Muthoot Microfin reduces interest rates on two types of loans
Muthoot Microfin has reduced interest rates by 25 basis points for microfinance loans given for income generating activities and by 125 basis points for loans to buy third party products.
Accordingly, the minimum interest rate for income generating loans is pegged at 23.05%. The rate can go up to 23.7%, based on borrowers' risk profile.
This is the third rate reduction by Kerala-based Muthoot Microfin, a part of the Muthoot Pappachan group.
ET on November 7 wrote that Muthoot Microfin would cut rates further.
The new interest rate range for retail unsecured loans for buying third party product is 22.7% to 23.7%
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