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SKS Microfinance Ltd has announced a reduction of effective rate of interest to 24.55 per cent across India with effect from Tuesday.
It has announced its plans to reduce the rates in November last year, following the Andhra Pradesh Government bringing out an Ordinance to regulate the operations of micro-finance companies in the State.
The cost to the borrower will now be 12.5 per cent flat and 24.55 per cent IRR.
Further, the company said it will not collect charges towards credit shield, loan processing fee and card fee. With this, the all effective interest rate across the country will be 24.55 per cent.
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