You understand how chits work.
You’re in admiration of this simple yet impactful savings/borrowing tool.
You’ve been hoping to start your savings journey.
You’re on the lookout for a registered and regulated chit fund company.
You’ve stumbled upon us.
Well, we couldn’t have been more glad of the same. So let’s help you understand everything that unfolds once you sign up with myPaisaa. As we’re a 100% Digital chit fund App, we revel in ensuring that all the processes that come with running a chit, are taken care of digitally. Right from the onboarding process till the completion of chit, you can manage your chit right on your myPaisaa App.
Yes, we’re reviving this age-old financial tool that was born in India. With several other financial instruments and tools at play, we felt that the chits were diminishing. And the reason we could attribute that to was the fact that chits weren’t reinvented. Hence, we at myPaisaa took it upon ourselves to address this pain point with a technologically integrated App and processes that will redefine what it means to invest in or borrow from a chit, in this modern and digitally amplified world.
So now that you know our intent, let’s understand everything else that follows which is the myPaisaa Process.
The myPaisaa App which has crossed 20,000 installations is available on both Playstore and iOS. It is just a 7.8MB App that can be easily downloaded on your phone. Right after, there are only 3 steps you have to follow for KYC verification. It includes taking a picture virtually, adding your PAN Card details & Aadhar Card number. Watch this video to know more in detail.
After you sign up, select your goal and chit plan accordingly. Right after, you are asked to submit your income proof documents right on the App itself. It includes your 6-month bank statement & 3-month salary slips if you are a salaried person. If you own a business of your own, you are asked to share your ITR, any one of – Business license/GST/Rental Agreement along with the 6-month bank statement. You can view the video below to understand this better.
Check your payment history and the dues under your name. Ensuing which, you can clear your payments with a tap of your finger. We’re glad to tell you that RazorPay is our payment gateway partner. So you can be rest assured that all your payments are secure and will be quick. Watch this video to know where exactly you can check your payment history on the App in detail:
This is the exciting part about investing in a chit fund. Isn’t it? While traditional chit funds conduct auctions, we conduct e-auctions a.k.a digital auctions. You can participate in these auctions at the comfort of your home right on your App. Follow the steps below to understand the steps you need to follow exactly to participate in an e-auction:
So if you’ve won the auction, you will receive the money in a day’s time as we adhere to 24hr-payout. Although, there are a couple of steps where we’ll need certain information from you. Apart from that, you’ll also need to attest certain documents with your virtual signature. Know more about the same, watch the video below:
Now that you are familiar with the myPaisaa process, what are you waiting for? Get on, bid on, & fund on with myPaisaa!