Thiruvananthapuram: The Kerala Financial Corporation (KFC), the leading financial institution in Kerala, has seen an increase in its loan assets portfolio of 4,700 crore, for the financial year ended March 31, 2021 (FY 21), an increase of Rs 1,349 crore over the previous year.
In the fiscal year 2021, loan approvals reportedly amounting to Rs 4,139 crore were issued, up by 244 percent over the previous financial year. Similarly, loan disbursements also increased from Rs 1,447 crore to Rs 3,729 crore in the same period.
"Our goal for the year was a complete overhaul of the KFC. Rather than being an ordinary financial institution, KFC has remodelled itself to become an institution that offers customised loans and exemplary services to varied business sectors," said Tomin J. Thachankari, the CMD of Kerala Financial Corporation.
The CMD said that the centralization of credit approval and the opportunity to interact directly with top officials, including the CMD, for transactions and through video conferencing have helped to ensure better performance. At the same time, Covid was in crisis with the expansion.
KFC has set a record by granting new loans of Rs. 256 crore to 419 industries. The basic loan interest rate was reduced to 8% as funds were raised at 6.5 percent.