New Delhi: State-run non-banking financial firms – Power Finance Corporation (PFC) and rec Ltd. – has reduced its lending rates by 40 basis points on all types of loans. PFC and REC Ltd. has reduced its lending rates by 40 bps on all types of loans, a statement from the Ministry of Power said.
The reduction in rates has been possible due to the low cost of borrowing by these organizations. It is worth noting that PFC and REC are already providing short-term loans at low interest rates of 6.25 per cent, the ministry said.
According to the statement, Union Minister for Power and New and Renewable Energy RK Singh expressed satisfaction over the efforts being made by both the companies to reduce the rates and remain competitive.
Singh said that the continuous reduction in lending rates by REC and PFC will help power companies to borrow at competitive rates and invest in improving power sector infrastructure, which will benefit consumers through reliable and affordable electricity. .
In the past almost a year, both the organizations have reduced lending rates by up to 3 per cent overall.
To promote renewable energy, where long-term funding is required, the rates have been revised to 8.25 per cent.
The reduction in rates has been possible due to the low cost of borrowing by these organizations. It is worth noting that PFC and REC are already providing short-term loans at low interest rates of 6.25 per cent, the ministry said.
According to the statement, Union Minister for Power and New and Renewable Energy RK Singh expressed satisfaction over the efforts being made by both the companies to reduce the rates and remain competitive.
Singh said that the continuous reduction in lending rates by REC and PFC will help power companies to borrow at competitive rates and invest in improving power sector infrastructure, which will benefit consumers through reliable and affordable electricity. .
In the past almost a year, both the organizations have reduced lending rates by up to 3 per cent overall.
To promote renewable energy, where long-term funding is required, the rates have been revised to 8.25 per cent.
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