KSFE is one of the leading financial investment sector undertaking by Government of Kerala
They are offering the following services
- Chitty
A chitty is basically a contract between the foreman and the Subscribers.As per the contract, each subscriber agrees to remit a fixed amount of money every month for a number of months.
- Chitty Loan
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). In the case of 100 months chitties, the maximum loan amount will be 30% of the sala.
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 14.5% (simple) and for defaulted accounts 16.5%.
- Consumer Vehicle Loan (CVL)
KSFE CVL Scheme helps you in acquiring white articles, vehicles etc., which you have always dreamed of owningAvailable 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.Security Acceptable Types of security acceptable for chitty prize money are acceptable in the case of CVL also.Interest Rate 13.5% (simple) is the interest rate applicable and for defaulted accounts 15.5%(simple) .Duration The duration of the advance is between 12 months and 60 months.
- Reliable Customer Loan
How can I be considered to be eligible for the advance? If you have been customer of KSFE, with a good track record, for one year or more, you are eligible for the advance. What is the maximum amount of advance?The maximum amount of advance is Rs.1,00,000/- on personal security, and property security and Rs.5,00,000/- on financial documents security.
What is the maximum duration of the advance? The maximum duration of advance is 48 months.What is the interest rate?The interest rate is 12% (yearly diminishing) and for defaulted accounts 18% p.a.
- Gold Loan Scheme
For what purposes can I avail of this advance facility? This facility is for meeting any type of contingent requirements, thus harnessing the yellow metal, which is usually a “non-sweating” asset, for productive purposes.What is the duration of the advance?The advance is for a duration of six months. But it can be renewed, if necessary, upto an aggregate period of 24 months by remitting interest in every six months.What is the interest rate?The interest rate is 12% per annum (simple) to a loan upto and including Rs5000/-.Interest rate for loans above Rs 5000/- and upto & including Rs 25000/- is 12.5% per annum(simple).Interest rate for a loan of above Rs 25000/- is 13% per annum(simple).
What is the maximum amount of loan?Maximum amount of loan is Rs.3-lakhs. What is the special feature of this loan?The special feature for this loan is that the interest is charged for the actual number of days for which the gold is pledged, subject to the condition that minimum interest of Rs.25/- will be charged for an advance exceeding Rs.5000/-.
- Passbook loan
A non-prized chitty subscriber, without any default in remittances of instalments, are eligible for a passbook loan, the ceiling of which is based on certain discounts from the paid up amount in the respective chitty.No security is required. No security, other than the passbook is required for the advance. Interest rate?The interest rate is 13% (simple) and for defaulted accounts 15%.
- Trade Finance
Purpose: An advance for the small-scale traders to enhance their working capital.Limit:Upto Rs.1-lakhsEligibility: The applicant should have a small-scale trading venture. The proof for the same such as license from the local body, lease deed etc. has to be produced. The Manager concerned will conduct a site inspection to ascertain the location and holding of stock-in-trade.
Interest Rate: 13.5% p.a.(simple) and for defaulted accounts 15.5% (simple)Repayment Perod:12-months to 60-months.Security:As in the case of Chitty.
- Housing Finance
This finance is available for :
- Building your dream house
- Purchase of house plots
- Outright purchase of house/flat
- Renovation of existing house
Am I eligible for the advance?
You are eligible for the advance if you belong to one of the following categories:Salaried PersonProfessionals like doctors, engineers, chartered accountants, lawyers etc.Businessmen who are income tax assessees.Non-resident Indians.Persons earning rental income.
What is the maximum duration of the advance?
You will have to repay the principal, along with the interest, within a maximum period of 180 months (i.e, 15 years).
What is the maximum advance that I can obtain?
The amount of advance is limited to such amount, the corresponding monthly instalments of which does not exceed 45% of your monthly income.
What is the interest rate of the advance?
Amount & Period Interest rate
Rs.5 lakhs and below 10.25%p.a (Yearly Diminishing)
Above Rs.5 lakhs and upto 10 lakhs 10.50% p.a (Yearly Diminishing)
What are the securities acceptable for availing of the advance?·
For the purchase of plot, the advance will be limited to 75% of the documented value of the plot. In the case of outright purchase of plot and house, the advance will be limited to 75% of the documented value of the plot and house. For house construction, the advance amount will be limited to 75% of the estimated value of the house to be constructed.The land and/or house, as the case may be, will be the security for the advance.
- Sugama Deposit Scheme
What exactly is the nature of this scheme?
Is it just another term deposit scheme? No. This is not a term deposit scheme. This scheme is quite comparable to the Savings bank deposits in banks, but of course, with marked difference in interest rates. Whereas the maximum interest offered by banks for this scheme is 3.5%, KSFE is offering 5.5%. This is undoubtedly the best offer in the financial service sector, among the deposit schemes belonging to the SB a/c category.
