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Business EconomyPosted at: Jan 14 2017 6:54PM


IFCI reduces lending rate by 75 basis points

New Delhi, Jan 14 (UNI) Following the trend term finance lender IFCI Ltd has reduced its benchmark lending rate by 75 basis points (BPS) to cope up with market competition.
As per the information given to BSE, the company has reduced benchmark lending rate from 11.50 percent to 10.75 percent with monthly rests.
As per the information given by IFCI, the new rate would be effective from 15 January.
However, the short-term benchmark rate (IBR-ST) has been reduced by 25 basis points to 8.35 percent with monthly rests for lending for tenure up to three months only, it added.
Following the demonetisation banks have got huge deposits and are reducing the lending rates by almost 100 bps. Major Banks, including SBI and ICICI has already reduced the rates by 90 bps.
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