How investing in Chit fund helps you?

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Chit Funds have the advantage both for serving a need and as an investment. Money can be readily drawn in an emergency or could be continued as an investment.

Interest rate is determined by the subscribers themselves, based on mutual decisions and varies from auction to auction.

The money that you borrow is against your own future contributions.

The amount is given on personal sureties too; unlike in banks and other financial institutions which demand a tangible security.

Chit funds can be relied upon to satisfy personal needs. Unlike other financial institutions, you can draw upon your chit fund for any purpose �" marriages, religious functions, medical expenses, children’s education, etc.

Cost of intermediation is the lowest.

Chit fund is a saving cum borrowing instrument, which is unique when compared to other financial systems.

 

Safety in Chit Funds:

 

With the excessiveness of invoice fund firms around, the protection of a coupon fund lies in selecting the correct one. In an exceedingly registered invoice fund company, below legal binding, the activities area unit regulated and institutionalized by the invoice Fund Act. And therefore may be thought of safe. However, different unregistered firms operational informally do exist. One has to exercise caution whereas selecting wherever he needs to speculate.

Chit funds undoubtedly area unit a lovely choice for normal saving. It inculcates a disciplined approach to money designing. It is the supplemental advantage of transportation a mixture of savings further as trouble free borrowing. This twin purpose investment tool may be a disciple in want every now and then of surprising money emergencies.