Funds are usually disbursed within 24–48 hours after the auction.
🔁 Step 5: Continue Until Completion
Each month, a different member receives the fund. This continues until all members have received their turn and the group closes.
✅ Key Benefits:
@ Access to lump-sum money when needed
@ Earn dividends every month
@ Safe, transparent, and community-based system
🤝 Join Today!
Whether you want to save for the future or need funds urgently, Pragathiee Chitfund has a plan for you.
6309765747 :: Dial us !