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Andhra Bank has reduced interest rates on retail advances, including housing and education loans.
Interest on housing loans between Rs 10 lakh and Rs 30 lakh based on credit rating was reduced to 11 per cent. For housing loans above Rs 30 lakh, rate of interest would be 11 per cent.
The reduction in education loans ranged from 75 to 175 basis points. Similarly, interest on loans above Rs 4 lakh and up to Rs 7.5 lakh was lowered from 15 per cent to 14.25 per cent.
For loans above Rs 7.5 lakh, interest was slashed from 15 per cent to 13.25 per cent.
Interest on mortgage loans has been reduced from 17.5 per cent to 16 per cent, Andhra Bank said in a release on Saturday.
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