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KSFE chit funds- importance-how to join

 

    A chit fund is a saving system. It is a contract between foreman  and subscribers.  In this system, write a name  on a paper and fold it several  times and decide  the prize winner.It is called kuri. The kuries are put in a bowel,mixed well and pick one chit from the vessel.  Read the name and he is the winner .It is removed from the bowl and again repeat the procedure at the next installment. In tty each person agrees to remit a fixed amount of money every month .

       In KSFE chitty,the maximum  discount is 40 % of chit amount , commission of foreman is 5%.KSFE has mainly two types of chitties. They are single division  chitties and multiple division  chitties. In the single division  chitty has only one auction per month. But multiple  divisions  have 1 lot and 3 auctions every month. 

     In single division chitty has 30% maximum  discount and in multiple division  chitty discount  varies with duration. We will  get a 40 % discount  for 120 months.

     We can see how to select a chitty from KSFE. If you want to join a KSFE chitty for building a house. you must join the chit accordingly. You should not forget your goal. Join a chit that makes your goal  possible. Find out how much you can pay in a month. Then check if you can pay that amount every month until that chit  expires.

       You can join a chitty  earlier .It helps to get a good amount for your needs. Do not need to give interest. You should try. Chitty is a very good option for you. You can select chit as your need.Firstly you must make a plan.Then join and invest an amount to the chit .Do not select long term chit. Always select short-term  chit for your emergency situation. 

Short term chitties

2500 × 40  = 1 lakhs

5000×  40   = 2 lakhs

5000×  60   =  3 lakhs

12500 × 40  = 5 lakhs

10000 × 50   = 5 lakhs

10000×30   =  3 lakhs  

25000×40   = 10 lakhs

20,000 ×50  =  10 lakhs

Multidivision chitties

10000× 100 =1000000

10000 ×120 =1200000

5000   ×60   =  30,000

High Denomisional chitties

50000×40 = 20 lakhs

1lakh ×30  = 30 lakhs

You should take decisions before joining  the chit. 

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