GE Money, the consumer finance unit of the General Electric Company, has announced an increase in its benchmark floating reference rate by 75 basis points to 16.75 per cent with effect from August 9.

The latest interest rate hike is on account of changed financial market parameters with respect on borrowing costs.

According to the company, the revision will affect certain segments of customers like mortgage borrowers. The rate hike takes into account several factors such as each customer's relationship and tenure of loans, among others.  

Most lenders, including ICICI Bank and HDFC, have raised lending rates by 75 bps, while keeping deposit rates either unchanged or effecting a smaller increase.