Term finance lender IFCI on Saturday reduced its benchmark lending rate by 0.75% point in line with market competition. The company has reduced benchmark lending rate to 10.75% from 11.5% 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% point from 8.6% to 8.35% with monthly rests for lending for tenure up to three months only, it added.
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