A simple, transparent, and secure solution
How Does COINPLUS Works
It is a Systematic Saving Plan (SSP) with a vision to use the modern technology to the hands of trusted and verified customers across the globe.
A certain amount is deposited on a regular basis by a group of members till the specified tenure and the auction shall be conducted on monthly basis and the prize money shall be disbursed to the successful bidder (Rotating savings and Credit Association)
Each month/week, a member from the group is selected as the Winner through an online auction.
The customers who are the group can participate in live auction through Mob App or Website, provided he/she remitted the monthly subscription.
The minimum and maximum amount which a participant can bid shall be displayed during the auction.
If a subscriber can’t participate in live auction due to any reason he can place a bid amount after remittance of current instalment.
The instalment shall be decided after each auction and will be displayed in Mob App or Website.
The company receives a commission of 3% to 5% and rest of the discount will be distributed equally among all the subscribers of the group irrespective of Prized or Non-Prized subscriber.
Let’s assume the following scenario:
Total contribution:
Chit groups ranging from 2 Lakhs to 1 Crore catering to wide income groups.
The dividend
If one of the subscriber bids for the maximum amount, i.e 30000 (30% of the total contribution). ₹5,000 will be deducted as commission and ₹25,000 will be distributed evenly to all the 20 members (Each member will be eligible for an amount of ₹1,250)
Prize amount
Prize amount (the total money the winner receives): ₹70000.
Instalment Amount
₹5,000 – ₹1,250 = ₹3,750
Successful Winner
If more than one participant opt for the maximum bid amount, the winner shall be decided by lot automatically and all participants can see the selection of winner with a modern technology to ensure transparency. If no one participate in auction the successful winner is decided by lot among the non-prized subscribers who have remitted the current installment and the cycle continues without disruption.
Successful Bidders must provide required sureties based on total amount of future instalments.
The Prized Member is obligated to continue paying monthly/weekly instalments until the termination of the chit.
The dividend accrued over 20 months represents the return on investment for the monthly subscriptions made by participants in the group
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