Kerala Financial Corporation (KFC), Kerala’s own State Financial Institution, surpassed the historic milestone of Rs 5000 crores in loan assets.
“KFC achieved the highest growth among the Government owned State Financial Corporations (SFCs) in India. This achievement was facilitated by fresh loan sanctions of Rs. 3385 crore so far in the current financial year,” said Kerala Financial Corporation CMD Tomin J Thachankari.
Loan disbursal surged to Rs 2935 crore
Total loan disbursals of Rs.798 crore during the previous year has elevated to Rs.2935 crore during the current year. The Kerala Financial Corporation CMD said that the performance is more glorious at a point when other banks and financial institutions were reluctant to sanction loans due to the pandemic.
Loan repayments saw upward boost
The loan repayments also showed an upward trend, surging to Rs 1871 crore from last year’s figures of Rs 968 crore. This happened by the transfer of the defaulter’s information to CIBIL and tightening of recovery measures. As a result, the non-performing assets dipped to 3.4 per cent, the Kerala Financial Corporation said.
Special loan schemes for business class
During the year, the Kerala Financial Corporation provided loans to 1700 people without any security under the newly introduced Chief Minister’s Entrepreneurship Development Programme. The Kerala Financial Corporation also introduced loan schemes for converting buses to CNG and for purchasing electric vehicles without any security. A special scheme introduced for government contractors helped them discount their bills without any collateral, corporation CMD Thachankary said.
Tourism sector and hotels get new loan benefits
The Kerala Financial Corporation also came up with a scheme to revive the tourism sector. The hotels could avail special loans of up to Rs50 lakh without any security, under a daily repayment basis. “The scheme has received positive responses instantly”, financial corporation CMD Thachankary said.