How It Works
How Chits Work
Below is a detailed explanation of how chit funds work.
Enroll in a Chit Group
Join a Chit Group – save monthly, get lump sum when you need it. Smart, simple, and secure! Perfect for planning your goals or handling emergencies.
Monthly Auctions
You can participate in monthly chit fund auctions and bid for the prize money. If you win, the prize acts as a loan, giving you access to funds that you can use for any purpose you need.
Bidding Process
In chit fund auctions, members bid for a discount on the chit value, and the highest bidder wins the prize money. From the discount, 5% of the chit value is paid to the foreman as commission.
Earn Chit Dividend
Chit dividends are the share of savings distributed to members at the end of the chit tenure, providing extra financial benefit along with the prize money.
Chit Cycle
The chit cycle repeats in the same way until every member of the group has won an auction at least once.