The Money Club is a safe and secure mobile platform to join a Peer-to-Peer Chit fund or Committee or Beesi. You can join a Money Club and create a chit fund with other like-minded people from all over India and start saving or investing money here. In times of need, you can also borrow money that is multiples of what you have invested.
How does The Money Club help you?
It has all the benefits of an offline committe or beesi along with the following:
1. It is managed completely on your mobile
2. It is done following RBI guidelines on P2P lending
3. Your investments can earn more than Fixed Deposits and Mutual Funds
4. Easy access to funds in emergencies.
5. You can make good friends here as you can freely interact with your club members.
The Money Club Highlights:
1. No documents or registration fee is required to join a Money Club
2. Join like-minded people from all over India who are experienced in investing in chit funds, or beesi or committe offline
3. Club members limit: minimum 7 and maximum 15 members in a club
4. Minimum contribution per member: ₹ 2,000 per month
5. Starting pooled amount: ₹ 10,000 (approx.)
6. Minimum bid: 1% of the pool amount
7. All the transactions are done online (via UPI, Paytm, Google Tez, IMPS, etc.)
8. No money is deposited in the Money Club app. Members transfer funds directly to each other and update their transaction on the Money Club app along with the transaction ID.
9. Frequency of the money club: weekly, fortnightly and monthly,
10. The app keeps track of all the transactions and notifies every one of their due payments and receipts through SMS and notifications.
11. The Money Club builds a joint liability in the group by keeping everyone informed of who is paying when and who is delaying on his/her payment.
How to get started?
If you are reading this then you are done with your offline committe or beesi or you want to go digital.
To Save or Invest with The Money Club or your p2p online chit fund, you need to follow these simple steps:
1. Tap on the ‘+’ icon on the home screen of the app.
2. Choose ‘Join Money Club’ option
3. Apply with your details and submit the form
4. Expect a call from us within 24 hours
5. Go through 2 calls of screening
6. Get invited to a Pilot (trial) Club which operates daily with ₹200 contribution per day. If there are X number of members in the trial club, the club will run for X days (max. 10 days)
7. Members go through Level 1 Verification during the Pilot (trial) Club
8. After the completion of the Pilot (trial) Club, members who get successfully verified make it to the real club.
9. Real club comprises of max. 10 members who begin with contributing ₹1000 in every 15 days. Bidding happens after every 15 days here and one members gets a chance to pick the pool amount.
Happy Money Clubbing!
PS: we are currently money clubbing in India only :-)