myPaisaa - Digital Chit Funds

Newly Launched - Get Cashback of Rs 1000 on 25k Chit Plan.
myPaisaa is a technology platform for IBGeChits - an online chit fund company which is registered under the Companies Act,1956 and regulated by the Registrar of Chits under the Chit Fund Act, 1982.
We're recognised under the category of NBFCs regulated by other regulators (This includes the Registrar of Chits, State Government of India or IRDA) and are exempted from the requirement of registration with RBI.
Please refer Question 4 of the RBI for details - https: //www.rbi.org.in/commonperson/English/Scripts/FAQs.aspx?Id=1167
Chit Fund features for Saving customers:
Chit Value: Up to 20,00,000, Return rates: 6% to 12% per annum, Tenure: 6 to 50 months, 100% digital process, Any Time Paisaa feature, Monthly dividend payments.
Chit Fund features for Borrowing customers:
Value: up to 20,00,000, Interest Rates: as low as 2% to 25%, Tenure: 6 to 50 months, 100% digital process, 48 hrs payout, No guarantors/collateral required*, even borrowing customer earns monthly dividends, Anytime paisaa feature.
Example of a Chit Plan:
1.
Chit Value: 100,000 | Tenure: 25 months | Monthly Subscription: 4000 | Monthly dividend: up to 1200 | Guaranteed dividend: 15,538 | Commission: 5,000 | GST: 12% of commission | Processing fee: 200
Benefit to Borrower:
If customer wins the bid amount in first month of the auction he gets the prize money of 65,000 and earns dividends of 15,538 till the end of the tenure.
The final amount received is 80,538.
- Total Money paid by customer: 4000*25 months = 100,000
- Additional amount paid by customer = 100,000 - 80538 = 19,462
- Additional amount paid per year = 19,462/2 = 9,731
- Interest rate per annum = 9,731/80,538 = 12%
Benefit to Saver:
If customer continues to save every month without participating in any bids he will earn a total of
- Total Money paid by customer: 4000*25 months = 100,000
- Reduce commission of 5% = 100,000 - 95,000
- Dividend received by customer: 15,538
- Total Earning: 95,000 + 15,538 = 110,538
- IRR: 12%
*depends on Minimum household income, existing liabilities and credit score.
Chit funds are a unique financial instrument that works for both saving and borrowing purposes.
The myPaisaa chit app offers a superior experience through quick and easy payouts, transparent transactions and customer-first processes.
The app allows you to invest and earn great returns as well as borrow affordably in just a few easy steps.
Were a completely transparent online chit fund firm and it reflects in the way we do our auctions and payouts.
Why myPaisaa:
1.
We're registered as a business entity with the Government of India
2.
We're regulated by the Registrar of Chits and investment is 100% secured with a security deposit
3.
Joining formalities are simple, transparent and completely digitized
4.
We hold 4 to 10 auctions every per month as per the chit plan
5.
All auctions are held in real-time on the app
6.
Completely transparent and automated winner selection
7.
Dividend and prize money payouts are completed within 24 hrs
8.
Chit transactions can be managed independently through the app
9.
Easy document submission through eKYC and eSign
10.
Chit information is readily available on the app
myPaisaa Chit Plans:
myPaisaa Chit Plans have been designed keeping every single customer and their various goals in mind.
Theyre tailor-made to ensure you realize your goals in time, every time.
Choose from 25k, 50k, 1 Lakh and 3 Lakh chit plans with 2 to 10 auctions held every month.
For any product feedback please call us on 7795665154
Privacy https: //www.mypaisaa.com/privacy-policy.html
T & C https: //www.mypaisaa.com/terms-conditions.html
We need permissions for:
1.
SMS For transactional and promotional information related to myPaisaa
2.
Camera & storage To upload selfie and proofs related to KYC and document upload.

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