MICROCAPITAL BRIEF: India’s Parinaam Foundation Refunds Interest on Education Loans Disbursed by Ujjivan Financial Services

In cooperation with Ujjivan Financial Services, an Indian microfinance institution, the Parinaam Foundation, an Indian nonprofit organization, recently refunded interest of INR 111,000 (USD 2,000) charged on education loans made to Ujjivan customers. The Interest Refund Program is an initiative to provide interest-free educational loans to poor families for the benefit of their children, whereby Ujjivan provides the education loan and the Parinaam Foundation refunds the loan interest.

The Interest Refund Program has reportedly refunded total interest payments of INR 1 million (USD 21,000) since inception of the program in June 2010.

By Jennifer Shevock, Research Associate

About Ujjivan Financial Services:
Ujjivan Financial Services is an Indian microfinance instituation created under the guidance of Grameen Bank of Bangladesh to empower poor working women through financial services in urban and semi-urban regions in India. Ujjivan reported total assets of USD 72 million for fiscal year ended March 31, 2010.

About Parinaam Foundation:
The Parinaam Foundation is an Indian nonprofit organization providing social services to poor women and their families in the areas of healthcare, education, professional development and community development. No financial information is available for the Parinaam Foundation.

Sources and Additional Resources:
“Ujjivan Microfinance and Parinaam Foundation refund interest on education loan” August 28, 2010. http://www.microfinancefocus.com/news/2010/08/28/ujjivan-microfinance-and-parinaam-foundation-refund-interest-on-education-loan/

MICROCAPITAL BRIEF: “Indian Microfinance Institution Ujjivan Financial Services Raises $10m Through Issue of Non-Convertible Debentures (NCDs)” August 12, 2010. https://www.microcapital.org/microcapital-brief-indian-microfinance-institution-ujjivan-financial-services-raises-10m-through-issue-of-non-convertible-debentures-ncds/#more-6398

MICROCAPITAL BRIEF: “Indian Microfinance Institution Ujjivan Financial Services Reduces Interest Rates, Following Lead of Bandhan Financial Services Private Limited” June 16, 2010. https://www.microcapital.org/microcapital-brief-indian-microfinance-institution-ujjivan-financial-services-reduces-interest-rates-following-lead-of-bandhan-financial-services-private-limited/#more-5175

Interest Refund Program: http://www.ujjivan.com/news_Parinaam_launches_Education_Loan.htm and http://parinaam.org/education_loan.html

MicroCapital Universe: Ujjivan Financial Services: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ujjivan

MicroCapital Universe: Parinaam Foundation: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Parinaam+Foundation

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

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