Save smartly in one of the top chit fund companies in Bangalore
Welcome to myPaisaa
Reinventing traditional chits with myPaisaa Chits
Traditional chit funds have been around for centuries. In fact it was one of the most popular forms of savings in Indian households. However, over time traditional chit funds have earned a bad reputation.
Traditional chits still struggle with many logistical flaws like long and inefficient processes, delayed payouts, opaque practices and heavy commission. There’s a need for a solution that solves the problems faced by chits, while at the same time brings the unique benefits of a chit to the consumer.
Being a completely digital chit app, myPaisaa is able to solve several problems that affect the traditional chit space. myPaisaa leverages India’s digital infrastructure of UPI, eKYC and eSign to ensure minimal dependency on manual/ cost-heavy operational processes, thereby offering a far greater solution than is currently available in the market.
We’re fast on our way to becoming one of the top chit companies in Bengaluru!
Additional Perks of investing in myPaisaa Chits
Digital chits like myPaisaa offer some additional perks like no other!
The best part about saving in online chits is the versatility they offer. In case of an emergency, you can bid through a live auction and take back the lump sum chit amount. You can also use it as your primary savings tool where you earn monthly dividends that are as high as 10% annually.
While most banks adhere to arduous processes of manual document collection and verification, at myPaisaa, we believe in digital authentication through eKYC, UPI, and eSign.
Avoid Waiting Period
It takes time to get a loan sanctioned at a bank, especially after all the formalities are taken care of. But here at our chit firm, it takes two minutes to sign up after downloading the app.
We all know the hassles involved in applying for a personal loan and the pressure of having to pay an exorbitant interest rate of 12% - 13% for it. But when you invest in registered chits like myPaisaa, you have the ease to bid whenever you need emergency cash.
Get on, bid on, fund on!
There is a myriad of reasons that add credence to our stance of being one of the top chit companies in Bangalore
Transparent & user-friendly App
Registered & most trusted
Secure online payments
4 monthly e-auctions
24hr customer support.
So get set to start saving and growing with myPaisaa!
No, myPaisaa is presently operating in Bangalore and Hyderabad as well.
There are 4 main advantages of investing in chit funds:
- Chit fund is the only financial instrument that allows customers to save and borrow from their own funds.
- Chit funds are one of the oldest forms of investments used by households to grow their money. Today, with FDs and RDs offering low interest rates of 5-6%, chit funds have become a much more attractive investment that offer more returns, and more value for money.
- Chit funds bring discipline to both the saving and borrowing activities of individuals. While the money you set aside for chit funds maybe low, you'll definitely see steady growth and a clear path to achieving your financial goals.
- Borrowing through chit funds is very easy and effective. As you're essentially borrowing from your own savings, the rate of interest is lower than market rates and can be as low as 0% depending on when you borrow from your plan. Chits are a reliable source of funds for emergencies.
Chit fund returns depend on the month you participate in and win an auction. A customer who stays for 25 months gets an annual interest of around 10%.
You need to submit KYC documents that include your PAN and Aadhaar card to join a chit plan. If you are a salaried person – 6 months Bank statement and 3 months payslips. If you are a business owner 6 months Bank statement, ITR & any one of -Business licenses/GST/Rental Agreements. If your residential address is different from the address on the Aadhaar card, then we'll require address proof as well.
Joining myPaisaa is very simple.
Step 1: Download the myPaisaa app & complete your KYC with Aadhar, Pan & Selfie.
Step 2: Choose a chit plan that suits your goal and make payment.
Step 3: Submit your income proof documents under Menu 🡪 details 🡪 Documents in the app. And you are done.
Our team will validate and follow up within 48-72 hrs once you submit your income proofs. Post which you shall receive communication via SMS, email, and notifications.