About Us
Who We Are
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. He is rich experience in the financial services business. He was a co-founder and director of a finance company and a nidhi company apart from Kurinji Chit Funds Private Limited.
Chit Fund is a unique and indigenous savings cum borrowing financial instrument. Chit Fund was in vogue much before the advent of banking in India. And it continues to be the preferred mode of savings for most of the middle-class people in South India. Chit Fund is known by other names such as Chit, Chitty, Kuri, Fraternity fund or Rotating Saving and Credit Institution. Such entities are generally known as ROSCA (Rotating Savings and Credit Association) world-wide.
Chit Fund is an all-in-one financial instrument as it has the characteristics of banks, finance companies, micro finance institution, mutual funds and cooperative institutions. Chit Fund forms a group of people for their mutual benefit. It mobilisers their savings periodically and advances the amount pooled to a needy person. The discount foregone by the person taking the chit amount is distributed, after deducting the company’s commission, among all the people in the group.
What We Offer
We provide opportunities to save money in convenient instalments and also to borrow at the time of need. The savings could be ranging from Rs.1000 to Rs.2,00,000 per month for periods ranging from 10 months to 60 months. A single instrument serves both as a savings tool and a borrowing tool.
People use Chit Funds
- To build an emergency fund
- To pay off costlier loans
- To meet the education expenses of children, holiday tour expenses etc
- To mobilise advance money for buying housing plots or flats
- To buy consumer durables as it is cheaper than buying these items under the EMI schemes
- To pool money for expansion of business, buying of machinery and for other business needs
