Bandhan Financial institution on Monday stated it has slashed the rate of interest on micro loans by 70 foundation factors to 17.95 per cent.
The revised charge shall be relevant to new disbursements from Tuesday, the financial institution stated in a press release.
Within the final 4 years because it started operations as a financial institution, the lender has lower micro mortgage charges by 445 foundation factors or 4.45 per cent.
“I imagine, with the discount in micro mortgage rate of interest, extra individuals will discover it reasonably priced to borrow cash and construct sustainable livelihoods for themselves,” Bandhan MD amd CEO Chandra Shekhar Ghosh stated.
Bandhan Financial institution has a community of 998 branches and 481 ATMs throughout the nation.
As on March 31, the financial institution’s mortgage e-book stood at Rs 44,776 crore with deposits of Rs 43,232 crore.