WHAT IS UMA CHIT FUND?
Uma Chit Funds is a Non-Banking Financial Institution began in India which comes under the RBI Act 1934. These organizations are represented by the Chit Fund Act 1982.
“Chit”, as described by the demonstration, suggests a trade by the technique for which a foreman goes into a simultaneousness with different supporters.
That every one of them will purchase in a particular measure of money in periodical bits throughout some timeframe for example Chit reserves are a customary method for investment funds and acquiring in which individuals or supporters consent to contribute a decent measure of cash for a fixed term of time.
The aggregate sum gathered (by foreman) is then unloaded and
given out as prize cash to the part or supporter out of luck.
Thus, this permits the individuals to save a piece of their profit for the occasions when required.
UMA CHIT FUND WITH BLOCKCHAIN TECHNOLOGY:
What makes Uma Chit Funds stand apart from the other chit store projects in the market is the way that the stage is upheld by the profoundly moving blockchain innovation alongside empowered savvy contracts. By drawing in our foundation with blockchain innovation, we would have the option to serve the chit holders with unequaled straightforwardness, versatility and some extra part benefits (which will be made accessible at the development of each effective chit term period). Shrewd agreements are lines of code that are put away on a blockchain and consequently execute when foreordained agreements are met.
The advantages of brilliant agreements are generally obvious in business coordinated efforts, in which they are ordinarily used to uphold some kind of understanding so everything members can be sure of the result without a middle person’s inclusion. Thus, this will guarantee full straightforwardness and guarantee the clients/individuals that our part of the bargain will be met without a mediator’s association. Every one of the records and history will be carefully put away and connected together on the conveyed record (blockchain). Each record is likewise scrambled to give an additional a layer of safety. Blockchain is supposed to be “permanent” on the grounds that the records can’t be changed and straightforward in light of the fact that all members to an exchange approach a similar adaptation of reality.
Accordingly, Uma Chit finances will make it feasible for you to save and acquire reserves effectively without taking a gander at the monetary documentation. Additionally, we anticipate giving different freedoms which will make it advantageous and valuable for our clients/individuals to pay the week by week/month to month/yearly EMI’s with our utility token (UCF) which will for sure assist with expanding the interest and use cases for our coin on the stage.
MISSION OF UMA CHIT FUND:
Uma chit subsidizes targets turning into the main and the most believed chit store organization across the globe.
The sole mission of the stage will be to work towards the monetary fortifying of its clients/individuals.
The chit holders will be ready to set aside and acquire cash at the base pace of revenue conceivable all together to satisfy their monetary requests.
The financing cost would be sent to the whole chit group which would comprise of a decent number of individuals going from 10 to 100 people.
This would likewise permit those chit holders to acquire some additional pay (inthe type of profits) from the client who might get a decent sum from the
whole chit pot.
Being upheld with one of the most cutting edge innovation (Smartcontracts empowered Blockchain) would permit us to help the utilization instances of our stage which would guarantee the straight forwardness, openness and dependability among the chit holders.
At Uma chit reserves, we endeavor hard to expand the utilization instances of our foundation and token to give our clients/individuals with prevalent openness, simple and secure functionalities.
High straight forwardness and a definitive answer for saving and getting of capital.
Blockchain Technology has forever been a rescuer for dispatching a monetary
item.
It guarantees reasonable choice of the chit champs in each round and makes a difference keep up with records which can’t be adjusted.
Accordingly, keeping up with the balance between the chit holders and demonstrating advantageous to our individuals/clients.
WHAT IS THE WORKING OF UMA CHIT FUND?
The working of the whole stage would be kept as basic as conceivable to make
every single client straight forward the value dissemination and the genuine
advantages of taking part into each round.
The working of Uma Chit Funds stage is entirely clarified underneath.
The member entering the chit round necessities to have the entire chit sum (
aggregate sum likeness the entire chit round span) in the local UCF coins
put away as guarantee on the stage or should add his/her credit/charge card subtleties also sign an auto-charging contract/concurrence with the UCF stage so that opportune installment of the EMI toward the beginning of each chit round is guaranteed.
Assuming entire chit sum (aggregate sum likeness the entire chit round term)
isn’t put away as UCF coins on the stage as insurance, really at that time a
agreement of auto-charging will be endorsed with the member substantial until the finish of the chit reserve span (until development period) to guarantee ideal installment of the month to month Emi’s.
