Pledging of documents
Chit is a financial scheme under which the periodical and habitual savings of a group of people are made available to each other as a subscriber, a particular amount as an instalment on a monthly basis for a specified period of time. The collective funds every month are offered to the subscribers through AUCTIONS on a monthly basis and the subscriber who offers (Bids) for the highest DISCOUNT is confirmed the PRIZE WINNER and given the PRIZE AMOUNT on submission of appropriate security. A Prized subscriber also should continue to pay the subscriptions till the termination of the chit. The amount foregone as discount, less administrator commission is distributed among the subscribers as dividend
A Chit group refers to a specified number of members agreeing to subscribe a specified amount for a specified period. For example, 20 members, 20 months, Rs.5000/- a month = Rs.1,00,000 chit. The number of members and the number of months are to be the same
It encourages the habit of obligatory regular savings. It earns dividends every month and the effective rate of return proves to be very attractive. For any unexpected financial requirement, bidding for the lump sum amount, could prove to be a better option than going through the hassles of a loan. Chit fund investments are not affected by any market fluctuations. Finance option through chit funds are easier to re-pay through the remaining monthly instalments.
Any individual who has a regular source of income can become a subscriber of a chit
There is no joint membership available in Chit
Anson Chits has been established in 2003 with excellent track record of 100% recovery which is a remarkable achievement in the finance business. Anson has earned very high reputation for the timely payments.
Based on the earning capacity and savings potential, an individual can subscribe for any number of chits in a group
The dividend earned from a chit will not be accounted as taxable income