THIRUVANANTHAPURAM:After becoming the first state-run financial agency to adopt a base rate, the Kerala Financial Corporation (KFC) has set an ambitious target of disbursing loans worth Rs 1,500 crore this fiscal. This is double the amount sanctioned during the previous fiscal. KFC chairman and managing director Sanjeev Kaushik said the corporation wanted to raise its loan portfolio to Rs 5,000 crore in the next three years.
“Now loans are sanctioned in the 9.5 per cent base rate. We are receiving a number of good projects from quality entrepreneurs after the shift from the prime landing rate to the base rate regime,” he said. KFC has now announced a Rs 500 crore worth loan mela in Kochi in September first week. Entrepreneurs will be selected after a highly professional assessment of their business plan. Ventures with better credit rating will get a 0.5 pc additional interest relaxation.
All registrants will get 50 per cent relaxation in processing fees. Priority will be given to ventures in the manufacturing and service sectors.The corporation has assigned canvassing agents for quality loans. Besides a team of officials in every office, marketing executives and retired bank officers have been appointed as marketing officers.
In May this year, the corporation had conducted a loan settlement adalat to settle pending loans. The adalat gave approval for closing 376 NPAs which will bring in Rs 215 crore. The first-ever adalat was to clean up the balance sheet and become a professional lender with good rating.