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 of 75 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 overall robust financial performance, lower borrowing costs and rapid progress in its transformation towards becoming a small finance bank, has helped us to reduce the interest rates on our products. We are equally happy to pass on the reduction of interest rate benefit to our valued customers at the onset of the long festive season as a bonanza offer to them”.
Ujjivan’s predominant focus has been to cater to the unbanked urban financially weaker segment. However, over time, Ujjivan has substantially expanded its footprints in the semiurban and rural geography across 24 states, especially in Karnataka, Tamil Nadu, West Bengal, Odisha, Delhi and Maharashtra and is now the largest Microfinance Institution in India by geography.