Various loans offered by Non-Banking Finance Companies (NBFC) and Micro Finance institutes (MFI) are expected to be cheaper from Tomorrow.
Reserve bank of India communicated today that the applicable base rate to be charged as 7.81 per cent. It is lower by 15 basis points (0.15 %) as compared to the current quarter. Last year it was 8.76 during the same period.
On the last working day of every quarter, RBI advises interest rates to be charged by NBFC-MFIs to their borrowers in the ensuing quarter. It is based on the average of the base rates of the five largest commercial banks.
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