Thangam Chit Funds
Unlocking Savings & Credit, Together!
Find Your Perfect Fit
- We offer a variety of chit fund options with different durations and contribution amounts. Think of it like choosing your savings adventure!
- Whether you’re saving for a dream vacation, a down payment on a house, or simply building a nest egg, we have a chit fund plan for you.
Join the Thangam Family
- Become a member and contribute a fixed amount towards the “chit amount” each cycle (typically monthly).
- Think of it as a team effort, with everyone contributing to a shared pool.
The Bidding Buzz
- Here’s where things get exciting! At the beginning of each cycle, members participate in a transparent bidding process.
- Members bid a percentage they’re willing to forego from the “chit amount” in exchange for receiving the entire collected amount as a lump sum payout, called the “prize money.”
- This gives you a chance to access a significant amount of money before the chit fund matures!
Let's See an Example in Action!
Scenario
- Chit Fund Amount: ₹1 Lakh
- Duration: 12 Months
- Number of Members: 10
- Monthly Contribution per Member: ₹1,000 (₹1 Lakh / 12 months / 10 members)
Bidding Process
- During the first monthly cycle, members participate in a bidding process.
- Member A bids 15% (₹1,500) to forego from receiving the full ₹1 Lakh.
- Since Member A’s bid is the highest, they win the “auction” and receive the entire ₹10,000 collected that month as the “prize money.”
Remaining Cycle
- The remaining members (Member B through Member J) continue contributing ₹1,000 each month for the remaining 11 cycles.
- This accumulates a total of ₹1,10,000 (₹10,000 x 11 months).
Key Takeaways
- The bidding process allows members a chance to access a large sum of money earlier.
- Even if you don’t win the bidding, your contributions accumulate towards the final payout.
- Chit funds promote consistent saving and financial discipline.
Maturity and Distribution
- At the end of the 12th month (maturity), the remaining amount (₹1,10,000 – ₹10,000 prize money) is distributed equally among all members.
- Each member receives ₹9,000 (₹1,10,000 / 10 members).
Everyone Wins!
- Even if you don’t win the bidding, your contributions accumulate towards the final “chit amount.”
- At the end of the chit fund cycle (e.g., 12 months), the remaining amount (₹1,10,000 – ₹10,000 prize money) is distributed equally among all members (₹9,000 each).
Building a Brighter Future, Together
- Thangam Chit Funds promote a sense of community and financial discipline.
- By saving consistently and participating in the bidding process, you’re not just saving money, you’re actively managing your finances for a brighter future.
- Ready to embark on your savings adventure? Contact Thangam Chit Funds today and let’s make your financial goals a reality!