FAQ's

A Chit group refers to a specified number of members agreeing to subscribe to a specified amount for a specified period. For example, 30 members, 30 months, Rs.1,00,000/- per month, the total chit amount will be Rs.30 Lakhs.

Any person under the Chit Act responsible for the conduct of the chits and includes any person, such as branch manager, administrative officer, etc., discharging his/her function.

No. It is valid only for the duration of a CHIT GROUP and until the liabilities of subscribers to foreman or vice versa are discharged or paid in full.

The Chit agreement is a contract between the foreman and the individual subscribers to a chit group as per the Chit Act. It is a set of bye-laws or regulations dealing with the procedure for the conduct of chits. It will be signed in duplicate, duly witnessed. The chit agreements shall contain the name and address of the subscriber, the number of tickets allotted to them, the number of instalments and the instalment amount payable, the interest/penalty for the delayed the payment, the probable date of commencement of chit and its duration, the manner of deciding the prized winner at each instalment, the maximum discount to be foregone at each instalment, the mode and proportion of dividend and foreman’s commission, the date, time and place of auction, the instalment at which the foreman is to get the chit amount, the name of the bank, the security to be furnished by the prized subscriber, etc., Though each subscriber is supposed to sign the chit agreement, in practice, each subscriber signs a declaration in the application form that they have read and understood the terms and conditions of the Chit Agreement. The declaration of all the subscribers are detached from the application form, pasted in a piece of paper and filed with the registrar concerned.

The subscribers have to fill in an application form furnishing particulars of their names, residential and office addresses, approximate gross monthly salary, names of nominees and their relationship to them. They also have to sign the declaration that they have read and understood the terms & conditions of the Chit Agreement.

Chits offers a comparatively lower interest rate than loans from banks and financiers. Subscribers can avail a lump sum amount at any time, even during emergencies. CIBIL score is necessary to avail a loan from a bank. If you don’t have a required CIBIL score the loan won’t be provided. Moreover, there is no loan facility for senior citizens. Hence, Chit is beneficial for senior citizens and individuals with limited credit history.

BANK GUARANTEE- Bank Guarantee of Nationalised or Scheduled banks equal to the value of future liability with validity of up to 3 months after the termination of the chit group is acceptable.

FIXED DEPOSIT- of Nationalised or Scheduled Bank for an amount equal to the value of future liability to be in favour of THAYUGI CHITS PRIVATE LIMITED till the termination of the chit group.

PRIZED MONEY AS FD- In the event of a subscriber not able to provide the surety, the PRIZED MONEY can be made as FD in the joint name of THAYUGI CHITS PRIVATE LIMITED with the concerned subscriber.

PROPERTY MORTGAGE- Properties approved by company's legal experts and valued by valuers. The approved properties have to be registered mortgage with the concerned Sub – Registrar to cover the Future Liability. The mortgaged fee for the mortgage registration & canceling the mortgage registration shall be borne by the subscriber.

Yes, all the Chit Groups conducted here are approved by the concerned Registrar of Chits. So, 100% safety for your hard earned money.