NEDFi cuts prime lending rate

GUWAHATI, June 3 – The North Eastern Development Finance Corporation Ltd. (NEDFi) has reduced its Prime Lending Rate (PLR) from 11 per cent to 10 per cent with effect from June 1, 2004. The objective of this one per cent reduction of PLR is to benefit the entrepreneurs of the North-East. It may be mentioned that financial assistance is provided to first generation entrepreneurs and woman entrepreneurs at a concessional rate of interest along with the soft loan component. The effective rate of interest under the North East Equity Fund Scheme, which is meant for first generation entrepreneurs, would be 9.61 per cent while for woman entrepreneurs it will be 7.35 per cent.