Various loans offered by NBFC & MFI likely to be expensive from tomorrow
Various loans offered by Non-Banking Finance Companies (NBFC) and Micro Finance institutes (MFI) are expected to be expensive from tomorrow. Reserve Bank of India today communicated the applicable base rate to be charged as 7.98 per cent. It is more than 17 basis points 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.