IFCI slashes benchmark lending rate by 75 bps

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New Delhi: Term finance lender IFCI Ltd on Saturday reduced its benchmark lending rate by 75 basis points, in line with market competition.

The company has reduced benchmark lending rate from 11.50% to 10.75% with monthly rests, IFCI said in a statement. The new rate would be effective from 15 January, it said.

However, the short-term benchmark rate (IBR-ST) has been reduced by 25 basis points to 8.35% with monthly rests for lending for tenure up to three months only, it added.