Andhra Bank slashes interest rates on retail loans

Andhra Bank  has slashed its interest rates on retail loans, deputy general manager G Ravi Kumar said today. The rate of interest has been reduced on housing loan from 11% to 10.50% upto 30 lakhs, and above 30 lakhs 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 Rs 300 crore retail loans from Krishna district in this financial year, including Rs 100 crore worth of housing loans, Rs 50 crores for car and mortgage loans and Rs 150 crores under non agricultural gold loans, Kumar said. The bank charges 13 pc interest on non-agricultural gold loans. The amount under gold loan is enhanced from Rs 1,650 to Rs 2,100 of hallmarked ornaments with 916 purity, he said. Under housing loan, the beneficiary will get one percent interest subversion from the government on loans upto Rs 25 lakhs, he mentioned.