Sri Thulasi Chits | Trusted Chit Company in Coimbatore

What is Chitfund?

Chit Funds are classified as Miscellaneous Non Banking Financial Institutions under the RBI Act 1934, playing a major role in the National Financial Inclusion program even before the evolution of banking. This system, with numerous in built advantages, viz., easy accessibility, user friendly services; and free of latent cost, periodic interest hikes, exorbitant pre-closure charges, is the most preferred option, for those, who plan to save small amounts. Chit fund is a saving cum borrowing instrument, which is unique when compared to other financial products.

“Chit”, as defined by the act, means a transaction by way of which a foreman enters into an agreement with a number of subscribers that every one of them shall subscribe a certain sum of money in periodical installments over a definite period.

ADVANTAGES

Benefits of Sri Thulasi Chit Funds

Financial Inclusion

Individuals in the informal sector, often excluded from traditional bank loans, find Chits as a reliable alternative for fair and accessible financing, protecting them from exploitation by unscrupulous moneylenders and ensuring financial stability during times of need.

Twin Benefit Advantage

Start as savings and opt to bid for the Prize Money whenever required. Chits offer the dual advantage of systematic savings and providing monthly dividends. The lump-sum Prize Money can be withdrawn whenever needed or kept as a reserve for future requirements.

Business Finance

Chits are an excellent source of finance for business owners who can use the Prize Money to either start a business, finance business operations, or purchase capital assets for the company. It can also play a critical role in relieving a sudden cash crunch in the business.

Absolute Freedom

Chit winnings provide subscribers with versatile financial support for various needs, including weddings, medical expenses, education, and more. Unlike traditional institutions, Chits offer flexibility in using the Prize Money, empowering individuals to fulfill their dreams and goals.

Regular Returns

The distributable surplus is credited to your account as a dividend each month. Although not paid out in cash, these dividends reduce the amount of money you need to chip in the following month. It indirectly increases your gains from the Chit vis-a-vis the actual amount paid.

Emergency Reserve

Chits offer a dependable solution for unexpected expenses, providing quick finance without complex procedures or paperwork. This reliability makes Chits a go-to source for handling urgent financial needs with ease, ensuring peace of mind during unforeseen situations.

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