MazeChit is a user-friendly chit fund software that can be easily accessed anywhere, any time without constraints. The chit fund management service can be integrated into a laptop, desktop or any smart mobile device. So the owner of the chit fund or the admin can access the reports, updates and transactions from multi-location.
Of course, yes! Chit funds in India has been governed by the Chit Fund Act, 1982. Using the act, every chit fund organisation has to be regulated and registered by the respective state government. Chit funds have been legal in India including Tamil Nadu, Karnataka, Kerala, Andhra Pradesh, and so on. If chit funds are not believable, people never depend on the chit fund companies available in various places. Many newbies in financial realm has been expecting good returns from the chit funds.
There are many good chit fund companies that provide the best saving and borrowing scheme to the people. In fact, few organisations have indulged in providing chit fund software online. While searching for the best chit fund software,Mazechitpops up in the first result. I hope thesoftwarehas been useful for many organisations.
Recently, chit fund companies have been increasing rapidly thereby owing many benefits to the people. Only thing to keep in mind is to choose the trustworthy organisation to join in chits.
For more clarification regarding our Mazechit kindly visit: https://mazenettech.in/mazechit/and for further detail clarification contact at:1800-200-1766 or 7397723052.
Chit fund, a type of finance company in India has been governed by Chit Fund Act 1982. Chit funds does not require approval from Reserve Bank of India. RBI exempted core provisions and chit funds are widely famous. It is also known as “committee”. Understanding the popularity of chit funds, many people have become more accustomed toward the chit funds.
Registering chit funds is mandatory and it requires the following documents.
For every director and member the necessary documents are,
PAN card
ID proof
Bank statement/ Electricity bill/Mobile bill/telephone bill - Any one of these
Other documents as per the chit registrar. If he/she needs some other documents for proof, the member or the director has to produce those documents.
To owe registration for registered address
Ownership document or the rent agreement
Electricity bill
Copy of NOC
After preparing the documents necessary to register the chit fund company, follow these steps.
Apply for Digital signature and DIN number
Apply for Name approval of chit fund company
Prepare for the documents as per chit fund company’s objectives
MInimum capital requirement for chit fund company
Apply for Chit fund company registration
Apply for chit registration with chit registrar
All directors of the chit fund company should have registered their company under right norms. In the case of members, they should forecheck whether the chit fund company they ought to join is registered or not. For a Free demo chit fund software Visit: Chit Fund Software Live Demo or Contact at 1800-200-1766 or 7397723052.
Nowadays, there is a foreseen rise in the number of chit fund organizations. Newbies of chit fund scheme may have confusion regarding the interest rate calculation. At the starting age of chit funds, people used to handle it manually. After few days, online calculators or formula methods like CAGR/XIRR.
Though they are free, it needs huge work to be done in it. Many inputs including monthly remittance value with data and amount. The inputs can be done with the positive and negative sign. After all the monthly entries, you can calculate the interest value for full transactions.
Though these sources are available, calculating the interest rate of chit funds is still a nightmare. In order to overcome the hurdles in interest rate calculation, chit fund organizations have been using the best chit fund software.
Chit fund softwareis very much beneficial to the present chit fund companies.The softwarehas reduced its work half way down and has been indulged in reducing the errors too.
The software automatically takes inputs and gives you the perfect output along with the interest rates. In addition, the software allows multiple login at different places. It is a cloud-based software that is mobile-friendly too. It supports windows and web app operating systems. Spending a little in buying the noteworthy software helps in plenty of ways. While I had been surfing the internet in search of the best chit fund software, I have found Mazechit software as the best. It is the product of Mazenet Solutions. Avail free demo: https://mazenettech.in/mazechit/contact.php or Contact at 1800–200–1766 or 7397723052.
In the financial realm, many newbies wish to save and gain more money than their initial amount. Of course, everyone will be happy in saving money. Though there are plethora’s of options available to save money, the chit funds and mutual funds are the two kings of the financial kingdom.
But, few have been confused with their major differences and what suits them the best. Hence, here is the distinguished answer that helps you recover from your doubts regarding mutual and chit funds.
Nowadays, people are equally participating in both the fund schemes. Few people are afraid of the market risks included in the mutual funds. Those people are moving towardchit fundsto make their investment worthier and safe. In order to have a clear note about both fund types, you can have this table as a reference.Chit Fund Software Free Demo
For more clarification visit our client testimonial:https://youtu.be/uGMToDS40Z0For more details visit:https://mazenettech.in/mazechit/for more clarification contact at:1800-200-1766 or 7397723052.
Chit fundis a popular financial tool that has been growing unique and productive. It implies a simple logic of getting money from the group and aiding the whole money to one among them. Chit funds have become very linear and transparent form of saving method.
Due to its advantage for small businessmen and homemakers, chit fund has become popular very sooner. As chit funds are saving cum borrowing scheme, people can save and borrow amount whenever needed. Government has recognized the chit funds, also known as chitty and kitty. Apart from the trustworthy organizations, pool of relatives and family members together have been conducting chit funds.
