About Us
Kurinji Chit Funds Private Limited is a Non-Banking Financial Company registered under the Companies Act in the year 1987, conducting Chits as per the provisions of the Chit Funds Act, 1982. The company is managed by its Managing Director, A.Chitrarasu, who is the one of the founder directors of the company.
How Chit Fund Works?
A Chit Fund is an agreement between the Chit Fund company and a group of people, where a group of people contribute fixed instalments over a defined period. Each member, by turn (through lot, auction, or tender), receives the prize amount. The winner forgoes a discount (max 40% of chit value), out of which up to 7% goes to the Foreman as commission. The remaining discount is shared among members, usually adjusted in their next instalment. By the end, all members receive the prize once.
Benefits of Chit Funds
Ideal for building an emergency fund
Helps save for specific goals like education, vacations, or down payments for home buying
Helps to clear high interest loans
Cost-effective alternative to EMIs for buying consumer durables
Perfect for self-employed individuals and small business owner
