KARACHI - The State Bank of Pakistan has revised financing and service charges rates under the Export Finance Scheme (EFS) and Long Term Financing Facility (LTFF) with effect from November 1 (today). In a circular issued by SBP here on Saturday, the SBP said the rate of refinance under EFS is applicable for the month of November, 2009 and onward till further instructions shall be 7 per cent per annum, says a circular (SMEFD Circular No.15) issued by the State Bank. The commercial banks shall ensure that where financing facilities are extended by them to exporters for availing refinance facilities under EFS, their maximum margin/spread does not exceed 1 per cent per annum. According to the circular, the financing facilities under Part-B (Export Sales) of the Scheme for financing Locally Manufactured Machinery shall also attract similar mark up rate structure. Based on revised rate, following benefit will be allowed to exporters based on their export performance against borrowing from SBP under Part-II of EFS as per already laid down procedure, which says borrowers will pay 8 per cent per annum mark-up rate for exporting 2 to 3 times under standard RFS rate with having no reimbursement benefit. From 3 to 5 times exports, 7.5-7 per cent mark-up rate will be charged on the borrowers with 0.5 and 1 per cent reimbursement benefit while for above 5 times borrowers will have to pay 6.5 per cent p.a. mark-up and be given 1-1.5 per cent reimbursement benefit respectively. Similarly, under a different circular (SMEFD Circular No.16) the State Bank announced that the rates of service charges for participating financial institutions (PFIs) and rates for end users under the Long Term Financing Facility (LTFF) effective from November 1, 2009 will be as under: up to 3 year period of financing 7.70 per cent rate of refinancing will be offered to borrowers with 1.50 per cent spread and 9.20 per cent end users rates whereas, for the period over 3 to 5 years rate of refinance will be at 7.20 with 2.50 per cent spread and 9.70 per cent end user rate. Borrowers over 5 years and up to 10 years will be offered 7.25 per cent rate of refinance with 3 per cent spread and 10.25 per cent end user rate.