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Sri Shakambari Chits Pvt Ltd

Sri Shakambari Chits Pvt Ltd.

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Sri Shakambari Chits Pvt Ltd

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  1. Sri Shakambari Chits Pvt Ltd

  2. V.Munnanju Managing Director started the business in 1982 with limited chit schemes, which was then incorporated in 1997 and formed a registered entity as Sri Shakanbhari Chit Pvt Ltd. The firm complies with companies Act of 1956 & operates as per the Chit Fund act 1982. • SRI SHAKAMBARI CHITS PVT LTD celebrates 17 years of continuous success. • SRI SHAKAMBARI CHITS PVT LTD is a most renowned chit fund that operates in traditional way.

  3. A Chit fund is a kind of savings scheme practiced in India. • The chit is registered with the Deputy Registrar of Chits and a registered number is obtained. The Foreman promotes and conducts the Chits as per the regulations of the Chit Funds Act and Rules. • Group of people makes their contribution in the form of money to collect a chit amount and they bid in an auction to be awarded with the prized money which is equal to the chit amount the discount and the foreman's commission. Chit Fund Means

  4. Members invest a fixed amount every month. • This collection is available for borrowing. (Say in a group of 10, each member invest Rs. 10,000 every month i.e. Rs. 1,00,000 per member for 10 months)and which is subjected to auction It works as

  5. On a specific day of every month, members will gather to bid for Rs. 1,00,000. • The organizer would start the bid with 5% and will seal the bidding at maximum of 30%. • If there are more than one bidder then “Lottery system” will be applied. • Other times the members can bid any amount above Rs. 5,000 as it is an company commission. It works

  6. Assume a bidder bids for Rs. 10,000 and someone wants to challenge his bid, should be above Rs. 10,100. • This way an “Auction” goes on. • Suppose the highest bid is for Rs. 20,000 then the deal is closed. It works as

  7. Now the bidder would be awarded Rs. 80,000/- It works as

  8. Rs. 20,000 deducted from the bidder would be shared equally among the members. It works as

  9. So for the following month each person will pay only Rs. 8,000 (10,000-2,000). • This is the saving for the each member. It works as

  10. Chit schemes are organized on a personal basis and have lesser Documentations involved. • Decision making is comparatively faster. • The income from chit schemes compare favorably with the incomes from bank schemes in many cases. • Liquidity is compromised when you make a FD or join a recurring deposit scheme. You may get a loan approximately up to 75% only of your deposits. • In chits, the prize amount is always more than the amount of deposits made in the chit. • Rate of Returns will be calculated from the day of joining the chits and in case you borrow the chit, you still are benefited from the returns. Reasons to select Chit Funds

  11. Less Documentation • Chits can be drawn at borrowers will. • Payments are assured within 30 days. • In Chits, the customer is looked upon as a valued subscriber and not a borrower. • Investment is safe without having to worry about market fluctuation and govt. policies. You can opt for as many chits as you want. • Rate of Interest is cheaper. Advantages

  12. Our Chits Schemes

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