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Kerala Financial Corporation (KFC) doubles its business

Kerala Financial Corporation (KFC), Kerala based the leading financial institution, has recorded an all-time high portfolio of Rs 4,700 crore for the year ended March 31, 2021.

The provisional figures show an immense improvement of Rs 1,349 crore over previous year’s figures of Rs 3,351 crore. Loan approvals and repayments have also increased significantly over the previous years.

Loan disbursements also increased from Rs 1,447 crore to Rs 3,729 crore. That is, an increase of 258%. Even during the crisis, loan repayments increased by 262 %. Loan repayments increased considerably from Rs 1,082 crore in the previous year to Rs 2,833 crore.

Interest income rose 131% to Rs 436 crore from Rs 334 crore during the previous year. This was facilitated by the sharing of defaulters’ information to CIBIL and tightening of recovery procedures.

During the year, the Corporation has sanctioned new loans of Rs 256 crore to 419 industries struggling due to COVID-19 crisis. Furthermore, 1937 new ventures were assisted under the Entrepreneurship Development Scheme. Loans up to Rs 1 lakh were provided under this scheme without any collateral.

Special loan scheme was introduced for units affected by the COVID-19 pandemic. Loans amounting to Rs 256 crore were sanctioned to 419 existing and new ventures.

 

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