Two financial institutions Dewan Housing Finance Corporation (DHFL) and Srei BNP Paribas raised their lending rates by 50 basis points (bps) eash in line with the market trend.
DHFL's new rate will be effective for its customers from May 20. The company's loan portfolio stood at Rs 14,111.27 crore as on March 31, 2011 as against Rs 8,758.40 crore in the corresponding previous year.
Meanwhile, infrastructure and construction equipment financing company Srei BNP Paribas hiked in its benchmark rate by 50 bps, from 15.5% to 16% with immediate effect.
After reviewing the trend of rising interest rates, it has been decided to increase its benchmark rate in line with the upward moving interest rates in the domestic market, Srei BNP Paribas said in a statement.
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