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Sundaram BNP Paribas Home Finance, the subsidiary of non-banking finance company Sundaram Finance Ltd, on Friday announced a marginal cut in the rate of interest offered to its customers in flood-hit Kerala.
The city-based company, which has a strong presence in the neighbouring state, said customers taking loans to carry out repairs and renovation for homes following the floods would be offered interest rates at 8.5 per cent (variable) as against the normal 8.9 per cent.
Processing fees for customers opting to take up such loans would be waived, Sundaram BNP Paribas Home Finance said in a statement. Sundaram BNP Paribas Home Finance Ltd is a joint venture between Sundaram Finance Ltd and BNP Paribas Personal Finance.
The company has over 110 branches and serves 50,000 customers across the country. As many as 491 people have lost their lives in Kerala in torrential rains and floods since May 29, when the South-West monsoon set in over the state.
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