 "Reliance Capital cuts lending rates by 25 basis points")
Reliance Capital, financial services arm of Anil Ambani-led Reliance Group, today announced a 0.25% cut in its prime lending rates, effective for its home and commercial loans.
The rate cut would be effective across all categories of loans by Reliance Commercial Finance and Reliance Housing Finance, which are part of Reliance Capital.
Reliance Housing Finance has an Asset Under Management of Rs 6,500 crore while Reliance Commercial Finance has a lending book of Rs 14,000 crore.
"We are passing on the entire benefit that we have got from the banking system, to our customers. This is also in line with the RBI and Government's focus to fuel growth by reducing interest rates," said K V Srinivasan, CEO, Reliance Commercial Finance and Director Reliance Housing Finance.
The revised rates will be applicable to customers with immediate effect.
The rate cut will also be applicable to existing customers.
Reliance Commercial Finance has over 20,000 customers while Reliance Housing Finance has over 15,000 customers, who will benefit from this rate cut.
The company has, till date, disbursed over Rs 60,000 crore loans across SMEs and home loans.
With this rate cut, Reliance Housing Finance will be now offering its cheapest loans at 9.55%.
"We are open to further reduction in rates depending on the cost of funds and further reduction by RBI," Srinivasan said.
