Microfinance Focus, December 17, 2012: Ujjivan Financial Services, a Bangalore based microfinance institution has reduced its interest rates by 1-2 % from 15th December 2012 across majority of the loans offered to its customers. Ujjivan’s interest rates have been reduced from 26% to 25% for all new group loans and from 26% to 24% for repeat loans to existing customers including individual loans for financing cattle purchases. Repeat loans constitute a majority of Ujjivan’s loan portfolio.
Ujjivan’s loan portfolio has steadily grown to Rs.883 Crores over a period of two years from Rs.646 Crores in October 2010, said the report. Ujjivan serves over 11 lakh customers in 20 states including in 48 under-banked districts across the country.
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