Microfinance firm Ujjivan Financial Services today announced 0.75 per cent cut in the interest rate to 21.25 per cent for group loans.
The new interest rate for all microfinance loans would be effective from October 1, said Ujjivan Financial Services in a statement. The company is in the process of transforming itself into a small finance bank.
The overall robust financial performance, lower borrowing costs and rapid progress in its transformation towards becoming a small finance bank, has helped to reduce the interest rates on products, it said.
Ujjivan's predominant focus has been to cater to the unbanked urban financially weaker segment.
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