KSFE Chitty
A savings-and-borrowing scheme run by KSFE under the Chit Funds Act 1982. Members pay a fixed monthly instalment and each month one member takes the pooled prize money by auction, so an owner can raise a lump sum for the business early and keep paying instalments after.
Last updated on
- Status
- Open
- Run by
- The Kerala State Financial Enterprises Ltd (KSFE), a Kerala government company and not a bank
What you get
- Monthly instalments from ₹1,000 to ₹6 lakh
- Terms of 25 to 120 months, with short term chitties of 25 to 60 months and long term chitties of 60 to 120 months
- Members bid for the prize money each month, and the discount a winner gives up is capped at 30%, 35% or 40% depending on the chitty
- In multidivision chitties every member who has not yet won can bid for the full prize money each month, less only the foreman's commission
- Security is needed only for the instalments still due after winning, such as property, gold, deposit receipts, salaried guarantors, other KSFE chitty passbooks, life insurance policies, Kisan Vikas Patra or a bank guarantee
- Without security, the winner can leave an amount equal to the future instalments in a KSFE deposit and take the rest
Who can apply
- All members must pay every monthly instalment on time, before and after winning
- Security is needed to collect the prize money
How to apply
- Choose a chitty at a KSFE branch, through a KSFE agent or on the KSFE website
- Pay the monthly instalment on time
- Bid in the monthly auction when you need the money, then give security for the instalments still to pay
In person, any KSFE branch or KSFE agent
In Kerala, any KSFE branch, a KSFE agent or the KSFE website. KSFE says it has over 680 branches and 16 regional offices across Kerala.
Where we found this
- KSFE Chitty (external site) Official
- KSFE Pravasi Chitty, about KSFE (external site) Official
- KSFE, about us (external site) Official
An independent guide by The Company of Four, not a government website. Schemes change often, so check every detail on the official website before you apply. Links marked ↗ open external websites that we do not run, and we are not responsible for their content. Seen something out of date? Tell us and we will look into it.