Andhra Bank has reduced interest rates on some of its retail loans including housing, car loans and loans against gold ornaments.
According to revised rates which came into effect from December 11, 2014, housing loans up to Rs 10 lakh will carry an interest rate of 10.25 per cent which was at 11.25 per cent earlier. Home loans above Rs 30 lakh are also being offered at the same rate from earlier 10.50 per cent.
Similarly, interest on car loans has been reduced to 10.75 per cent. ``Existing housing loan customers, whose repayment of EMI is prompt, are eligible for an additional 0.25 pc concession in the rate of interest,’’ G Ravi Kumar, General Manager, Andhra Bank said in a release issued here on Friday.
As per the revised rates, interest on gold loans is 13 per cent as against 16.50 charged previously.