Andhra Bank reduces interest rates on Loans

Hyderabad, Oct 18 (UNI) Andhra Bank today announced concession in rates of interest on Housing, Personal, Vehicle loans, loans to Transport Operators and Agricultural Sector upto January 31, 2008, coinciding with festival seasion.

The effective rate of interest for housing loans would be 9.75 per cent for loans upto five years, according to a release here today.

Vehicle loans given upto Jaunary 31, 2008 would have an effective rate of interest of 12.75 per cent against the current rate of 13.25 per cent. While the vehicle loans given to women employees would have a further concession of 1 per cent with effect rate of interest being 11.75 per cent.

For agriculturists also the rate of interest on vehicle loans and tractor loans have been reduced by 0.5 per cent and the effective rate would be 11.25 and 11.75 per cents, respectively.

The interest rates on clean loans and Personal loans have also been reduced by 0.50 points. The effective rate of interest would be 15.50 per cent upto January 31, 2008.

For Transport Operators also the rate of interest has been reduced.

UNI