KFC scheme for flood-hit victims

Thiruvananthapuram: The Kerala Financial Corporation (KFC) has launched several schemes for the revival of the flood affected commercial establishments as well as for contractors to rebuild the infrastructure damaged in the flood.

KFC sources said that a scheme named Rebuild would be offering a loan of 90 percent of the fund required for rebuilding of the units that were already financed by the KFC. The interest rate will be 9.5 percent with eight years repayment period. A two year moratorium would be also offered and there would be no processing fee. There would be also a facility to adjust insurance claim towards the loan.

KFC sources said that penal interest for the delayed repayment would be waived for all standard customer of three months.

For contractors, KFC is offering a Vikas scheme for rebuilding infrastructure. Loan up to '20 crore would be given for reconstruction of roads, bridges and buildings at an interest of rate of 10 per cent.

The loan amount would be limited to 80 per cent of the contract work. Fifty-per cent waiver in processing fee would be also offered. A bill discounting facility would be also offered to the contractors.