IFCI has reduced its benchmark lending rate by 75 basis points (bps) in line with market competition. The company has reduced benchmark lending rate from 11.50% per annum to 10.75% per annum with monthly rests. The new rate would be effective from January 15, 2017.
The short-term benchmark rate (IBR-ST) has been reduced by 25 bps from 8.60% per annum to 8.35% per annum with monthly rests for lending for tenure up to three months only.
IFCI was established with intent to provide long-term finance needs of the industrial sector. It founded and developed various institutions namely ICRA for credit assessment rating, Tourism Finance Corporation of India (TFCI) for promotion of the hospitality industry, among others.