IFCI cuts benchmark lending rate by 75 basis points

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.