Andhra Bank cuts interest rates on retail loans
MDT/PTI 12 September 2012

The rate of interest has been reduced on housing loan from 11% to 10.50% up to Rs30 lakh, and above Rs30 lakh from 11.25% to 10.75%

 
Vijayawada: Andhra Bank has slashed its interest rates on retail loans, reports PTI quoting G Ravi Kumar, deputy general manager of the bank.
 
The rate of interest has been reduced on housing loan from 11% to 10.50% up to Rs30 lakh, and above Rs30 lakh from 11.25% to 10.75%, on mortgage loans from 16% to 15.50%, and on cars from 12.25% to 11.50%.
 
The bank targets Rs300 crore retail loans from Krishna district in this financial year, including Rs100 crore worth of housing loans, Rs50 crore for car and mortgage loans and Rs150 crore under non agricultural gold loans, Kumar said.
 
The bank charges 13% interest on non-agricultural gold loans. The amount under gold loan is enhanced from Rs1,650 to Rs2,100 of hallmarked ornaments with 916 purity, he said.
 
Under housing loan, the beneficiary will get one percent interest subversion from the government on loans up to Rs25 lakh, he mentioned.
 
 
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