- Fixed Deposit
Is it like any other fixed scheme?
Yes and No. Yes, because it has many features of the FDs in banks. No, because the returns are comparatively higher and because the effective returns are really higher than the published interest rates, because of monthly payment of interest (in the case of all other institutions, the interest is paid quarterly).
What will be my returns?
The annual interest rate in case of deposits from the public is 10% per annum.Interest for chitty prize money deposits upto Rs 1 lakh is also 10% per annum.Interest for chitty prize money deposit for Rs 1 lakh and above is 10.25% per annum.Due to the monthly payment of interest, the effective rate will be higher than this rate. Senior citizen will get 10.5% for fresh deposits as well as for prize money deposits.
What advantage can I expect by way of returns, when compared to FDs of other reputed financial institutions?
The returns are much higher than that offered by any reputed financial institution, the highest interest rate offered by nationalized and scheduled banks
Loan facility
Normally 75% of the fixed deposit amount can be availed as loan. This facility is called Fixed Deposit Loan. In exceptional cases loan upto 90% can be sanctioned by the branch manager using discretionary power. Interest for the loan is 2% above the rate of interest on Fixed Deposit.
Fixed Deposit is accepted as security for loan/advance schemes of the company.
Pravasi Bandhu Chittikal 2008
The current scenario of Kerala , shows that the very life of this state is run by the cash flow from the non resident Keralites. The number of this group is increasing day by day.
Last year we have introduced a new scheme, to honor the contributions of this non-resident Keralites group , under the title of Pravasi bandhu chittikal. It primarily targeted the family members, relatives and friends of NRK's residing inside Kerala and helped the NRK's to fulfill their dreams in their native land. It was a grand success, by the active participations of the relatives of NRK's and collected far more than the target fixed.
Now we have introduced a new edition of Pravasi Bandhu Chitties, under the title Pravasi Bandhu Chittikal 2008, from 1st November 2008 , the fifty second birth anniversary of Kerala State. The significance of the date selected closely depicting the commitment of KSFE to the NRK's so that they are the inevitable part of Kerala though they live most of the days outside the state physically. Their dreams , sprit etc., all are vested inside the land.
It is a special scheme consisting of a series of chitties ranging the monthly remittance from 25 to 100 months. So one can easily pick the desirable one from the series, depending upon their financial back ground and repaying capacity. The whole benefits of chitty, as a financial product , tested by the heritage of many years, will be automatically reached them by simply joining in the scheme. But besides the strong support of the financial product called chitty, Pravasi bandhu chitties, 2008 offers certain more benefits to them. First of them are prizes inbuilt.
Prize Scheme
Three types of prize schemes are attached with pravasi bandhu chittikal 2008. First , a bumper prize of 10 Maruthi Alto cars at the State level for the selected members. To regulate the distribution of prizes all over Kerala uniformly, it has already decided that the draw will be such that each of the five region of KSFE will get 2 cars.
The second prize is good in number, 100 air tickets to Dubai with the additional facility of returning. Actually this is intending for 50 families, in a view that , the air voyage can be made a joyful one with one additional family member.
The third one is more penetrative which ensure the probability of getting prize in every chitties. In every chitty the selected 3 subscribers will get a chance to receive gold coins with the first auction of the chitty.
Other benefits
The building up of Pravsai Bandhu chitties are such that it provides various options to the customers. It has a built in mechanism which offers a multi purpose project wrapped under a single name Pravasi Bandhu chittikal 2008. For example the following benefits can be availed by a customer by simply joining in the Pravsai Bandhu chittikal. One can choose a loan scheme for marriage purpose, for building a residential home, to own a vehicle etc. The terms and conditions are too simple.
More over one non prized chitty subscriber can avails a credit line of Rs. 1,00,000 or 50% of Sala , which ever is less , by the completion of first auction itself. The surety norms are too liberal to avail the above said loans.
If the prize money is deposited in the company, the fixed deposit will get more interest than ordinary deposit.
Since an uncertainty factor pertains within the course of life of every person, we have introduced a liability waiver scheme to absorb the shock of uncertainty factor. According to this liability waiver scheme, in case a prized subscriber who meets with unfortunate death in an accident, the company will write off the future liability or rupees one lakh which ever is less.
Yes, we are just highlighting only a few advantages of a great product. After all by joining in KSFE schemes, means participating in an on going process of development of our state, since one part of the income of KSFE directly goes to the State Govt.. KSFE a profit running PSU, from the very beginning and is a synonym to the development of Kerala and Keralites, as its slogan says "KSFE-The thump impression of the developing Kerala".
For More details Please visit http://www.ksfe.com/
