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    HomeNewsBusinessPress ReleaseSKS Microfinance announces interest rate of 24.55%

    SKS Microfinance announces interest rate of 24.55%

    SKS Microfinance Limited announces an effective interest rate of 24.55% (all inclusive) across the country.

    January 11, 2011 / 17:11 IST
       
       
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      Pursuant to the Listing Agreement, SKS Microfinance Limited had, on the 8th November 2010, informed the stock exchanges about the planned move to reduce interest rates to 24.55% across India.

       

      Further to that notification, SKS Microfinance Limited has informed the stock exchanges about their decision to reduce the interest rate across the country to 24.55% with effect from January 11, 2010. 

       

      The applicable interest rate for all future disbursements across the country is mentioned below: 

       

      		 

      Flat

      		IRR (effective rate)

      Annual rate of interest

      		12.5%

      		24.55%

      Upfront interest

      		Nil

      		Nil

      Total Interest

      		12.5%

      		24.55%

      Credit shield charges*

      		Nil

      		Nil

      Cost to the Borrower

      		12.5%

      		24.55%

       

       

       

       

       

       

       

       

       

      Further, the Company will not collect charges towards Credit shield charge, Loan processing fee, and card fee w.e.f. 11th January 2011. With this the all effective interest rate across country will be 24.55% for all future disbursements.

      first published: Jan 11, 2011 05:07 pm

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