JAYAPRIYA CHIT FUNDS (P) Ltd. is one of the largest and fastest growing chit companies in TamilNadu. It has a network of 37 branches spread across Chennai,Pondicherry and eight more districts of TamilNadu. All the branches have been computerized and offering personalized services to all customers through online network. The Company has been reinforced with a legion of 500 + employees and more than 1300 + Agents dedicated to the service of the customers. The Company conducts chits ranging from 50,000/- to 50,00,000/- catering the needs of Individuals, Professionals, business people and everybody in need. The total turnover of Jayapriya Chit Funds (P) Limited in 2011-12 recorded as more than Rs.330/- Crores.
Chit is an age old financial instrument inextricably connected with India’s rural and social life. It is a multipurpose financial instrument resolving all financial thirst experienced by people in any part of their life.
The concept of chit is so easy and legible, as it is to form a specific number of people into a group with an agreement to subscribe a specific amount for a specific period of instalment, which is equivalent to its members to make a chit value. The Chit value could be paid to all the members at a discount subject to a ceiling fixed by the chit Funds Act in successive installment. The discount paid to all subscribers as dividend after deducting the foreman commission is the earning of the members. The following illustration makes it easy and clear to understand the concept. A group of 50 members agree to pay Rs.10,000/- per month for 50 months and the chit value is Rs.5,00,000/-. A subscriber could get a prize money at 40% discount is Rs.3,00,000/-. The dividend amount paid to subscribers is Rs.3,500/- after deducting the foreman commission Rs.25,000/- at 5% of the chit Value.