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KSFE Chitty Loan – Interest Rates, Eligibility, Documents

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KSFE Chitty Loan is a loan scheme offered by the Kerala State Financial Enterprises (KSFE) to non-prized subscribers of chitties. The loan amount is up to 50% of the total chitty amount or sala, and the interest rate is 11.50% (simple). The loan can be repaid in monthly installments over a period of up to 3 years.

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

KSFE Chitty Loan Interest rates

Interest rates for KSFE chitty loan starts from 12.50% p.a.

Criteria To be Eligible for a KSFE Chitty Loan:

  • You must be a non-prized subscriber in a chitty.
  • You must have remitted 10% of the total number of instalments promptly.
  • The maximum loan amount is Rs. 1,00,00,000/-.

The principal of the advance is settled by adjustment from the Chitty Prize Money. However the interest has to be remitted every month.

Here are the steps on how to apply for a KSFE Chitty Loan:

  1. Visit your nearest KSFE branch.
  2. Fill out the application form.
  3. Submit the following documents:
    • Chitty passbook
    • Photo ID
    • Proof of address
    • Proof of income

The loan amount will be disbursed to your bank account within 7 working days of approval.

Here are some of the benefits of a KSFE Chitty Loan:

  • Low interest rate starts from 12.50%
  • Easy eligibility criteria
  • Quick disbursal of funds

If you are a non-prized subscriber in a chitty and need some financial assistance, then a KSFE Chitty Loan can be a good option for you.

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