Connect with us

Business

FinClub Lowers Interest Rates by 1% on Personal Loans

Published

on

FinClub Lowers Interest Rates by 1% on Personal Loans
Image source: Defi Media

FinClub, a key player in the personal lending and SME financing sector, has announced a 1% reduction in its interest rates for personal loans. This decision comes in response to the recent decrease in the key interest rate by the Bank of Mauritius and aims to provide more affordable credit options for Mauritian consumers.

The new interest rate cuts take effect immediately and will apply to all of FinClub’s personal loan products.

This initiative is particularly beneficial for individuals looking to finance significant purchases, consolidate existing debt, or plan for important life events, effectively easing the financial burden on consumers.

According to Sanjay Mungur, the founder and CEO of FinClub, this rate reduction reflects the company’s commitment to supporting its clients beyond regulatory requirements.

“At FinClub, while we are not directly affected by fluctuations in the key interest rate like traditional banks, our dedication to our clients remains steadfast,” he stated.

“As a trusted entity regulated by the Financial Services Commission (FSC), we have the flexibility to quickly adapt to market trends, ensuring we consistently offer competitive and affordable solutions.”

Mungur emphasized that personal loans have become an essential financial tool for many Mauritians, especially in navigating challenging economic situations.

“Affordable and accessible loans can transform lives, particularly during tough times. With rising prices, numerous families and small businesses are feeling the pinch and struggling to make ends meet,” he added.

Furthermore, FinClub is providing a fully online and expedited application process, allowing clients to request loans from the comfort of their homes without the need to visit a physical branch or endure lengthy wait times.

“With quick approval times, flexible loan options, and transparent terms, FinClub makes accessing funds hassle-free,” Mungur emphasized.

Since its inception in September 2021 up to June 30, 2024, FinClub has received a total of 7,692 loan applications, amounting to Rs 662.5 million.

Out of these applications, 981 loans worth Rs 76.83 million have been approved, with 346 loans already repaid, allowing lenders to earn Rs 3.6 million in returns.

Source: Defi Media

Spread the News
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *