Shriram Chits Alternative:
The Money Club
If you’re looking for a Shriram Chits alternative for borrowing, saving or investing money, The Money Club is your best bet. It is an AI-powered chit fund platform which is 100% online and is a powerful solution optimized to provide higher returns while making your financial transactions safe, secure and convenient.
Money Club is unique and a worthy (or better) alternative to Shriram Chits. Find out why!
About Shriram Chits
Shriram Group, founded in 1974, started with just one branch. Today, Shriram Chits operates in Karnataka, Andhra Pradesh, Tamil Nadu, Maharashtra, and Puducherry (Pondicherry).
With 1,000 branches & service centres, 40,00,000 customers, 12,000 employees, 80,000 agents, and assets under management of ₹13,500 crores, Shriram Group is one of the largest financial services networks in India.
Shriram Chits is a pioneer in Micro Finance in India and is the largest chit funds entity in India, with an Annual Auction Turnover touching ₹3,000 crores (US$ 408 million). ...
With the help of state-of-the-art technology and a transparent system, Shriram Chits has been successful in transforming the 3,000-year-old financial concept of chit funds into a lucrative alternative to the banking system.
The chit groups are in the range of ₹2 Lakh to ₹25 Lakh, available for a duration of 50 months. Once you enrol in a chit group, you need to contribute a certain amount every month. Monthly auctions are conducted, and the subscriber who bids for the highest discount is announced as the winner. The prize money is released to the successful bidder on proper security. The successful bidder continues paying the subscription amount until the termination of the chit.
About Money Club
The Money Club is a safe and secure mobile platform for Peer-to-Peer Chit fund or Committee. It offers an opportunity to join a group of like-minded people from all over India to start saving or investing money. In times of need, people can also borrow money that is multiples of what they have invested. All the members are verified by the Money Club before they start pooling up money on the platform.
Shriram Chits vs The Money Club Online Chit Fund Platform
Shriram chits is traditionally an offline chit fund company. Although you can fill up the enrollment form online through its website, the company’s representative will contact you for completing the rest of the subscription formalities. Shriram chits don’t provide a 100% online experience.
The Money Club essentially offers an end-to-end 100% online process. This means – right from registration, verification, contributions to payments – everything takes place online with no paperwork and no physical presence.
How Money Club is Different from Shriram Chits
Registration, verification, bidding, transactions and almost everything else on the platform can be done online without the hassle of massive paperwork, thus saving your time and effort.
Variable Commission Structure
Unlike the traditional chit funds, the Money Club has a variable commission structure which starts with 4% of the chit amount and goes down to as low as 0.5% based on the performance of the subscriber.
Here’s a look at some of the other differences
The Money Club
|Performance linked commission structure|
|Gamified customer journey|
|High frequency chits (daily, 3days)|
|Large amount chits|
|Long frequency chits (fortnightly, monthly)|
|People can join from PAN India|
|No physical presence required during an auction|
The Money Club is not just any online chit fund platform - we are optimised for higher returns and a better customer experience!
Gamified Customer Journey
As you build a good transaction history, you can proceed to higher amounts of Money Clubs through a gamified customer journey.
Large Amount Chits
Users can join multiple clubs resulting in a cumulative club amount of more than 1 lakh based on their profile on the platform.
Long Frequency Chits
Along with the high frequency clubs, the Money Club also runs the long frequency clubs like the fortnightly and the monthly clubs wherein the auctions happen in every 15 days or in every 30 days.
Users can make transactions from any of their online payment apps like google pay, phonepe, etc. and submit the transaction id in the Money Club app.
High Frequency Chits
Unlike the traditional chit funds, the Money Club runs the daily and the 3-days frequency clubs as well which help the subscribers to earn returns in a short tenure or borrow whenever they feel the need.
Open to PAN India
Like-minded people from anywhere in India can join a Money Club and begin their journey with us.
No Physical Presence Required
The entire process, right from registration to auction, is 100% online. This means you can conveniently be in the comfort of your home during the auction.
Your search for the best Shriram Chits alternative ends here. Join Money Club today and start saving for your financial needs!
Happy & Satisfied Money Clubbers
I like the option to invest a part of my funds where there is a possibility of making good returns
It think MoneyClub will give me the option to save up for that dress that I have been wanting to buy for ages
Money Club gives me a great opportunity to help my friends when they need it the most
There have been times when I want to buy something for my house but I end up consuming my salary. Money Club gives me the option to meet my contingent needs