IFCI cuts benchmark lending rate by 75 basis points

Term finance lender IFCI today reduced its benchmark lending rate by 0.75 percentage point in line with market competition.

The company has reduced benchmark lending rate from 11.50 per cent to 10.75 per cent with monthly rests, IFCI said in a statement.

The new rate would be effective from January 15, it said.

However, the short-term benchmark rate (IBR-ST) has been reduced by 0.25 percentage point from 8.60 per cent to 8.35 per cent with monthly rests for lending for tenure up to three months only, it added.