The objective of Uma chit funds is to be the best chit fund company in the world. This will help the people to save money and also avail loans when necessary. Apart from this, they can also make some extra income with the help of their chit funds. Here are some of the features of this chit fund company. All you have to do is invest in them and enjoy a better financial life.One of the advantages of Uma is that the business is transparent and decentralized. In addition to that, the platform is backed by cryptocurrency. This means that it provides a secure source of funds during emergencies or other financial calamities.

https://cdn.steemitimages.com/DQmXXVyutrz7EuhZ7tKRz93tmEyp7Prg7GvYV7X1Hk12X6p/4.jpg

The Uma chimt fund is also backed by blockchain technology. It's also a good option for people who are unbanked in India.A chit fund is a mutual fund where people pool their money for a specified period of time. The purpose of a chit fund is to provide financial support to people. During difficult times, the investor may need money in a hurry. This chit fund will provide them with the needed funds. And, if the investor wants to invest in a chit, the chit fund will protect the investor's money.As the name suggests, Uma aims to become the leading chit fund company in the world. It will be the first chit fund company to use blockchain technology. The platform will be based on cryptocurrency and will allow chit funds to be listed on the site. This will give the investors increased transparency and security while giving them an additional source of reliable funds for financial emergencies.

## Fixed Deposit Into Our Smart

Before starting with every chit round, a prior deposit by all the participants must be made into our smart contract which will be used to disburse the payment to the round winner after the auction takes place. This fixed deposit will also be used to pay the dividends (if any) to the chit holders

. ## Application Of Prior Sanction Letter

After making a fixed deposit to the smart contract, an application would be made to the registrar consisting the FD details, chit value and chit duration. The registrar would then sanction the letter which would be forwarded to the Uma Chit funds.

**1. State Government Chit Funds:** These are run and managed by the state governments and are completely transparent. **2. Private Chit Funds:** These are registered under the Chit Funds act 1982 and are help privately by a company or a financial institution. ![1.jpg](https://cdn.steemitimages.com/DQmQsG673xLENbkfYJQu3RrWnmkNP7TRjwZDHMHanVALY16/1.jpg) ## Formation Of The Chit Group

After receiving the sanction letter, the formation of the chit group will commence. Individuals, business authorities etc will then be allowed to reserve a position into the chit round by depositing a fixed amount of our utility tokens into the smart contract.

## Certificate Of Commencement

After the formation of the chit group, our platform will apply for the certificate of commencement to the authorized registrar mentioning the chit value, chit members and chit duration. The registrar will then sanction the certificate of commencement on proper scrutiny of the presented documents. The receipt copy of the certificate will be forwarded to the chit holders and also the first installment will then be collected from the participants in the form of various payment methods available on the platform or auto-debit from debit/credit cards or from their fixed deposit on the platform.

## Chit Auction

Chit date and time will be declared a few days prior and each subscriber will be notified of the same. It is mandatory that each and every chit holder attends the chit auction. There will be multiple reminders sent to each subscriber to make sure they do not miss the chit auction. After collecting the monthly EMI’s from the subscribers/chit holders the auction will commence.

The chit holders will be allowed to start bidding starting from 95% of the entire chit amount to a maximum of 70%. The lowest bidder will win the auction and the prize money will then be transferred to him/her. In case there are two equal bids then the winner will be chosen by a lucky draw.

Important Links:

Website: https://umachit.fund

Facebook: https://www.facebook.com/umachitfund

Instagram: https://www.instagram.com/umachitfund

#umachitfund #startup #blockchain #ethereum #chitfunds

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ETH Wallet Address: 0x7E769bf09d5Ae67559C7EA1FC1b0847A61BFF8AA