Pune: Ujjivan Financial Services Limited, a leading pan-India microfinance institution, which is in process of transforming into a small finance bank, today announced a significant interest rate reduction of75 bps (0.75 per cent) with effect from October 1, 2016.
The new interest rates for all Microfinance Loans have been lowered by 0.75 per cent. The rate for Individual Bazaar Loans, however, remains unchanged.
Speaking on the occasion, Mr. Samit Ghosh, MD, Ujjivan Financial Services said, “Ujjivan’s robust financial performance and lower borrowing costs has helped us to reduce the interest rates on our products. We are equally happy to pass on the reduction of interest rate benefits to our valued customers at the onset of the long festive season as a bonanza offer to them”
Mrs. Sudha Suresh, Chief Financial Officer said: “The marginal cost of funding for the company has reduced and we would wish to pass on this benefit to our customers.”
Ujjivan’s started with a predominant focus to cater to the unbanked urban financially weaker segment. However, over last ten years, Ujjivan has substantially expanded its footprints in the semi-urban and rural geography across 24 States & Union Territories.
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