The Hindu Business Line : Andhra Bank reduces loan rates

Andhra Bank has reduced interest rates on housing, personal, vehicle loans and on advances to transport and agricultural sector during the festival season. The vehicle loans sanctioned up to January 31, 2008 would have an effective rate of 12.75 per cent against the current rate of 13.25 per cent. On vehicle loans to women, there will be a further 1 percentage point reduction. For agriculturalists, vehicle and tractor loans would be cheaper by 50 basis point and the effect ive interest rate would be 11.25% and 11.75% respectively. The interest on clean/personal loans was also reduced by 50 basis points and the rate now stands at 15.50 per cent. With a similar reduction, the rate of interest for housing loans would be 9.75 per cent for loans up to five years, according to a release.

— Our Bureau

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