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Amount (₹) disbursed this month

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Saving Money

Flexible Borrowing Options with Margadarsi

With Margadarsi, you can borrow a lump sum amount whenever you need it, even before the chit period is completed. All you need to do is bid the chit amount in an auction and avail it by providing sufficient security.

Chit plans ranging from

₹ 2,50,000
₹ 5000 per Month
Duration: 50 months
₹ 25,00,000
₹ 50000 per Month
Duration: 50 months
₹ 50,00,000
₹ 100000 per Month
Duration: 50 months
₹ 1,00,00,000
₹ 200000 per Month
Duration: 50 months

Understand Chits. It’s simple

What does a share of discount or dividend mean?
What does a bid mean in the chit-fund process?
What happens if nobody bids in the auction?
Who is a Prized Subscriber?
What does an auction mean in the chit-fund process?
Who is a foreman?
What are the rights and duties of the foreman?

Share of discount is the portion of the discount amount available, which is the quantum of the amount that a subscriber forgoes in a draw in order to get the prize amount. In the quantum of discount, the foreman retains the commission, and the balance amount is distributed proportionately among all the subscribers at each instalment of the chit.

Bidding is nothing but a discount, which is a quantum of the amount that a subscriber forgoes in a draw in order to get the prize amount. The subscribers forego the highest discount during the prescribed time limit within the ceiling fixed by the Chit Funds Act, 1982, i.e. 40%.

In the event that no bidder is forthcoming in an auction, a lot will be drawn from the non-prized subscribers at the close of the prescribed time (i.e. 5 minutes), and the subscriber drawn will be declared as a prized subscriber. He will be entitled to receive the gross chit amount for his ticket less the foreman commission.

A Prized Subscriber means a subscriber who has either received or is entitled to receive the net chit amount. The prized subscriber who draws the net chit amount shall pay the Foreman the amount due for his ticket for each instalment on or before the due date of each such auction.

The prized subscriber who is entitled to receive the net chit amount must furnish necessary security or sureties to the satisfaction of the foreman for due payment of future subscriptions to draw the net chit amount.

In a Chit Fund Organisation, auctions play a vital role, which is crucial for identifying the prized subscriber in each auction. The subscriber who is to get the prize amount at any instalment shall be determined by a lot or by an auction at the place and time mentioned in the chit agreement. The time allowed for the auction is 5 minutes from the commencement of the proceedings. The proceedings will be regulated by the foreman, and in case of a dispute, the decision of the foreman is final.

The prime eligibility for subscribers to participate in an auction is to make up-to-date payments. The subscribers can submit written bid offers stating the maximum amount of discount they are willing to forego, which must be received by the foreman at least one day before the concerned auction, and it can be withdrawn only 24 hours before the auction time. Only subscribers or their authorised persons/proxies will be allowed to take part in the auction. Such authorisations shall be in writing.

The auction shall start from a foreman’s commission of 5% of the chit value, and bidders may, in the auction, raise a discount to the maximum of 25/30/35/40 per cent of the chit value, which is mentioned in the chit agreement. Each time, the bid shall be raised by rupees hundred or multiples thereof.

The non-prized subscriber who bids at the highest discount, not exceeding the specified maximum discount, will be declared as the prized subscriber. If there is more than one bidder for the maximum discount, the auction will be decided by lot among such bidders.

The foreman is a representative of the Chit Fund Company to operate the chit and is duly authorised by such a company. A number of authorised representatives authorised by the company can act as foremen depending on the requirement.

Among various rights and duties of the foreman, the following are crucial for the proper conducting of the chit.

It is the Right of the Foreman-

  • To obtain the gross chit amount without deducing the discount at the instalment specified in the chit agreement.
  • To entitle 5% of gross chit amount as may be fixed in the chit agreement by way of commission or remuneration for meeting the expenses for running the chit.
  • To collect interest and penalty, if any, payable on any default in the payment instalments under the provisions of the chit agreement.
  • To receive and realise all subscriptions from the subscribers and to distribute the prize amounts to the prized subscribers.
  • To demand sufficient security from any prized subscriber for the due payment of future subscriptions payable by him.

