Chit funds have been in India's financial system for a long period of time and were quite very critical in assisting the poor at a low cost prior to the introduction of the modern banking.
IN OTHER TERMS, HOW DO YOU DEFINE "CHIT-FUNDS"?
These ancient savings and borrowing accounts are referred to as "Chit Funds," and they consist of a predetermined amount of money that members agree to contribute for an agreed-upon period of time.
Following that, an auction is performed to raise funds for individuals in need. Members' pay is guaranteed, allowing them to store money in case of an emergency.
UMA CHIT-FUNDS AND it's WORKINGS
If the platform is kept as basic as possible, users will be able to easily appreciate the price distribution and the benefits of participating in each round. In the next paragraphs, we'll review the fundamentals of how Uma Chit Funds work.
To participate in the UCF chit round, you must either have sufficient UCF coins on the platform as collateral to cover the duration of the chit round, or you can add your credit/debit card information and then enter into an auto-debiting contract with the UCF platform to ensure prompt payment of the EMI.
A contract of auto-debiting will be entered into with the participant, which would be valid until the end of the chit fund's duration, to ensure timely payment of the monthly EMI's in the event that the entire chit amount (the total amount equivalent to the chit round's duration) is not stored in UCF coins as collateral on the platform.
Participants can pay their monthly chit using a variety of different payment methods, including fiat currencies, cryptocurrency, and so on and forth. If a participant's credit/debit card or UCF coin collateral is not used to make the requisite cash payment, the participant's credit/debit card or UCF coin collateral will be deducted automatically.
In this instance, no funds will be deducted from the member's UCF or credit/debit cards, despite the fact that the participant may pay the monthly subscription fee using a variety of payment options, including various cryptocurrencies and fiat currencies.
If the EMI is paid in a different manner, a set number of UCF tokens equivalent to the monthly EMI amount will be unlocked and made available to the participant.) Thus, it may be necessary to hold the entire chit amount in UCF coin as collateral on the platform, with the Auto-Debiting system necessary only if players fail to do so.
CONCLUSION
The objective of this organization is to be the world's largest and most reputable provider of Chit Fund services. The site will be entirely dedicated to assisting its users/members in the improvement of their financial situation.
Chit holders will have access to the lowest possible interest rates, allowing them to save and of course, borrow money to satisfy their financial needs. This information would be distributed to the entire group of chit holders, which would consist of between ten and one hundred persons.
USEFUL LINKS
Website: https://umachit.fund
Telegram: https://t.me/umachitfund
Twitter: https://www.twitter.com/umachitfund
Instagram: https://www.instagram.com/umachitfund
Facebook: https://www.facebook.com/umachitfund
Reddit: https://www.reddit.com/user/UmaChitFund
Steemit: https://steemit.com/@umachitfund
AUTHOR'S DETAILS
Bitcointalk Username: Nancyo
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2759950;sa=summary
Wallet Address: 0xeF728a6f7aB532bac5b2662B9eE6a0C097bc5243