Tuesday, April 10, 2012

12 Things to look for while you invest in chit funds

  1. Check the financial background of the chit firm and its directors
  2. Go to the chit firm and observe the processes there.If you feel the dealings are professional its a positive sign
  3. Study about the chit product that is offered.Calculate the interest rates in every scenario
  4. Compare the product with a regular loan product of a nationalized bank
  5. Ask about the documents to be submitted at the chit company
  6. Ask for references from their existing customers.Take their words
  7. Research about the hidden charges and elements of the chit product
  8. Specifically ask when will you receive cash after you get the prize/bid/narukk
  9. Ask about the penalties, if you fail to deposit your monthly payment
  10. Thoroughly confirm about the payment modes and confirm that they are transparent
  11. Maintain a contact with at least one of the directors of the chit company if possible
  12. Be updated about the bid dates and new kurie dates etc.

If everything gives you a positive response, Go and invest safely and enjoy benefits!

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