It is the duty of foreman-

  • To be bound to pay the net chit amount to the prized subscriber on furnishing sufficient security for the due payment of future subscriptions.
  • To deposit the unpaid net chit amount in a separate account in an approved bank mentioned in the chit agreement where the prized subscriber is unable to draw the net chit amount until the next succeeding auction. To intimate in writing the fact of such deposit and the reasons to the prized subscriber as well as the registrar.
  • To distribute a share of discount or dividend among the subscribers by way of adjustment towards the subscriptions payable for the next instalment, in accordance with the chit agreement.

Once a person wins an auction, they are excluded from participating in future auctions but are still required to contribute their share. In the event that no bids are placed during a particular month, the entire amount becomes available for a lucky draw or lottery. Through a lucky dip, one member is declared the winner of the funds.

Bidding means that the member agrees to forego some part of the money in order to claim the bid amount. The lowest bidder, i.e. the one who is ready to forego the most subject to a ceiling, gets the amount. The Chit Funds Act of 1982 establishes a maximum ceiling of 40% on the amount that a member can forgo.

'Dividend' refers to the portion of the discount amount available under the chit agreement that is distributed proportionately among the subscribers at each instalment of the chit.

Why Us

No.1 Chit fund company in India
60 Lakh+ satisfied subscribers
Network of 113 Branches
18000+
Agents
4100+
Employees

No.1 Chit Fund Company in India

Margadarsi Chit Fund is your trusted partner for financial growth and security. With convenient savings and borrowing options, we help you plan for unforeseen events and ensure stability. With 60+ years of consistent growth, and current turnover of Rs. 10,687 crore, we are India's top chit fund company. Our leadership, ethics, and law-abiding culture maintain our credibility and position at the forefront.

60 Lakh+ satisfied subscribers

For 60+ years, Margadarsi has empowered over 60 lakh customers, building trust and financial success. Our chit schemes have fulfilled dreams of homes, businesses, education and much more. With transparent processes, we create lasting relationships and a sense of community. Join us for a brighter future.

Network of 113 Branches

With 37 Branches in Andhra Pradesh, 35 Branches in Telangana, 23 Branches in Karnataka and 16 Branches Tamil Nadu, Margadarsi Chit Funds Pvt. Ltd. is a household name in South India. Our journey of enriching lives continues as we strive to provide innovative solutions and exceptional service for many more years to come.

18000+ Agents

A tight-knit network of 18000+ agents, over the decades, have become an integral part of our organisation. These professionals act as intermediaries between Margadarsi and our participants. Their responsibilities include educating customers about chit fund schemes, assisting them in the enrolment process and providing regular updates.

4100+ Employees

We owe our success to a talented, diverse team of 4100 employees who embody our values. Their dedication has propelled us to remarkable milestones and exceeded our goals. They have been delivering exceptional service, while we invest in their development and celebrate their achievements. Together, we forge a path to a brighter future.

60 Years

Our Presence

  • Andhra Pradesh
  • Telangana
  • Tamil Nadu
  • Karnataka
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37 Branches in Andhra Pradesh

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Testimonials

Author

Margadarsi is a trustworthy company; as much as a nationalised bank. It is all due to the comfort and trust created by Sri Ramoji Rao. Margadarsi has been a part of our business culture since generations. I was introduced to chit subscription by my father who was also a subscriber of Margadarsi Chits. With Sri Ramoji Rao as the Chairman of Ramoji Group, every subscriber is assured of absolute transparency and the trust that he symbolizes.

RV Purna Chander Rao, RVPR Constructions, Hyderabad

Author

I've been a Margadarsi subscriber for 45 years, and at any given time I have 2 -3 chits. It was with the support of Margadarsi Chits that I could establish a successful hotel business apart from a successful transport business. With my long association with Margadarsi, I suggest everybody, especially the younger generation, to plan a financial backup through a Margadarsi Chit.

Venkateshwar Rao Gudapati, V Hotel, Visakhapatnam

Author

For 23 years, Margadarsi has been my partner in progress. I regularly subscribe to new chits with Margadarsi every year. I'm happy there's Margadarsi so I can easily scale up my business with no worries about working capital.

P. Narender, Tech Med Systems, Visakhapatnam

Author

I've been a Margadarsi subscriber since 1985 and there's no doubt about the importance of chits in our business. We began with small chits of Rs. 5 lakhs and increased our investments to Rs. 80 lakhs. I personally recommend every business owner, especially youngsters to inculcate a savings habit and subscribe to a Margadarsi Chit.

