GE Money, the consumer finance unit of the General Electric Company, announced an increase in its benchmark floating reference rate by 75 basis points with effect from August 9.
The revision will affect certain segments of customers like mortgage borrowers, the company said. The rate hike takes into account several factors such as each customer's relationship and tenure of loans, among others, it said. This interest rate hike is on account of changed financial market parameters with respect on borrowing costs, it added.
