jayapriya chit funds

About Jayapriya Chit Funds (P) Ltd

Jayapriya Chit Fund is one of the largest and fast growing chit companies in TamilNadu. It has a network of 47 branches spread across Chennai, Pondicherry and also in eight more district of TamilNadu. All the branches had been computerized offering personalized services to all customers through online network. The Company had been reinforced with a legion of 1000 + Employees and more than 5000 + Agents dedicated to the service of the customers. The Company conduct chits ranging from 1,00,000/- to 1,00,00,000/- catering the needs of Individuals, Professionals, business people and everybody in need. The total turnover of Jayapriya Chit Funds (P) Limited in 2012-13 recorded as more than Rs.450/- Crores.

Chit is an age old financial instrument inextricably connected with India rural and social life. It is a multipurpose financial instrument resolving all financial thrust experienced by everybody in any part of his life.

The concept of a chit is so easy and legible, as it is to form a specific number of people into a group with an agreement to subscribe a specific amount for a specific period of installment, which is equivalent to its members to make a chit value. The Chit value could be paid to all the members at a discount subject to a ceiling fixed by the chit Funds Act in successive installment. The discount is paid to all subscribers as dividend after deducting the foreman commission is the earning of the members. The following illustration makes it easy and clear to understand the concept. A group of 50 members agree to pay Rs.10,000/- per month for 50 months and the chit value is Rs.5,00,000/-. A subscriber could get a prize money at 40% discount is Rs.3,00,000/-. The dividend amount paid to subscribers is Rs.3,500/- after deducting the foreman commission Rs.25,000/- at 5% of the chit Value.