Core Banking and Nidhi software | Finance, Loan and Microfinance software | Chit Fund software | MLM Software

Websoftex

Chit Fund Sector Service

Welcome to Websoftex Chit Fund Sector Service.

The concept of Chit is very simple – With in a group Money is collected, pooled and dispersed to all members as loan. This practice is not new in human civilization but it gained official approval only decades back. We have a section of administration which is completely devoted to research and development. Chit Funds which basically started as a savings scheme, later evolved as a loan provider for deserving participants. Hence Chit Funds not only encouraged people to save money but also offer them a helping hand whenever they needed. The Chit Funds Act created in 1982 work in a more professional manner offering security to participants than unofficially run private chits. Chit Funds are considered as Micro finance organizations and are governed by the different State and Central Laws. Chit Funds are considered as safe means for savings as well as loans. People who invest in Chit Funds gain on a month on month basis in the form of loans as well as in the form of waivers. Chit Funds are of many types based on the functionality of the same. Some such chit funds types that are prevalent are :-



  • Organized Chit Funds
  • Special Purpose Funds
  • Online Chit Funds

Why invest in Chits? - Chit as a Loan

Family Commitments

Education and Marriage of children are main commitments a person has to make in his or her life. As we are advancing these commitments are becoming costlier. A person strives to give his or her best to children. Chits help from time to time in fulfilling these financial commitments, by giving out small loans. Apart from theses there are desires and needs of people like House , car etc. Chits are beneficial both for saving and to take a loan, also they are within the reach of common man and his understanding.

Business Loans for Entrepreneurs

Chits help financially to start a small business. In spite of knowledge and skills in a field, we cannot rule out the importance of finance to initiate an enterprise.