Sundaram BNP Paribas Home Finance, the joint venture (JV) firm between non-banking finance company Sundaram Finance and BNP Paribas Securities, has reduced the prime lending rate by 25 basis points (bps) with immediate effect. The new interest rates on home loans are offered at 9.65% per annum.
The rate cut has been triggered by the Reserve Bank revising downward its benchmark short-term lending (repo) rate by 0.50% in its fourth bi-monthly monetary policy review late last month.
Sundaram Finance is one of the oldest and largest providers of finance for the acquisition of commercial vehicles of all makes. The commercial vehicle finance provided by it helps the small operators to acquire vehicles with minimum hassle and documentation. Sundaram Finance holds 51% stake in the JV while BNP Paribas Securities Services has the remaining 49%.
