Fincare Small Finance Bank cuts microloan interest rate by 25 bps

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The new lending rate will be applicable from October 1, 2019

Mumbai, October 1, 2019: This festive season Fincare Small Finance Bank brings cheers to its customers by reducing interest rates on its micro loans by 25 basis points. The new rate of interest will be applicable to new disbursements from October 01, 2019.

Mr. Rajeev Yadav, MD & CEO, Fincare Small Finance Bank said, “We are committed to financial inclusion for the last mile. Our core focus remains supporting women-led micro businesses. The Bank has seen a healthy growth in portfolio in this segment in FY-19 and is happy to pass on the benefit derived from scale as well as cost reduction measures. This reduction in micro loan interest rate will translate into lowering of instalment for these micro entrepreneurs”.

Fincare Small Finance Bank focusses primarily on low-income households in rural and semi-urban markets. The interest rate reduction on microloan would make these loans more affordable to people from lower income groups.

Fincare Small Finance Bank operates across 12 states and 01 Union Territory through a network of 569 branches, and 71 Cash Recyclers/ATMs. The Bank has more than 15 Lakh customers on its books and a dedicated team of 5498 employees. As on March 31st, 2019, Fincare Small Finance Bank had deposits worth 2,043.2 Crore and its loan book stood at 3,530 Crore with Rs. 101.98 crore PAT.

 

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