The member can likewise pay the month to month chit sum utilizing different unique installment techniques, for example, Fiat monetary standards, digital forms of money and so on before the beginning of the chit round. In the event that the member neglects to do as such, just in such money, the sum will
be auto-charged from credit/check card or from the UCF coins put away on the stage as insurance.
The Working Structure Of Uma Chit Fund Divided Into Two Parts:
1- Storing the whole chit amount on the platform as collateral
2- Auto-Debiting system (which will be compulsory on the platform only in participant fails to keep the whole chit amount in UCF coin on the platform locked as collateral)
WORKING OF CHIT ROUNDS:
i- Fixed deposit into our smart:
Prior to beginning with each chit cycle, an earlier store by every one of the members should be made into our brilliant agreement which will be utilized to dispense the installment to adjust victor later the closeout happens. This decent store will
likewise be utilized to deliver the profits (assuming any) to the chit holders.
ii- Application of prior sanction letter:Subsequent to setting aside a decent installment to the brilliant agreement, an application would be made to the recorder comprising the FD subtleties, chit worth and chit length.
The recorder would than endorse the letter which would be sent to the
Uma Chit reserves.
iii- Formation of the chit group:Subsequent to getting the approval letter, the development of the chit gathering will begin.
People, business specialists and so forth will then, at that point, be permitted to hold a situation into the chit round by keeping a proper measure of our
utility tokens into the shrewd agreement.
iv- Certificate of commencement:Later the development of the chit bunch, our foundation will apply for the testament of beginning to the approved recorder referencing the chit esteem, chit individuals and chit length.
The recorder will then, at that point, endorse the testament of
beginning on legitimate investigation of the introduced records.
The receipt duplicate of the declaration will be sent to the chit holders and furthermore the first portion will then, at that point, be gathered from the members as different
installment techniques accessible on the stage or auto-charge from charge/credit cards or from their decent store on the stage.v- Chit auction:
Chit date and time will be pronounced not many days earlier and every supporter will be informed of something similar.
It is required that every single chit holder
goes to the chit sell off.There will be numerous updates shipped off each
supporter of ensure they don’t miss the chit sell off.Subsequent to gathering the
month to month EMI’s from the supporters/chit holders the sale will start.
The chit holders will be permitted to begin offering beginning from 95% of the whole chit add up to 70%.
The most reduced bidder will win the closeout and
the prize cash will then, at that point, be moved to him/her.On the off chance that there are two
equivalent offers then the victor will be picked by a fortunate draw.
vi- Payment disbursal to the winner of the chit round:The installment would be made to the champ inside 72 hours later the finish of
the bartering.
vii- Distribution of dividends among the chit holders:The sum inevitable by the champ is the excess for the whole chit bunch.
This sum will similarly be split between the chit holders.Chit holders can pick to change their month to month EMI’s as opposed to gathering the profits.
Profits will fill in as an additional a kind of revenue in each round.This would be the genuine advantages to the chit holders particularly to those not getting what’s more holding the chits for quite a while.
TOKONOMICS:
Uma Chit Fund token (UCF) is an ERC20 compliant token issued on the Ethereum platform.
It is a utility token on the Uma Chit Fund platform.
Token:
Total amount: 1,000,000,000
Private sale soft cap: $50,000
Private sale hard cap: $5,00,000
Public sale soft cap: $1,00,000
Public sale hard cap: $10,00,000
Token price: $0.1
UMA CHIT CUSTOMER SATISFACTION:
We endeavor to give the most exceptional UI to the clients of our chit
gatherings.
Every client would make some genuine memories update in regards to their chit buy, impending or forthcoming Emi’s, real advantages as profits (barring
the foreman charges), borrower’s cutoff for every month, and so on We will attempt to keep our members/chit holders as close as conceivable by keeping total straightforwardness what’s more going to by and by to any chit holder having issue/issue with the
stage.
A study structure will be shipped off every chit holders on their dashboard later the finish of each effective chit round to get authentic audits about the chit
plans, stage and assuming that any updates are required.
This will empower us to meet the
requests of the chit holders by inferring fundamental changes onto the stage
for straightforward entry and comfort.
