SKS Micro Lowers Lending Rate By 1.25 Per cent For New Disbursals

New Delhi, Sep 23 (PTI) SKS Microfinance today announced a 1.25 per cent cut in the interest rate to 20.75 per cent with effect from October 1 for all future disbursals.

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SKS Micro Lowers Lending Rate By 1.25 Per cent For New Disbursals
SKS Microfinance: Quotes, News
BSE 846.00BSE Quote34.4 (4.07%)
NSE 847.20NSE Quote34.9 (4.12%)

"With the third interest rate cut and an overall reduction of 3.8 per cent since October 2014, SKS Microfinance now charges what is considered the lowest rate among global micro finance institutions on its core income generating loans (IGL), which are unsecured micro loans," SKS Microfinance said in a BSE filing.

At present, the company charges 22 per cent rate from its borrowers. The company said it had earlier slashed interest rate by 1.55 per cent in July and 1 per cent in October 2014.

It further said: "The reductions are consistent with the company's policy of passing on the cost advantages accruing from reduction in cost of borrowing, economies of scale and operational efficiency to its borrowers." The stock of SKS Microfinance was trading at Rs 394.05, up 0.42 per cent, on BSE.

PTI

Read more about: sks microfinance
Story first published: Wednesday, September 23, 2015, 11:35 [IST]
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