How Chit Works
Joining a chit fund with Skywin Chit Funds is simple and transparent. Here’s a step-by-step guide to help you understand how our chit funds operate
01
Join a Chit Scheme
Choose a chit scheme that fits your financial goals and join the group. Our chit schemes range from Rs. 50,000 to Rs. 5,00,000, each with a 20-month duration. Once you select a scheme, you become a member of a chit group with similar financial interests.
02
Make Monthly Installments
Pay your monthly installments regularly for the duration of the scheme. The installment amount varies based on the chit value you choose. Regular payments ensure the fund pool grows, enabling members to receive the chit amount when needed.
03
Participate in Auctions
Every month, an auction is held where members can bid for the chit amount. The bidding process is simple: members offer to take a lesser amount than the total chit value, and the member who bids the lowest receives the chit for that month. The remaining amount is distributed among the group members as a dividend.
04
Receive Funds
If you win the auction, you will receive the chit amount (after deducting your bid amount) promptly. These funds can be used for various purposes, such as business investments, education, personal expenses, or emergencies. Winning the auction does not exempt you from paying future installments.
05
Continue Installments
Continue paying the monthly installments even after winning the auction until the end of the scheme. This ensures the fund remains robust and available for other members. Consistent payments contribute to the financial health and success of the entire chit group.
06
Complete the Scheme
At the end of the 20-month period, all members would have had the opportunity to bid and receive the chit amount at least once. Those who did not win any auctions receive the chit amount in full, ensuring no member is left without benefits.
