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For credit markets to revive again and for lending to expand as needed, we need a low interest rate regime. This cycle will peak and correct as it always does, but right now we are closer to the bottom than the top.
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Synopsis
The average base rate of 5 largest commercial banks in India has fallen by 0.15% from 7.96% to 7.81% for the quarter ending March 31, 2021.
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New borrowers of NBFCs and MFIs will have to pay lower interest from the first quarter of the new financial year 2021-22. Apart from new borrowers this interest rate reduction will also benefit individuals who have taken floating rate loans such as home loan from these lenders.
RBI has released the latest average base rate which works as a benchmark interest rate for Non Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs). This rate is the average base rate of 5 largest commercial banks in India which has fallen by 0.15% from 7.96% to 7.81% for the quarter ending March 31, 2021. There has been an overall reduction of 1.4% within last 2 years as this rate was 9.21% for the quarter ending June 30, 2019.
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