Svatantra Microfin lowers lending rate to 19.25%
Ananya Birla promoted Svatantra Microfin Pvt Ltd has lowered lending rate by 350 basis points to 19.25%, making it the lowest rate by any microfinance firm in the country.
One basis point is one-hundredth of one percentage point.
The new rate will be effective from Tuesday, the company said. Before this, Bharat Financial Inclusion enjoyed the distinction of offering the cheapest rate at 19.75%.
“This move will allow us a strong footing to deliver better pricing to our clients and scale-up operations further in the country," said Ananya Birla, the third-generation scion of the Birla family.
She announced the MFI has Rs 570 crore assets under management at present.
The Mumbai-based micro lending firm has 130 branches serving 15,000 villages in eight states.
One basis point is one-hundredth of one percentage point.
The new rate will be effective from Tuesday, the company said. Before this, Bharat Financial Inclusion enjoyed the distinction of offering the cheapest rate at 19.75%.
“This move will allow us a strong footing to deliver better pricing to our clients and scale-up operations further in the country," said Ananya Birla, the third-generation scion of the Birla family.
She announced the MFI has Rs 570 crore assets under management at present.
The Mumbai-based micro lending firm has 130 branches serving 15,000 villages in eight states.
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