PFC-REC further reduce lending rates by 40 bps

Power Finance Corporation Limited (PFC) and REC Limited have further reduced their lending rates across all types of loans by 40 bps.

In the last about one year, both the organisations have reduced lending rates cumulatively by upto 3 per cent. To give a boost to renewable energy (RE) where long term funding is required, the rates have been revised to as low as 8.25 per cent.Notably, PFC and REC are already providing short term loans at interest rates of 6.25 per cent.The reduction in rates has been possible due to lower cost of borrowings by these organisations in the past year or so.