Although Chitty is in essence a loan/advance scheme, for subscribers whose chitties are not getting prized and, at the same time they are in need of money, relief has been provided by two loan schemes built within the chitty scheme, viz. Chitty Pass Book Loan and Chitty Loan.KSFE offers other loan/advance schemes, comparable to those given by banks and other financial institutions, and the same includes:
What is Chitty Loan For?
Chitty Loan is a bridge between your actual financial need and the delay in chitty getting prized in your favour
When am I eligible for a chitty loan?
If you are a non-prized subscriber in a chitty and remitted 10% of the total number of instalments promptly, you are eligible for an advance up to 50% of the total chitty amount or sala (gross subscription to be remitted per month multiplied by the number of instalments in the Chitty).
What is the maximum amount of advance?
The maximum amount of advance is Rs.75,00,000/- under this category.
How are the Principal and the interest of the Chitty loan settled?
The principal of the advance is settled by adjustment from the Chitty prize money and the interest has to be remitted every month.
What is the interest rate?
Duration of Chitty is above 50 months and up to 120 months: 11.25% (simple) and for defaulted accounts 13.5%.
Duration of Chitty is 50 months or below 50 months 11.75% (simple) and for defaulted accounts 14%.
KSFE CVL Scheme helps you in acquiring white articles, vehicles etc., which you have always dreamed of owning
- Available for
The articles for which CVL is made available include all consumer durable articles including computers, motor vehicles -two & four wheelers, certain durable medical equipments for clinics, agricultural equipments / appliances etc.
- What is the maximum amount of advance?
The maximum amount of advance is Rs.30,00,000/- under this category.
- Security Acceptable
Types of security acceptable for chitty prize money are acceptable in the case of CVL also.
- Interest Rate
Regular – 12.00% p.a.(simple)
Defaulter – 14.00% (simple).
The duration of the advance is between 12 months and 60 months.
KSFE GOLD LOAN
Purpose: The Scheme is intended to provide short term loans for people who are urgently in need of money, on the security of gold ornaments.
Loan Limit: Maximum loan amount in this scheme is limited to Rupees 25 Lakhs per individual per day.
Interest Rate: Upto and including Rs.10,000/- 7.50% per annum(simple)
Rs. 10001 to Rs.20,000/- 8.75% per annum(simple)
Above Rs.20000/- and upto & including Rs.25,00,000/- 9.75% p.a. (simple)
Default rate 3 months to 6 months = 0.75%, 6 months to 9 months = 1%, 9 months to 1 year = 1.25%, above 1 year =1.5%. Minimum Interest Rs.25/- for loans above Rs.5000/-
Period of Loan: Maximum period of loan is 12 months. Loanee can renew the loan for a further period of one year, after remitting the due interest and this facility can be availed up to 36 months.
Business Hours: Gold loan counter will be open from 10.00 AM to 4.30 PM on all working days.
The scheme aims at providing loan for the purchase of gold ornaments for marriage purposes. All persons eligible to enter into a contract under the Indian Contract Act are eligible for the loan, provided the loanee has repaying capacity and produces security which is sufficient and acceptable to the Company as per the norms in vogue. As this loan is given only for marriage purposes, genuine proof of the same should be produced to the satisfaction of the company. The loanee will be given opportunity to purchase BIS. 916 Hallmarked gold ornaments from reputed jewelers who are approved by the Company on the basis of their application, and scrutiny and Goodwill of the Jewelers.
KSFE helps you build your dream home. KSFE Home Loan is also available for purchasing land for housing, renovation of existing house and for the outright purchase of house/flat. To avail this loan scheme, one must fulfill/meet any one of the following criteria: the applicant must be a salaried person, businessmen who are income tax assesses, NRIs, persons earning rental income or professionals like doctors/engineers/lawyers/chartered accountant. The principal is repayable within a period of 360 months (i.e, 30 years) or applicant’s attainment of 70 years of age, whichever is earlier.
Rs.10 lakhs & below: 8.5% (yearly diminishing)
Above Rs.10 lakhs 9.25% (yearly diminishing)
( Max. period 30 years or attainment of 70 years of age whichever is earlier)
[up to the fixation of EMI- 13.25%(simple)]
(Penal rate 18% on EMI)
Our customers are valuable for us. KSFE offers a loan scheme for the customers which allows the customer to take a maximum of Rs.25,00,000 (Rs.25 lakhs) as advance for a duration up to 72 months. KSFE personal loan can be availed by the customers of KSFE with a good track record of one year or more.
Passbook loan facility of KSFE is available to up to date non-prized chitty subscribers, provided that the subscriber has made no default in the remittance of installment. No security, other than the passbook is required to avail this facility.
The interest rate of the advance is 10.75% (simple) and for defaulted accounts 13.25% (simple)
Loan offered by KSFE for buying new cars. This loan can be availed by salaried persons having a net monthly pay exceeding Rs.10,000 and self-employed professionals/businessmen/income tax assessee having an average annual income more than Rs.2 lakhs for the last 3 years. The minimum period of loan is 6 months and the maximum is 60 months.
Rate of Interest :
12.00% Monthly diminishing
(Default Penal Int. 18% on EMI)
The objective of the scheme is to provide an overdraft facility to Government Employees, Employees of Public Sector undertakings and Aided Schools/Colleges up to a sum of Rs.50,000/- on the basis of their own salary certificate. In case of employed couples coming under above category, overdraft upto Rs.5,00,000/- can be availed.
The loanee shall open a Sugama (savings) Account with any of the Branches of his/her choice. He/She can deposit and withdraw any amount as in the case of normal Sugama Account. Whenever the account is overdrawn, interest will be charged @ 13.00%, only for the specific number of days and amount overdrawn. If the account shows a credit balance, the account holder is eligible for normal Sugama interest @ 5.5% on the basis of monthly minimum balance. The period of this overdraft facility is 36 months. It can be renewed subject to conditions.
With this scheme, the employees coming under the above category will be benefitted to meet any financial exigency at a low cost. Since the loanee has the option to withdraw the amount as per his/her requirement and as the interest is charged only to that extent, the loanee can save the cost of interest as far as possible.
KSFE Trade Finance is an advance to the small scale traders to enhance their working capital. The maximum finance limit for a trader is Rs.1 lakh. The scheme can be availed by producing valid proof to show that the applicant has a small-scale business venture. A site inspection will be conducted to verify the location and holding of stock-in-trade. The minimum period for the repayment of loan is 12 months and the maximum time limit is 60 months.