Children's education
School and college fees, ready when the term starts.
Registered Chit Fund Company · Bangalore · Since 1999
SAVE EVERY MONTH. GET FUNDS WHEN YOU NEED THEM.
MCI (Bangalore) Chits Ltd. is a registered, public limited chit fund company trusted by families and business owners in Bangalore for more than 25 years. Simple schemes, clear paperwork, and people who guide you at every step.
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25+ yearsServing Bangalore since 1999
₹1 Lakh – ₹1 CroreChit groups for every budget
80+ yearsCombined experience of our leadership in banking and finance
RegisteredRegistered under the Chit Funds Act, 1982
About Us
A Bangalore chit fund built on banking values
MCI (Bangalore) Chits Ltd. was started by Mr. B. Shivalingappa, a senior banker with 30 years at Vysya Bank, with one simple aim: to give working families and small businesses in Bangalore a safe, disciplined way to save and to raise money without running to private lenders.
From our first office in Gandhinagar, we have grown to serve families and businesses across the city, and today we also welcome you at our second branch in Nagarabhavi, next to Chandra Layout. We are a public limited company registered under the Chit Funds Act, 1982, and every group we run follows the rules of the Registrar of Chits, Karnataka.
We are a family-run company with independent directors on our board. That means personal attention, clear answers, and decisions made with long-term trust in mind, not short-term profit.
Meet our Chairman ↓Guided by 30 years of banking experience
Mr. B. Shivalingappa, B.Com, LL.B. — Chairman
Mr. B. Shivalingappa began his banking career at Vysya Bank Ltd. in 1971. Over three decades he rose from Officer to Branch Manager in Tiptur, Divisional Manager in Gulbarga, and Assistant General Manager in Trivandrum and New Delhi. He retired as Senior Assistant General Manager, heading the Recovery and Legal Department at the bank's Head Office.
He brought this discipline in credit, recovery and law to MCI (Bangalore) Chits Ltd., which he continues to lead as Chairman. He has served as President of the Karnataka Chit Funds' Association, and holds or has held leadership roles at Vidyavardhaka Sangha, Mysore, the ING Vysya Bank Pensioners' Welfare Association, Universal Credit Souharda Sahakari (N), Rajajinagar Co-operative Bank and DCC Bank, Chitradurga.
Career at a glance
- 1971Joined Vysya Bank
- 1980Branch Manager, Tiptur
- 1991Divisional Manager, Gulbarga
- 1994Asst. General Manager
- 2000Senior Asst. General Manager, Head Office
- 1999Founded MCI (Bangalore) Chits Ltd.
How a chit fund works, in 4 simple steps
A chit fund is a group savings and borrowing plan. A fixed group of members each pays a fixed amount every month. Each month, one member receives the full pool through an open auction. Everyone gets their turn.
- Step 1
Join a group
Choose a chit value and monthly amount that suit your income. Sign the chit agreement with a simple document list.
- Step 2
Pay monthly
Every member pays the same instalment each month, for the full duration of the group.
- Step 3
Bid when you need money
Each month an open auction is held. The member who agrees to take the highest discount receives the prize money that month.
- Step 4
Earn dividends
The discount, after the company's commission allowed by law, is shared among all members as a dividend, so your monthly payment goes down.
Need money early? Bid. Don't need it? Keep saving, earn dividends and receive your amount later in the group.
See an example
Example only| Chit value | ₹ 1,00,000 |
|---|---|
| Members | 25 |
| Duration | 25 months |
| Monthly instalment | ₹ 4,000 |
| Winning bid (maximum 30%) | ₹ 30,000 |
| Prize money to the winner | ₹ 70,000 |
| Foreman commission (5% of chit value) | ₹ 5,000 |
| Dividend shared by 25 members | ₹ 25,000 ÷ 25 = ₹ 1,000 each |
| What each member pays that month | ₹ 4,000 − ₹ 1,000 = ₹ 3,000 |
This example uses our ₹1 Lakh group at the maximum bid. Actual prize money and dividends depend on each month's auction and the terms of your chit agreement.
