SKS Microfinance has announced a planned move to reduce interest rates to 24.55% across India.
The applicable interest rate for all future disbursements across the country is mentioned below:| Flat | IRR (effective rate) | |
| Annual rate of interest | 12.50% | 24.55% |
| Upfront interest | Nil | Nil |
| Total Interest | 12.50% | 24.55% |
| Credit shield charges* | Nil | Nil |
| Cost to the Borrower | 12.50% | 24.55% |
The Company will not collect charges towards Credit shield The company will not collect 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.
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