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 per cent to 10.50 per cent upto 30 lakhs, and above 30 lakhs from 11.25 per cent to 10.75 per cent, on mortgage loans from 16 per centto 15.50 per cent, and on cars from 12.25 per cent to 11.50 per cent.

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 crore for car and mortgage loans and Rs 150 crore under non-agricultural gold loans, Kumar said.

The bank charges 13 per cent 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 per cent interest subversion from the government on loans upto Rs 25 lakh, he mentioned.