G. Kattaiah Chowdary, GKC Shipping & Logistics, Visakhapatnam

Author

I've been a Margadarsi subscriber for 25 years. I began with small chits and today I have chits worth Rs. 1 crore. I'm glad I can withdraw a large amount for any immediate need. I'm grateful to Margadarsi for being part of my success story.

B. Ravi Kumar, Star Offset, Vijayawada

Author

I've been a Margadarsi subscriber since 1997. For me, Margadarsi symbolizes trust. I'm absolutely confident that I can depend on Margadarsi for quick access to funds. I feel everybody should plan savings with Margadarsi through a chit subscription.

M. Sharath Babu, Ratnam Poultry Pvt. Ltd., Hyderabad

Author

It has been 15 years since I joined the Margadarsi Chit Group. Thanks to Margadarsi, we could easily tide over the pandemic. Even today, we depend on Margadarsi for our business operations. It's a great backup instrument and I suggest every entrepreneur to subscribe to a Margadarsi Chit.

Alapati Srikanth, Cotton Shop, Vijayawada

Author

I began my subscription to a Margadarsi Chit nearly 22 years ago. We are happy with their prompt service to arrange immediate funds on winning an auction. The money from Chits helps us for business needs and working capital and to scale up our operations.

P. Marutha Selvam, Eagle Industries & Kings Solar Traders, Coimbatore

Author

We have been subscribers of Margadarsi Chits for 20 years. The chit helps us as a backup source in times of need as an emergency fund. We are indeed fortunate to have Margadarsi stand by us through thick and thin.

Lathamani Selvaraj, Rajasekhara Petrol Fill & Oil Services, Coimbatore

Author

Our association with Margadarsi dates back to almost 15 years. Their strict policies towards safeguarding investor money are a reassurance for business owners like us. There's no exaggeration in the fact that Margadarsi is like a savior in the hour of need. I recommend everybody to subscribe to a Margadarsi chit.

S.S. Shanmugam, Kasturi Packagings, Coimbatore

Media

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Works taken up under Haritha Haram Scheme of the State Government of Telangana

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చిట్ల వేలంలో రిగ్గింగ్‌కు అవకాశమే లేదని మార్గదర్శి చిట్‌ఫండ్‌ సంస్థ స్పష్టం చేసింది. డిఫాల్టరైన చందాదారులకు వేలంలో పాల్గొనే వీలే ఉండదని పేర్కొంది

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HC stays all proceedings against closure of Margadarsi chit

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AP HC stays public notice against Margadarsi

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మార్గదర్శి వ్యవహారంలో రాష్ట్రప్రభుత్వానికి హైకోర్టులో చుక్కెదురైంది.

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మార్గదర్శి వ్యవహారంలో రాష్ట్రప్రభుత్వానికి హైకోర్టులో చుక్కెదురైంది.

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'Baseless allegations': Chit fund firm responds

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MCFPL - WINDING UP NOTICES - CLARIFICATIONS

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'Baseless allegations': Chit fund firm responds to financial irregularities accusations

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Margadarsi describes public notice of Registrar of Chits as imaginary

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Eenadu's azadi ka amrit mahotsav: modi launches 'the immortal saga'

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Margadarsi chit fund probe explainer: Ramoji Rao’s Eenadu and AP govt at loggerheads

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Margadarsi responds to financial irregularities accusations

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Many chit groups of Margadarsi to be shut down says govt, subscribers get notice

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‘Baseless allegations’: Chit fund firm responds to financial irregularities accusations

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https://maeeshat.in/baseless-allegations-chit-fund-firm-responds-to-financial-irregularities-accusations/

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'Baseless Allegations': Chit Fund Firm Responds To Financial Irregularities Accusations

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Response to Public Advertisement and Notice to Subscribers of Margadarsi Chit Fund Pvt Ltd bv Registrar of Chits

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Working with people is the biggest skill set that one needs to acquire to be successful

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Eenadu's azadi ka amrit mahotsav: modi launches 'the immortal saga'

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Ramoji foundation built old age home in kurnool

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Celebrating 60 years of empowering dreams and goals

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Celebrating 60 years of empowering dreams and goals

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Celebrating 60 years of empowering dreams and goals

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Women Empowerment

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Flexibility of Borrowing

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Easy Withdrawals

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Fair Distribution

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Access to Funds

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Low Interest Payments

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Good Returns

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