SKS Microfinance has reduced lending rates by 1% with effect from October 1, 2014. The company will charge 23.55% interest rate from its borrowers as against the prevailing 24.55%. The announcement comes on back of the company reporting an manifold jump in June quarter net income at Rs 49.32 crore from Rs 4.96 crore in the year-ago period.
The Hyderabad-based micro-lender's cost of borrowing came down by nearly 1 percentage point to 12.6 in first quarter of the current fiscal from 13.5% for FY14.
SKS Microfinance is a non-banking finance company (NBFC), registered and regulated by the Reserve Bank of India, whose mission is to provide financial services to low-income households. SKS operates across 16 states of India.
