PROSPECTUS                               Pricing Supplement No. 1938
Dated April 1, 1994                      Dated July 27, 1994
PROSPECTUS SUPPLEMENT                    Rule 424(b)(3)-Registration Statement
                                                 No. 33-50909
Dated April 1, 1994

                               GENERAL ELECTRIC CAPITAL CORPORATION
                                     GLOBAL MEDIUM-TERM NOTES
                                 (Redeemable Step Up Coupon Notes)

Series:  A X    B __   C __

Principal Amount:  US$125,000,000

Trade Date:  July 27, 1994

Settlement Date (Original Issue Date):  August 22, 1994

Maturity Date:  August 22, 2004 (unless earlier redeemed as
described under "Additional Terms--Optional
           Redemption" below.

Price to Public (Issue Price):  The Notes will be sold at varying
prices to be determined by the Underwriter at the
           time of each sale.  See "Plan of Distribution" below.

Agent's Discount or Commission:  The Notes are being purchased by
the Underwriter at 100% of their principal
           amount and will be sold at varying prices to be determined
           at the time of sale. See "Plan of Distribution" below.

Net Proceeds to Issuer (in Specified Currency):  US$125,000,000

Interest:

   Interest Rate:  The Notes will pay interest at the rate of 7.375%
for the period from the original issue date up
           to but excluding the second Interest Payment Date scheduled
           to occur on August 22, 1995; thereafter, the interest rate
           on the Notes will reset annually on each August 22 in
           accordance with the schedule set forth under "Additional
           Terms--Interest" below. 

   Interest Payment Period:
   __ Annual   X  Semi-Annual    __ Monthly    __ Quarterly


CAPITALIZED TERMS USED IN THIS PRICING SUPPLEMENT WHICH ARE DEFINED
IN THE PROSPECTUS SUPPLEMENT SHALL HAVE THE MEANINGS ASSIGNED TO
THEM IN THE PROSPECTUS SUPPLEMENT

                                 (Redeemable Step Up Coupon Notes)
                                                                    Page 3
                                  Pricing Supplement No. 1938 
                                  Dated July 27, 1994
                                  Rule 424(b)(3)-Registration Statement
                                                 No. 33-50909




   Interest Payment Dates:  Each August 22 and February 22,
           commencing on February 22, 1995 up to and including the
           Maturity Date unless earlier redeemed.  See "Additional
           Terms--Interest" below.

POTENTIAL PURCHASERS OF THE NOTES ARE URGED TO READ THIS PRICING
SUPPLEMENT THOROUGHLY TOGETHER WITH THE ACCOMPANYING PROSPECTUS AND
PROSPECTUS SUPPLEMENT EACH DATED APRIL 1, 1994. SEE "CERTAIN
INVESTMENT CONSIDERATIONS" HEREIN. 

Repayment, Redemption and Acceleration:

   Optional Repayment Date:  Not applicable ("N/A")              
   Initial Redemption Date:  August 22, 1995
           (See  "Additional Terms--Redemption" below)
   Initial Redemption Percentage:  100%

Form of Notes:  X  DTC registered        __ non-DTC registered

Original Issue Discount

   Amount of OID:  N/A
   Interest Accrual Date:  N/A
   Yield to Maturity:  N/A
   Initial Accrual Period OID:  N/A

Amortizing Notes:

   Amortization Schedule:  N/A

Dual Currency Notes:

   Face Amount Currency:  N/A
   Optional Payment Currency:  N/A  
   Designated Exchange Rate:  N/A

Indexed Notes:

   Currency Base Rate:  N/A



                                 (Redeemable Step Up Coupon Notes)
                                                                    Page 3
                                  Pricing Supplement No. 1938 
                                  Dated July 27, 1994
                                  Rule 424(b)(3)-Registration Statement
                                                 No. 33-50909




Additional Terms:

   Interest.

   Interest on the Notes will accrue from August 22, 1994 and will
   be payable in U.S. dollars semiannually on each August 22 and
   February 22, commencing February 22, 1995 up to and including
   the Maturity Date or date of earlier redemption (each, an
   "Interest Payment Date").  Interest will accrue from and
   including each Interest Payment Date to but excluding the next
   succeeding Interest Payment Date.  In the event an Interest
   Payment Date falls on a day other than a Business Day, interest
   will be paid on the next succeeding Business Day and no interest
   on such payment shall accrue for the period from and after such
   Interest Payment Date to such next succeeding Business Day.  The
   interest rate on the Notes will be equal to 7.375% per annum
   from and including the Original Issue Date up to but excluding
   August 22, 1995.  Thereafter, the interest rate will be subject
   to adjustment annually on each August 22 in accordance with the
   following schedule:

               Interest Period                     Interest Rate
                                                    (per annum)
   August 22, 1995 to August 21, 1996                  7.500%
   August 22, 1996 to August 21, 1997                  7.750%
   August 22, 1997 to August 21, 1998                  8.000%
   August 22, 1998 to August 21, 1999                  8.250%
   August 22, 1999 to August 21, 2000                  8.500%
   August 22, 2000 to August 21, 2001                  8.750%
   August 22, 2001 to August 21, 2002                  9.000%
   August 22, 2002 to August 21, 2003                  10.000%
   August 22, 2003 to August 21, 2004                  11.000%

   The amount of interest payable on each Interest Payment Date
   will be computed on the basis of a 360 day year consisting of
   twelve (12) thirty (30) day months.


                                 (Redeemable Step Up Coupon Notes)
                                                                    Page 4
                                  Pricing Supplement No. 1938 
                                  Dated July 27, 1994
                                  Rule 424(b)(3)-Registration Statement
                                                 No. 33-50909



   Optional Redemption.
   
   The Company may at its option elect to redeem the Notes on
   August 22, 1995 or on any Interest Payment Date thereafter (each
   such date, an "Optional Redemption Date") at 100% of their
   principal amount plus accrued interest to but excluding the date
   of redemption (the "Redemption Date").  In the event the Company
   elects to redeem the Notes, notice will be given to registered
   holders not more than 60 nor less than 30 days prior to the
   Redemption Date.


Certain Investment Considerations:

   Prospective purchasers of the Notes should be aware that the
   Notes will pay interest at different fixed rates each year
   through the Maturity Date unless earlier redeemed by the
   Company.  Prospective purchasers should also be aware that the
   Company has the option to redeem the Notes on any Optional
   Redemption Date and will be likely to elect to redeem the Notes
   in the event prevailing market interest rates are lower than the
   then-current interest rate on the Notes.    

Plan of Distribution:

   The Notes are being purchased by Salomon Brothers Inc
   (hereinafter referred to as the "Underwriter") as principal at
   a purchase price of 100% of the aggregate principal amount of
   the Notes.  The Notes will be sold to the public at varying
   prices to be determined by the Underwriter at the time of each
   sale.  The net proceeds to the Corporation will be 100% of the
   principal amount of the Notes. 

   The Company has agreed to indemnify the Underwriter against and
   contribute toward certain liabilities, including liability under
   the Securities Act of 1933, as amended.