NEDFi announces new interest rate structure for the Corporation

In view of the recent downward revision in the interest rates of most of the banks in the country and adoption of external benchmark linked interest rates by banks, NEDFi has revised its interest rate structure with an external benchmark wherein the floor rate shall be pegged with 1–year MCLR of State Bank of India. The new Interest Rate Structure will be called External Benchmark Rate (EBR) and henceforth, all new loans above Rs. 100 lakh sanctioned by the Corporation will be linked to EBR. Presently the EBR, linked with SBI's 1-year MCLR is 7% and a spread of 0 to 6% shall be charged over and above the EBR depending on the credit rating as well as other viability parameters of the project. The EBR shall be revised every month and the same will be notified on the website of NEDFi on the last date of the month for the following month, a press release said.

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