Chit Fund Software Excel

A Chit Fund is a kind of rotating saving and credit system in India.Chit fund software helps to make chit fund scheme process too easy and fast. A person having basic computer knowledge, he can operate perfectly chit fund software in very less time. Chit fund software is a window based application and chit fund is a part of finance scheme. If you are having your own chit fund association so EMV chit fund software helps you to grow your association very fast and makes your work easy. EMV Chit fund software allows you to manage your Chit Fund Business, Multiple Branches, Collections, Payments, Overdue, and Reports with Mobile-Friendly Software.

Example: Functioning of Chit funds are better explained using anexample. Take a typical chit fund with 25 memberscontributing Rs 100 per week.

This fund will run for 25 weeks. On thefirst week all members will contribute Rs 100. Anauction meeting will be conducted, and the foreman of the chit fund willpreside over it. The total amount will be Rs 2,500.The auction will start with this amount. Bidders will start bidding bydiscounting this amount (reverse bidding). Let usconsider that lowest any person bids is Rs 2,150 (a discount of Rs 350).This amount (Rs 2,150) is given to this winningbidder. Rest of the amount (Rs 350) is divided by 25, bringing thediscount per person to Rs 14.

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This discount amount isreturned back to each member. Sometimes a part of this may be kept bythe foreman as service charges, usually in organisedchit funds. Different chit funds operate in different ways;and there are also many fraudulent tactics practiced by many privatefirms. The basic necessity of conducting a 'Chitty'is a group of needy people called subscribers. The foreman - thecompany or person conducting the chitty - bringsthese people together and conducts the chitty. Foreman is also theperson responsible for collecting the money fromsubscribers, presiding the auctions and keeping records of subscribers.He is compensated a fixed amount (generally 5% ofgross chitty amount) monthly for his efforts; other than that theforeman does not has any specific privileges, he isjust a subscriber of the chitty.