Thiruvananthapuram: Kerala Financial Corporation (KFC), Kerala’s leading financial institution, saw its loan asset portfolio increase by 4,700 crore, for the fiscal year ended March 31, 2021 (FY 21), an increase of Rs 1,349 crore over the previous year.
In FY2021, loan approvals amounting to Rs 4,139 crore were issued, up 244% from the prior year. Likewise, loan disbursements have also increased from Rs 1,447 crore to Rs 3,729 crore during the same period.
“Our goal for the year was a complete overhaul of KFC. Rather than being a regular financial institution, KFC has reshaped itself to become an institution that offers personalized loans and exemplary services to various industries, ”said Tomin J. Thachankari, CMD of Kerala Financial Corporation.
The CMD said the centralization of credit approval and the ability to interact directly with senior officials, including the CMD, for transactions and via video conferencing have helped ensure better performance. At the same time, the Covid was in crisis with the expansion.
KFC set a record by granting new loans of Rs. 256 crore to 419 industries. The base loan interest rate was reduced to 8%, with funds raised at 6.5%.