The Money Club is a safe and secure mobile platform to join and Invest in a Peer to Peer Online Chit Fund, Committee or Beesi.
You can join a Money Club with other like-minded people from all over India who are verified by the Money Club team. Start saving or borrowing money in the chit fund digitally. Money Club is not only a good saving and borrowing platform but it also provides you a great investment opportunity to earn returns more than bank fixed deposits or recurring deposits.
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 phone.
2. Unlike the other chit funds, we do not take deposits from the members. Fund transfers are done from one member to the other member directly.
3. All the transactions are done online from bank to bank.
4. Your investments can earn more than Fixed Deposits and Mutual Funds.
5. Easy access to funds in emergencies.
6. You can make good friends here as you can freely interact with your club members.
The Money Club Highlights:
1. No documents required to join a Money Club.
2. Only verification fee is charged once you join the pilot club (a trial club for new members).
3. Join like-minded people from all over India who are experienced in investing in Chit Fund, or Beesi or Committe (offline).
4. Club members limit: minimum 6 and maximum 15 members in a club.
5. Minimum contribution per member: ₹ 200 per day for the pilot club.
6. Starting pooled amount: ₹ 1,200 (approx.)
7. Minimum bid: 1% of the pool amount
8. All the transactions are done online (via UPI, Paytm, Google Pay, IMPS, etc.)
9. 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.
10. Frequency of the money club: daily, 3-days, weekly, fortnightly and monthly.
11. The app keeps track of all the transactions and notifies every one of their due payments and receipts through SMS, email and app notifications.
12. 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.
13. Unlike the other Chit Funds, we DO NOT charge flat 5% commission. Our commission structure starts with 4% and it even helps the users to reduce their commission as low as 0.5% by building a good transaction history on the platform.
How to get started?
If you are reading this then most probably you are already investing with your offline Chit Fund, Committe or Beesi and you want to go digital.
To Save, Borrow or Invest with The Money Club (Peer-to-Peer Online Chit Fund), you need to follow these simple steps:
1. Download the app and register yourself
2. Watch the Intro Video or you can skip the video if you already understand the Money Club concept.
3. Apply with your details and submit the form
4. Expect a verification call from us within 24 hours
5. Get invited to a Pilot (trial) Club which operates daily with ₹200 contribution per day. If there are 6 number of members in the trial club, the club will run for 6 days.
6. Members go through Level 1 Verification after the closure of the Pilot (trial) Club
7. After the completion of the Pilot (trial) Club, members who get successfully verified, make it to the Real Club.
8. The first Real club comprises of max. 10 verified members who begin with contributing ₹800 once in every 3 days.
9. 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.