Finlok – Save Together, Stay Together

Man is a social being. With the advent of technology we are “connected” like never before with our family, friends, colleagues and neighbours. We are able to share real time updates, news and life events with in our social networks and receive feedback and responses straight away.


However when it comes to managing one’s finances most of us are left fending for ourselves. As a result we end up not saving enough, dipping into savings for unnecessary expenses, struggle to get credit and then to pay it off, don’t invest for future goals. Does this list sound familiar? Can you relate to this yourself? Look around you, this would be a common struggle for people in your social network as well.

Presenting Finlok – India’s 1st Group Saving App that can help you operate your saving group in an easy, secure and transparent manner. Finlok is based on an age old concept known across India by multiple names – bhishi, committee, chitty, BC among others. Finlok has brought this trusted model into the online world through its mobile application.

With Finlok users can create a saving group with people in their network (friends, office co-workers, family members, neighbours). In a matter of a few clicks you can set-up their savings group on Finlok’s mobile app. From there all you need to do is invite people to join your saving group by selecting contacts from your address book and let Finlok do the rest.

Once your friends register on Finlok and join your group your group gets started. From here Finlok makes the entire group operation – selecting the cycle winner, sending reminders and notifications, keeping track of payments and enabling direct bank to bank transfers (using BHIM-UPI – we do not ever hold your money). With Finlok’s savings group; each member of the group receives a lump sum fund, creates a saving discipline.

Savings Groups

For centuries people have been collaborating in savings groups to save, access credit and earn returns. There are many variations to this model – simple round robin, credit societies, lottery and many more; however the core principle remains the same. A way for a group of people that are connected and trust each other: co-workers, friends, family members, neighbours, to get together and save, get credit within their group and earn returns. In India these models go by many names – chit funds (regulated under the Chit Fund Act; unfortunately however most chit funds operate under an unregulated and illegal format), bhishi, BC, committee etc. In fact the models exist across the world too – called ‘tanda’ in Latin America,‘hui’ in China, ‘stokvels’ in South Africa and ‘partnerhand’ in West Indies.


Save Together, Stay Together

People typically complain that saving alone is very difficult. One needs motivation and would love help. Finlok is India’s 1st Group Saving App that has digitised the entire group saving activity using the latest and most secure mobile and payments technologies. Imagine this as a personal bank for your group.

Finlok’s Savings Groups provides an excellent way to –

  • Create a forced saving discipline

    • You have funds due each week/month towards your savings group. This makes it less likely for you to spend on unnecessary expenses

  • Motivation

    • One motivation is to meet your own goal based saving target; the second is to help your group members meet their saving targets

  • Access to short term credit

    • Finlok’s credit models rely on your behaviour in your savings groups to offer hassle free short term credit

  • Earn returns against your savings group

  • Transaction History for medium/long term credit


Finlok further helps users to maintain a transaction history against their bank accounts thereby build a financial profile for the longer term.


The flow is as follows (you have already completed the steps highlighted) –

  1. A user downloads Finlok App

  2. User completes the registration process

  3. User sets up their BHIM-UPI address on Finlok

  4. User creates a saving group by selecting – amount, date for payment, period of saving and number of members

  5. User invites his friends to join his group by choosing contacts from their contact book

  6. Finlok sends an SMS inviting these friends to join the group along with app download link

  7. These friends will download Finlok and complete process 1-3

  8. They would then review the JOIN request on their HOME screen to complete the group joining process

  9. Once enough people have joined the group the group can be activated

  10. Once ACTIVE the system would select the beneficiary for the first cycle and notify each member about the cycle winner

  11. Each member would then be able to pay their share directly to the beneficiary from the Finlok app

    1. The money moves directly between the sender and receiver bank accounts with No fund-locking with Finlok

  12. Finlok app keeps track of payments, reminds the members that haven’t paid and ensures the smooth operations of your group

  13. Once all members have paid the first cycle completes

  14. On the next due date; as the group admin you would be selected as the beneficiary (giving you a 0% interest loan from your group) – step 11-13 would repeat

  15. The cycle would complete until each member has received the lump sum amount once.

Finlok - Savings Groups

Finlok helps users meet life’s goals (buying the latest gadgets, plan holidays), invest for future (lump sums towards fixed deposits, gold etc.), paying off costly debt (such as credit cards, payday loans etc.).


What are you waiting for?


Download Finlok

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