WHY CHIT FUNDS?
Chit funds are a type of rotatory savings platform in India's financial system and has been in place for long. Even before the introduction of modern banking, chit funds played a pivotal role in coming to the aid of the poor at a reasonable cost.
People prefer this system to other formal institutions since it has various built-in advantages.
These are the following:
- Dividends are tax-free.
- Easily accessible
- Service that is easy to use
- There are no latent costs, and interest rates do not rise on a regular basis.
- Optional exits for a little fee
UMA CHIT FUND AND IT'S BENEFITS
Uma Chit Funds Private Limited is an online chit fund company that is licensed under the Chit Funds Act of 1982. It is a non-government organization in Maharashtra, India, that is run by private entities. The name "Uma" chit funds Private limited was inspired by the CEO's mother, who is the most inspirational person in his life. She is Rohan's sole motivational specialist, continuously encouraging him to achieve his goals and ambitions.
The following are the benefits offered by the Uma Chit fund:
1.- Providing value to Participants
The platform aims to provide considerable value to the financial industry. With the lowest potential interest rates, borrowing loans will be considerably easier and more inexpensive. Savings in the form of monthly dividends will benefit all participants, maximizing the profit/interest percentage of those who keep the chit for the longest time interval in the defined chit round durations.
2.- Improving the platform's cost of operation
In most cases, chit funds levy a basic foreman fee of 5%, which can rise to 10% per chit round. At Uma Chit Funds, we strive to keep administrative fees to a minimum in order to provide the most value to our chit holders/participants. Because we will be backed by blockchain technology, we will be able to reduce the platform's operating costs and other extraneous commodities, allowing us to reduce foreman changes by 2-4 percent. The exact percentage of the foreman fee would be determined by the chit's size.
3.- Full transparency and no risk of fraud or frauds
Because all transactions will be recorded, saved, and encrypted on a smart contracts-enabled digital ledger (blockchain), the platform will guarantee maximum transparency to all participants, eliminating any possibility of data hacking or mistreatment. Furthermore, because the platform is equipped with smart contracts, participants may rest certain that our end of the bargain will be met. As a result, the platform is immune to any forms of scams, frauds, or data tampering from within.
4.- Taking out a loan without providing any financial paperwork
Unlike traditional financial institutions like as banks and fixed deposits, we would allow chit holders to borrow money immediately without having to provide any verification. It will take no more than 12 hours for the payment to be disbursed to the participant's designated payment outlet. The amount of the loan limit is set by the participants, and the leftover pot value is split as dividends among the chit holders.
5.- Extensive and long-term savings with a high profit margin
Uma Chit Fund allows you to keep your money in the bank for a long time while optimizing your profit. It also gives you the option of in-cashing the money whenever you need it by bidding during the scheduled chit rounds. Participants who do not require money can simply sit back and enjoy dividends from each chit round, and at the end of the maturity time, they will receive the entire pot amount. As a result, all of their dividends received are pure profit. Dividends are a great way for someone who doesn't need money to make a lot of money on his or her investments.
CONCLUSION
Uma Chit money can be used as a form of investment as well as a form of borrowing. Members who are short on cash might bid on the Chit Fund in the early months and win the entire amount.
Members who are not in severe need of money may wait until later in the year to grab the pot in order to earn more money.
Uma Chit Fund works by bringing together debtors and investors. Chit funds were formerly popular, but they have lost their attraction in the recent decade. The surge in the number of frauds is one of the reasons why people are moving away from Chit Funds.
USEFUL LINKS
Website: https://umachit.fund
Telegram: https://t.me/umachitfund
Twitter: https://www.twitter.com/umachitfund
Instagram: https://www.instagram.com/umachitfund
Facebook: https://www.facebook.com/umachitfund
Reddit: https://www.reddit.com/user/UmaChitFund
Steemit: https://steemit.com/@umachitfund
AUTHORS DETAILS
Bitcointalk Username: Gopalwu
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2759913;sa=summary
Wallet: 0xEc4EB0949403Dd1b864fbb16a87D2CC640839DC9