At Navamoshi Digital India Finance and Chits, your funds are handled with the utmost care and security. Despite being a new entrant in the industry, having commenced operations on June 27, 2024, our management team brings extensive experience and a commitment to integrity. We adhere to rigorous financial practices to ensure the safety of your investments and aim to build a strong track record of reliable and timely repayments.
Navamoshi Digital India Finance and Chits, established on June 27, 2024, is committed to providing exceptional service and transparency in chit fund management. We offer various benefits including flexible payment options such as branch payments, doorstep collection, and online transactions. Subscribers also enjoy a 0.5% discount on installments paid at our branch office before the 10th of each month. Our mission is to serve our subscribers with professionalism and dedication.
Joining a chit fund with Navamoshi Digital India Finance and Chits promotes disciplined saving by setting aside a portion of your income, which can be utilized for both planned and unexpected expenses. In emergencies, accessing funds through our chit fund is more straightforward, faster, and cost-effective. Additionally, subscribers who save until the end of the chit period can earn higher returns through chit dividends.
Subscribers who successfully bid early can access their chit amount sooner and may accept a discount, which is calculated based on interest and cost of funds. This allows them to use the funds before others, with any excess amount withdrawn being repaid in installments over the chit period.
An auction is a process where non-prized subscribers, who have paid their installments, can bid to receive the chit amount at the highest permissible discount. Auctions are conducted within a five-minute window, allowing participants to place their bids.
The chit fund company, or Foreman, earns a 5% commission of the chit value for managing the fund, including organizing subscribers, handling payments, and other administrative tasks.
A chit dividend is calculated by subtracting the company commission (5% to 7% of the chit value) from the auction discount. The remaining group dividend is distributed equally among all subscribers, which reduces their future installment amounts.
Navamoshi Digital India Finance and Chits adheres to the Chit Fund Act, 1982, ensuring compliance with all regulatory requirements and maintaining industry standards.
Sureties or guarantors are necessary to protect the interests of all subscribers. They ensure that prized subscribers who receive advance funds will repay their future installments as agreed, safeguarding the fund’s integrity.
Subscribers who delay payments incur penalties. Non-prized subscribers who default for three consecutive months will be removed from the group and refunded their contributions minus the company commission. Prized subscribers who default will face a 6% monthly penalty, forfeiture of dividends, and potential legal action for recovery of dues.
Withdrawal from a chit group is allowed but requires finding a replacement subscriber. Until a replacement is found, the company will cover the defaulting subscriber’s obligations. The amount paid minus the company commission will be refunded at the end of the chit period.
Payment is processed following the completion of necessary documentation.
We accept payments via cash, cheques, demand drafts, pay orders, and bank transfers.
Chit durations typically range from 100 days to 50 months, including options of 25, 30, 40, and 50 months.
Joining a vacant chit allows members to earn all dividends accrued up to the date of joining.
Registered chit funds are regulated by government agencies, providing security and oversight. Unregistered chit funds are prohibited and offer no such protections, leaving subscribers vulnerable to potential issues.