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Bengaluru-based microfinance institution Ujjivan Financial Services on Monday announced a reduction of up to 300 basis points in interest rates on its loan products, effective January 1, 2016.
In a statement, the MFI said the interest rates for its group loans will be reduced from 23 per cent to 22 per cent and unsecured individual loans from 26 per cent to 23-24 per cent. One basis point is equal to on-hundredth of a percentage point.
This is the third time that Ujjivan has cut the interest rate since August 2015.
Samit Ghosh, MD and CEO, said this interest rate reduction was in consonance with the company’s mission of offering attractive loan products at most competitive rates through its best-in-class operations practices.
Ujjivan was one of the 10 applicants which received 'in-principle' approval from the RBI in September to start a small finance bank.
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