JOIN USSKS Microfinance has completed the second securitisation transaction for a pool value of Rs 243.08 crore during FY16.
With this transaction, the total sum of securitisation completed during FY16 (year to date) is Rs 326.73 crore.
The entire pool qualifies for priority sector treatment as per the Reserve Bank of India’s priority Sector Lending Guidelines. The pool has been rated AA (SO) by a leading rating agency, signifying a high degree of safety regarding timely servicing of financial obligations, SKS said.
The company has also announced a cut in its interest rates by one per cent, to 19.75 per cent from 20.75 per cent, with effect from December 7, 2015, for all future disbursals. With this cut, the company becomes the first microfinance institution to charge a sub-20 per cent interest rate on its core income generating loans (IGL) which are unsecured micro loans, SKS said.
This is the fourth interest rate reduction, aggregating 4.8 per cent, announced by the company since October 2014.