Arohan Financial Services announces revised lending late, third best among NBFC-MFIs
Raipur 22nd November, 2018: Arohan Financial Services Limited, a Reserve Bank of India (RBI) regulated, leading financial inclusion focused NBFC-MFI, announces an interest rate revision to 20.75% for its flagship loan product, Saral with effect from November 21, 2018. This is a 5 bps increase from the previous lending rate of 20.70%. One basis point is one-hundredth of a percentage point (bps).
This is in line with the RBI regulation for NBFC-MFIs with respect of Margin and Qualifying Assets Ratios. Arohan’s focus on customer-centricity, with a CARE MFI 1 grading and an A- bank loan rating, along with a strong financial holding allow it to borrow at lower costs and extend rate benefits to its customers.
Even with a 5 bps increase, the revised pricing is one of the best among NBFC-MFIs. The organisation is operational with over 1.4 million customers, mostly across 10 low-income states viz. Assam, Bihar, Chattisgarh, Jharkhand, Odisha, Madhya Pradesh, Meghalaya, Tripura, Uttar Pradesh and West Bengal.
About Arohan Financial Services Limited –
Established in 2006 in Kolkata, Arohan Financial Services Limited, part of the Aavishkaar-Intellecap Group is eastern India’s largest NBFC MFI. As on September 30, 2018, the organisation is operational in thirteen states of which ten are low-income states across the central, east and north-east, offering financial inclusion products to over 1.4 million under-served clients, through 564 branches with a loan portfolio of over to Rs. 2789.86 crore in microfinance and MSME lending. It has a bank loan rating of A- and MFI grading of MF1 from CARE Ratings. Driven by its mission to empower the underserved through a range of financial services, in a manner sustainable for all stakeholders, Arohan plans to extend its operations and aims to become one of India’s 10 best places to work in.
For more details please visit, www.arohan.in
RBI Registration No. B.05.02932