See our chit schemesOne plan, many family goals
Weddings and functions
Plan ahead without borrowing from relatives.
Your own home
Build the down payment or finish construction.
Business growth
Stock, machinery or working capital for your shop or trade.
Medical needs
Bid early when the family needs money urgently.
Disciplined savings
Don't need it now? Save, earn dividends, take it later.
Why Bangalore families choose MCI
Simple to start
A short, clear document list and our staff help you fill every form. No running around.
Prize money released quickly
Once you win the auction and complete the surety formalities, we release your money without long delays.
Keep ownership of your security
When you pledge security for prize money, it is by hypothecation. Ownership stays with you.
Low CIBIL score? You can still join
Joining and saving in a chit does not depend on your credit score.
Schemes for every budget
From small monthly amounts for salaried families to larger chits for traders and business owners.
No pre-closure charges
We do not charge pre-closure fees on prize money. Any withdrawal follows your chit agreement and the Chit Funds Act, 1982.
Popular chit schemes
Chit groups from ₹1 Lakh to ₹1 Crore. Choose by the amount you need and what you can pay each month.
Your savings, protected by law and by process
- Registered company. MCI (Bangalore) Chits Ltd. is a public limited company registered under the Chit Funds Act, 1982.
- Every group registered. Each chit group is registered with the Registrar of Chits, Government of Karnataka before it starts.
- Security with the Registrar. As the law requires, we deposit security with the Registrar for every group before it begins.
- Open auctions and surety. Auctions are held openly and members may attend. Members who take prize money give surety, which protects everyone else in the group.
A chit fund is not a bank deposit and is not covered by deposit insurance. That is why choosing a registered, well-managed company matters.
Frequently asked questions
What is a chit fund?
A chit fund is a savings and borrowing plan run for a fixed group. Members pay a fixed amount every month. Each month one member receives the pooled amount through an open auction, and the others share the discount as a dividend. Everyone gets their amount once during the group.
Is MCI (Bangalore) Chits Ltd. registered?
Yes. We are a public limited company registered under the Chit Funds Act, 1982, and every chit group we run is registered with the Registrar of Chits, Karnataka.
How do I join?
Call us, send a WhatsApp message, fill the enquiry form, or visit our office. Our staff will explain the schemes, help you choose one, and complete the paperwork with you. Our staff will tell you the documents needed.
Can I use the money for anything?
Yes. Education, weddings, a home, your business or a medical need: the prize money is yours to use.
How soon do I get the money after I win the auction?
After you win and complete the surety formalities, we release the prize money quickly.
Do I need a good CIBIL score?
No credit score is needed to join and save. If you take prize money before the group ends, we ask for surety to protect the other members.
What if I need to stop paying midway?
Speak to us first. Withdrawal or transfer of your chit follows your chit agreement and the Chit Funds Act, 1982.
Is my money safe?
We are registered, each group is registered, and security is deposited with the Registrar as the law requires. A chit fund is not a bank deposit, so always join a registered company like MCI and read your agreement.
Where are your offices?
Our head office is in Gandhinagar, and our branch is in Nagarabhavi 1st Stage, next to Chandra Layout. See addresses below.
Start your chit today
Our team will call you back. No obligation.
Head office: Gandhinagar
B-104, Brigade Majestic, 1st Main Road, Gandhinagar, Bengaluru 560009
Get directionsBranch: Nagarabhavi
No. 16, 2nd Floor, "Maruthi Arcade", 4th Cross, Maruthi Nagar, Nagarabhavi 1st Stage (adjacent to Chandra Layout), Bengaluru 560072
Get directionsCall, WhatsApp or email
Call: 080-2339 1612 / +91 96114 77861
WhatsApp: +91 96114 77861
Email: mcibangalorechits@gmail.com