PFC cuts lending rates

CHANDIGARH, April 27: Punjab Financial Corporation has reduced its lending rates on fresh advances to give benefits to entrepreneurs in the state. The interest rates to be charged from SSI units will be 13.5 per cent per annual for loans up to Rs 2,00,000 and 15 per cent for loans above Rs 2,00,000. The move is in line with the modification in interest rates on refinance by IDBI and SIDBI.

The rates for assistance under technology development and modernisation scheme and quality certification has been pegged at 13 per cent. The medium scale units where investment in plant and machinery is above Rs 3 crore, the rate will be 17 pc. These rates are exclusive of interest tax 2 pc of interest.