Hyderabad: Another leading bank in India has decided to cut its interest rates on various retail loans. Andhra Bank has slashed its interest rates on home loans, personal loans, vehicle loans and loans to transport and agriculture sector for the current festive season.
Vehicle loans disbursed by Andhra Bank will now come at an effective interest rate of 12.75 percent up to January 31, 2008. Earlier these loans were available at an interest rate of 13.25 percent. Women seeking such loans will get a further discount of 1 percent.
Vehicles and tractors loans sought by agriculturists have been reduced by 50 basis points, which amounts to a 0.5 percent effective reduction in their interest rates. Now such loans from Andhra Bank will come at an attractive interest rate of 11.25 percent and 11.75 percent.
Personal loan interest rates have also been cut by 50 basis points and will now be available at an interest rate of 15.50 percent. Housing loans have been also reduced by a similar amount and new home loans from Andhra Bank will now be available at 9.75 percent for a tenure of five years.
Founded by the eminent freedom fighter and a multifaceted genius, Dr.Bhogaraju Pattabhi Sitaramayya, Andhra Bank is currently headed by Shri K Ramakrishnan. Andhra Bank offers various retail loans like AB Doctor +, AB Nightingale, AB Housing Loans, AB Vanitha Vahan, AB, Personal loan, AB Vehicle Loans, AB Clean Loans and AB Mortgage Loans to suit every section of the society.