Benefits of msil chits

  • In-built provision for borrowing at a short notice by bidding successfully
  • Being able to save in Installments
  • Having decided to join chit, deferring other avoidable expenditure, if necessary
  • Convenience and abscence of stringent formalities
  • Chit Fund forms a very popular method of saving and borrowing
  • MSIL being a prestigious PSU, ensures 100% safety, reliability and transparency in operations
  • MSIL ensures safety of the subscribers’ investment
  • Chits provide for an assured sum during a crisis
  • Chits provide easy availability of hard cash
  • It is a way to get Money at 0% Interest
Hind Sight Benefits Start as savings and convert into a borrowing instrument, if and when required. Choose between savings and borrowing options – Whether Savings, FD or Loans
Freedom to use funds Subscriber has the freedom to use the funds as per thier will. Loan is for specified purpose – be it home-loan, vehicle, business etc.
Rate of Interest on borrowing Since the chit funds work under the principle of mutuality, you borrow from your future savings. The Banks & other NBFC borrow money at interest, add service charges and lend at higher rates.
Rate of Return on Savings Risk free when compared to any other financial intermediary As cost of operations is very high and also the prevailing interest rate is a factor
Tax Dividend earned is Taxable, GST Applicable. Applicable. The interest earned from Savings a/c, FDs, etc is subject to Tax.