IFCI Lowers Its Lending Rate

New Delhi: Term finance lender IFCI on Monday lowered its short-term lending rate by a steep 0.8 per cent following the 0.25 per cent repo rate cut by the Reserve Bank of India. 

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

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

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

The six-member Monetary Policy Committee, which has three members nominated by the government and the rest from the central bank, lowered the repo rate to a six-year low of 6.25 per cent.