Ujjivan Microfinance and Parinaam Foundation refund interest on education loan

Microfinance Focus, Aug 28, 2010: Bangalore based microfinance institution, Ujjivan and its strategic partner Parinaam Foundation has today refunded Rs.1.11 lakhs to 128 urban poor women customers of Parinaam’s education loan in Bangalore under their Interest Refund Program.

Ujjivan's MD, Samit Ghosh giving back to a borrower

The Interest Refund Program was launched in Karnataka by the two organizations to refund the entire interest on the Education loan. Parinaam Foundation has already refunded Rs.10.62 lakhs to 1518 student beneficiaries (children of Ujjivan’s customers) in Karnataka till date.The Education loan ranges from Rs.3000-Rs.10000 at an interest rate of 23% declining.

Mrs. Elaine Marie Ghosh, Executive Director, Parinaam Foundation and Mr.Samit Ghosh, Managing Director, Ujjivan refunded the interest amount. Expressing her pleasure on the occasion, Mrs. Ghosh spoke to the borrowers saying, “We are happy to return you all the interest amount and hope that this will assist you further in getting your children educated”. Mr. Samit Ghosh remarked “It is a happy day for us as we are returning you what you gave to us and we wish to continue supporting you in your struggle to give good education to your children”.

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