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 with other like-minded people from all over India. Start saving or investing money in the chit fund digitally. In times of need, you pick money that is multiples of what you have invested.
How does The Money Club help you?
It has all the benefits of an offline chit fund, 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. Only verification fee is charged once you join the pilot 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: ₹ 2,00 per day for the pilot club
5. Starting pooled amount: ₹ 1,400 (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: daily, 3-days, 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 already investing with your offline chit fund, committe or beesi and 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 1 call 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. The first Real club comprises of max. 10 members who begin with contributing ₹500 (minimum) in every 3 days.
10. As users build transaction history on the platform they get a chance to move to higher amount and more number of clubs.
Happy Money Clubbing!
PS: we are currently money clubbing in India only :-)
Call us on +91-7289822020 or +91-120-4322140 to know more