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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