Keep your resolutions this year

The end of the year is around the corner. It is the time of the year when most people start planning their New Year Resolutions.



Grand plans of saving money, investing more money for future, special plans for the loved ones, starting to exercise, eating healthy, are all put together. But; if you are like the millions around the world; these grand plans would mostly not be achieved.



The reason most people fail to keep their resolutions is because they are trying to do achieve these goals alone. Just imagine the times when you were able to meet a goal that you set for yourself. These will be times when you bring a few people together to create a support system that motivates each other to meet the goal. Think back on that study buddy that motivated you to stay up that extra hour to study that bit extra, that gym buddy that motivated you to drag yourself to the gym the day you felt tired, that friend that signed up for the diet plan and reminds you about the goal each time you get tempted to that cake slice!



Imagine if there was a way you could bring your friends into a motivational group that gets together to meet financial goals. Imagine if there was a way to bring your friends across India together to collect a lump sum amount at next to no cost!


Imagine if you ask your a few friends to start a saving group (commonly called bhishi, committee, BC, chitty across India) – 10 of your friends and family members can decide to collect Rs.5000 each on a fixed date, say 10th of each month. On each cycle all friends collect the funds and one of the group members is selected as the winner and given the entire lump sum. This process repeats every month until each friend has received the lump sum once.



In this simple manner each of the group members receives the pooled amount of Rs.50,000. Nearly all friends receive the lump sum sooner than if they had saved alone. No one pays any interest for the early access of funds.

This sounds really good right?


You or your group may have been tempted to start such a saving group; however the hassle of operating such a group might have scared you. You might have felt who would organise the meeting to select the winner, who would collect funds, who would keep track of payments, who would keep reminding members about the outstanding payments etc.


What if; there was an easy, hassle-free, secure and convenient way to manage this entire process? What if; there was a mobile app that allows you to –

  • Create a saving group

  • Invite friends to join your group

  • Automatically select the winner of each cycle

  • Facilitate direct bank-to-bank account transfers without any fund locking

  • Keep track and notify all group members about payments

  • Remind the members that have not paid.


Sounds too good to be true?


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.  


Watch this explainer video to understand more –

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.

So let us recap –


  • You can bring your friends across India together to start a saving group –
  • You do not need to deposit money with anyone

With Finlok you can choose to either pay by other modes (cash) or pay using the BHIM-UPI facility within Finlok. At no points do you or your group members need to deposit any funds anywhere.


  • You do not need to submit any documents or collateral with anyone

The savings group operates completely on trust. You do not need to share any document or personal data with anyone. All transaction and group related data are stored securely and are not accessible by anyone.


  • Do not need to pay any interest on the amount collected

As admin you receive the funds in the second cycle; this gives you access to 0% interest or Interest Free loan from your friends.


  • Do not need to pay high processing fee to collect the amount

For this operation Finlok charges a nominal fee; that too only on your third savings group. The first two groups are absolutely free!


So no more missing those resolutions or goals –

  • Save a lump sum to invest for future

  • Special gift for their parent’s anniversary
  • Investment for meeting future goals
  • Help friends meet their goals along the way.

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