Chit fund, a financial instrument, is a type of credit and rotating savings association system practiced in India. It is a famous saving scheme in the country. It brings borrowers and savers on the same platform. Chit fund is good for saving money. There are 3 types of chit funds in India. Those are :
1. Private register chit funds
2. Chit funds run by state government
3. Unregistered chit
Chit fund software -
Chit fund software is an application which makes chit fund management easy. It quickly ramp up business operations beyond a single branch to multiple branches across various location with ease. Chit fund software comes with many business and financial reports to help business to make fast decisions. It achieves accurate data entry while avoiding human error. So we can say that this software keeps the bureaus and their customers in constant connection with transparent communications about chit registration, accounting process, collection, auction process, group information, sending details etc.
In this fast growing world, there are huge numbers of chit fund companies in our country. To assist these types of companies, we, GTech web solutions have come with our simple smart chit software with full package of time saving ERP (Enterprise Resource Planning). This software is cost efficient, highly secured, available in regular updates, time efficient, limited modules in mobile application for chit funds. Usage of our chit fund software is in both offline and online mode and it is easy accessible in nature. It reduces time in report generation and increases accuracy and quality of information. We provide simplest chit fund software dealing with chit fund amount transitions of the financial companies. It is a computerized ledger to maintain and store chit fund.
GTech web solutions chit fund software incorporates a greater depth of sub-categories configurations within major account head permitting in depth transactional analysis. All documents can be generated including notice to the NPS and PS, SMS, which helps in providing clarity and it turn leads to image to the organization. Our chit fund software provides reports such as account balances, cash flow statement, balance sheet, cheque issued/ received, sorts and analyses all the transactions automatically to produce reports. Client server system enables multiple users or single user to access and share data simultaneously across the network. Clients can add numerous optional modules in addition to core modules over a period of time in a cost effect effective, easy and logical manner. Its user control/ password system ensures the reports and sensitive functions are protected, providing restricted access to records.
How chit works?
Chit funds are famous for the flexibility and are the best for periodic investment. A member of a chit fund company is called subscriber. In a chit fund there are a pre-determined number of members. Each one of chit fund has to pay a pre-determined amount for a pre-determined period.
Assume there are 100 people who come together and form a group. The period is 100 months with a monthly contribution of rs.1000/- each. Every month the subscribers have to pay that amount. Thus total amount which is rs.100000 (rs.1000x100) will be collected. This amount will be auctioned. Now there will be a bid on who will take this money. There will be a few people who are in requirement of huge amount because of some reason like business, marriage, big expenses etc. Whoever called for a very less amount will get the amount. For example if a subscriber bids for rs.90000/-, he or she will get rs.90000/- and considered to have won the bid. The balance which is rs.10000/-, will be distributed among all the 100 subscribers. Subscribers who won the bid and got the amount cannot bid from next month onwards.
Features of chit fund software of GTech web solutions -
1) Chit group creation
2) Client group management
3) Gathering area management
4) Dynamic group list
5) Professional management
6) Alter agent details
7) Alter collection area details
8) Sell off entry
9) Change password
10) Non formal chits
11) Advance sanction
12) Minute generation