Moneycontrol
Oct 17, 2016 02:27 PM IST IST | Source: PTI

IFCI slashes lending rate by 0.8%

The company has reduced its short-term benchmark rate (IBR-ST) from 9.30 percent to 8.50 percent per annum with monthly rests for lending for tenure up to 3 months only, IFCI said in a statement.


Term finance lender IFCI today lowered short-term lending rate by a steep 0.8 percent following the 0.25 percent repo rate cut by the RBI.


The company has reduced its short-term benchmark rate (IBR-ST) from 9.30 percent to 8.50 percent per annum with monthly rests for lending for tenure up to 3 months only, IFCI said in a statement.


The new rate would be effective from today, it said.


Earlier this month, RBI lowered the repo rate or the rate at which it lends to banks by 0.25 percent.

The 6-member Monetary Policy Committee, which has three members nominated by the government and the rest from the Reserve Bank, lowered repo rate to 6.25 percent from 6.50 percent.

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