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Will Kerala Financial Corporation (KFC) provide any loan for businesses affected by COVID 19?

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Rineed R Senan, Manager (IT), Kerala Financial Corporation Rineed R Senan, Manager (IT), Kerala Financial Corporation verified
Answered on April 04,2020

Kerala Financial Corporation (KFC) has come out with three new loan schemes for the MSMEs affected by COVID - 19.

  1. In the first scheme, a loan of Rs.5 crore will be provided, on easy terms against work orders, to units engaged in manufacturing products or providing services in fighting COVID 19, such as units engaged production of COVID 19 fighting equipment, units engaged in food processing, units setting up isolation wards, etc. The loan can be used for acquiring equipment, purchasing raw material or for meeting working funds of such units.

  2. Second scheme will be to provide top up loans to existing customers of KFC to tide over the current situation, without providing any additional security. Units in commercial operation and are in Standard category as on 01 Mar 2020, can benefit from the scheme.

  3. In the third scheme, KFC to support new customers also with a loan of Rs.50 lakh, through the third scheme, where loans can be availed by all MSME units, entities involved in marketing MSME products or entities supporting MSME sector. The loan eligibility will be based on the turnover and such loans will have a repayment period of 36 months after a moratorium of 12 months.

KFC has also granted moratorium for loan repayments to existing customers as part of the relief package and the interest falling due after the moratorium period are given with repayment schedule.

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