State-owned non-banking financial firms Power Finance Corporation (PFC) and REC will reduce lending rates by up to two percentage points from April 1, 2021.
“PFC and REC as group companies have been aligning operations to realise synergies. As part of such effort, PFC and REC have now decided together to reduce lending rates up to two percentage points,” PFC said in a statement.
The new lending rates will be effective from April 1, 2021.
This initiative was undertaken to offer competitive rates, in line with the rates being offered by peers in the market, it said.
This will also help PFC and REC continue their business growth going forward in addition to maintaining reasonable spreads, it added.