Compared to the other borrowing options, the chit fund becomes the best saving option. Chit funds have made things very easier and thus it has rolled over many financial terms easily. Many financial experts have also given good feedback regarding the process of chit funds. Chit funds becomes the best saving option for the people who need immediate liquidity and cash flow in their saving scheme.
Chit fund — A better saving option
Recently, people have noticed that many people have indulged in the chit fund scheme. Yes, it is because of the flexibility and liquidity of the chit fund scheme the people ought to involve. Chit fund becomes the better saving option due to the enlisted reasons.
Chit funds are more adaptable to the home-makers, small businessmen, middle-class families, etc.
Getting quick access to the chit amount has become more convenient using software like Mazechit.
Probably, people can save and borrow money at the same time being in the chit fund scheme.
At the end of maturity time, the person will have bulk sum of money that can be useful for various purposes.
As chit funds do not conduct any background checks, it is easy for the people to enter into the chit scheme.
Apart from the mentioned uses, there are many inbound benefits for the chit fund scheme. For a Free demo chit fund Software Visit:Chit Fund Software Live Demo
Chit fundis one among the best saving method that indulges in the fixed amount. Every month the subscriber has to pay certain fixed amount. One among the group must conduct the auction and maintain the records. He is called the foreman. He is responsible to make way ahead in maintaining the amount till the maturity month. He also has the benefit of earning 5 percent of the lowest bid amount.
Here is an example to make you understand the working of chit funds easily.
For instance, let us take the person named Candy as one of the subscribers in a monthly chit scheme. Candy has joined in a chit fund scheme along with 9 others. So, totally the chit scheme holds 10 members. Every person has to contribute 10000 rupees each for 10 months leading to 1,00,000 rupees at the year end.
In this case, during the first-month chit auction, Bheem has came up with 1000 rupees. Once the bidding starts, the person who is in need of money can start biding. The person who bids the lowest amount will get the chance of owning the money. Let us see the representation to understand much better.
Monthly amount paid by every subscriber including Bheem = 10000
Bids made in the auction = 9000, 8000
As the lowest bid is 8000, the person will be given the amount of 8000. But, before that there will be an organiser fee deducted from the lowest bid amount.
Fortunately, every chit fund scheme or organizers will take 5 percent of the lowest bid amount. i.e 5 percent of 8000. So, Bheem, the foreman will get an amount of 400 and the rest amount 7600 (8000–40) will be taken by the person.
Apart from the bid amount, remaining 2000 (10000–8000) will be split up to the other members of the scheme. At the end of 10 months, every subscriber will get a bulk amount depending upon the before auctions. For Free demo chit fund software Visit:Chit Fund Software Live Demo
For more details regarding our product Mazechit Kindly visit :https://mazenettech.in/mazechit/for any clarification regarding our product contact Tollfree 18002001766 or 7397723052.
Mazenet Technologies has developed comprehensive chit fund softwarecalled Maze Chit which is an online chit fund application that makes managing the businesses easy and simple. Business owners find the software exclusively designed for their chit fund business with more features to auto updates to the accounts and stay organized.
Some of the salient features:
The application if 100% safe and secured
Fast and reliable software
Statutory and GST compliant software
Customized chit fund software to suit different sizes and needs of the customer
Chit fund companieshave come a long way and people find it an easier option to save money. Those days, the chit fund company owner would have files and paper document of his members when starting an account and the members will actively engage in the activities like an auction. Then the later years saw computerization of accounting and documentation where every transaction was fed into the computer and information from different branches could be mailed or accessed.
The present times have seen a large market for chit fund software appsthat are primarily designed for chit fund organizations and its owners. When we consider installing thebest chit fund software applicationfor a company, the various features built into the software must be analyzed. Especially, go for an application that can be operated online and offline. We will see why this is important in just a moment.
MazeChit software has all the features a chit fund management would ever want. Some of the features loaded into the app are:
Easy Access
Maze chit software application is the most user-friendly app that can be accessed anywhere, anytime. Its services can be integrated into laptops, desktops and any smartphone device. The owner or the admin can easily access reports, updates, and transactions from different locations. Information from multiple branches can be viewed and retrieved from a single point of access. Managing your business on remote gives the business owner the flexibility to work from anywhere.
Software usage
Operates effectively on offline and online mode. The user can download emails and web pages while he is offline. Multiple users like the admins and employees can access the software simultaneously.
Highly Secured
Subscribers’ information is kept highly secured as they have to provide their personal and financial details which is mandatory. Important information is protected with encrypted passwords and firewalls.
Regular alerts
Updates on payments and notification details through SMS and email services. The members are kept informed on the activities happening and payment notifications and receipts of payment are regularly sent. This lends trust and good reputation to the chit fund owner without much effort.
Mobile App
Mobile App integration of theMazeChitsoftware has provided the business owners the flexibility, transparency and quick coordination while doing the business. It helps maintain a good relationship among the subscribers, clients and the administrators.
Custom-built
We offer a free version of MazeChit with limited features. For enterprises, we customize the application as per the customers’ preferences with specified features.
For more clarification regarding product kindly visit at :https://mazenettech.in/mazechit/ more details contact at : Toll free 18002001766 or 7397723052.
