Arohan Financial Services (P) Limited announces a lower lending rate of 22.22% for its flagship loan product, Saral, as well as, all its Cross-Sell products with effect from November 20, 2017. This is a 13 bps cut from the present lending rate of 22.35% which was effective from October 1, 2017. ‘Saral’ currently caters to over 8.25 lakh women customers of Arohan, who are from socio-economically disadvantaged backgrounds across the Low Income States of Eastern, Central and North Eastern India. The cross-sell products, on the other hand, contributes to about 4% of the overall portfolio.
The back-to-back rate cuts have been made possible due to retained lender confidence and lower borrowing costs on the back of an A- credit rating by CARE with a stable outlook, and sufficient capitalization by existing and new investors in the entity, even in the wake of demonetization.
The revised pricing is among the best for any NBFC-MFI in the nine states that the company operates in viz Assam, Bihar, Chattisgarh, Jharkhand, Meghalaya, Odisha, Tripura and Uttar Pradesh.
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