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:
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.
Vidhyadhanam Loan Scheme of KSFE is designed for all Keralite students who intends to seek admission to professional courses. Loan amount of minimum Rs. 0.50 Lakhs and a maximum of Rs 10 Lakhs will be disbursed according to the requirements from admission to completion of course.
The loan is a long term loan which has to be repaid within 5 years time from 12th month of completion of the course or on employment whichever is earlier.
The interest rate is 12.25 % for regular customers. 12% for EWS category ie., annual income of parent or guardian of students is less than One Lakh. However for students under Economically Weaker Section, government will give a subsidy of 4% and therefore the effective rate will be only 8%.
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 60 months. KSFE personal loan can be availed by the customers of KSFE with a good track record of one year or more.
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 Haritham Loan Scheme is for the supply and installation of solar panels, bio-gas plants, solar water heaters as well as for the purchase of energy saving house hold durables viz., fridge, washing machine, air conditioners etc. having 3 star rating and above.
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.
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.
Rates:
Rs.10 lakhs & below: 9.00% p.a. (yearly diminishing)
Above Rs.10 lakhs & upto 1 Crore: 9.75% p.a (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% per annum on EMI)
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. The interest rate payable for loans upto 35 months is at 12.00% per month and the rate is 14.00% if the loan period exceeds 35 months.
- Purpose
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.15,00,000/- under this category. - Security Acceptable
Types of security acceptable for chitty prize money are acceptable in the case of CVL also. - Interest Rate
13.00% (simple) is the interest rate applicable and for defaulted accounts 15.00%(simple) . - Duration
The duration of the advance is between 12 months and 60 months.
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?
The interest rate of the advance is 13.00% (simple) and for defaulted accounts 15.00%.
- KSFE Housing Loan
- Gold Loan
- KSFE Personal Loan
- Consumer Vehicle Loan
- Special Car Loan
- Fixed Deposit Loan Scheme
- Vidyadhanam Education Loan Scheme
- Sugama (Akshaya) Overdraft Scheme