Frequently Asked Questions

How safe is my money with the organisation ?

Honesty and trust worthiness of the organisation, determines safety of one’s money invested. Large number of our satisfied Customers, Reputation and growth of the company over the years, Our large and every growing subscriber base are all proof of our soundness.

Why should I join Makara Jyothi Chits Funds Pvt. Ltd. ?

Makara Jyothi Chits Private Limited is a company with more than15 years of experience. It has a total turnover of over 23.6 crores per year with 4500 satisfied customers. The company has been in the lime light due to the efforts of Ln. MJF A. Suresh Rai, Ln. MJF Tharanath Shetty Bolar and Ln. MJF G.R. Shetty with their unquestionable honesty and integrity. Further all transactions are documented, proper receipts are given for the amounts paid and investments of the subscriber are insured and the money is safe and secured in the hands of the company.

What are the benefits ?

Subscriber who bids for the prize money towards later part and at the end of the chit term stands to gain by way of reduced number of bidders in the fray. In effect this means lesser money to be lost by way of discount. This works out to be a higher return rate of 18% to 20% per annum, as compared to the money saved in any savings account.By bidding for prize money, even during the initial stages, while your paid up instalments are as low as two or three, you will receive the entire prize money after discount at one stroke, while the liability paid will be in monthly instalments. In addition, the discount lost, is compensated by dividend received every month. Borrowing from the chit amount (prize money) is simpler, and much faster and easier, compared to other banking and other financial institutions.

Whether any document to be signed for joining a chit group ?

An agreement in the format as prescribed in the Chit Fund Act along with an application for membership has to be signed by every member while joining the group.

What is the eligibility criteria for receiving the dividend ?

On payment of first two instalments in full prior to the date of auction, all the members are eligible for dividends pertaining to future auctions.

What sort of security is obtained from the successful bidder ?

Collateral securities such as immovable properties (non-agricultural properties- to be mortgaged at the cost of the subscriber), Bank Guarantee, Insurance Policy are obtained for chit values of Rs.5,00,000/- and above or alternatively three Guarantors from creditworthy businessmen and Government Employees, so as to cover future liabilities. Sureties of salaried persons in the case of smaller values are required to be furnished.