Andhra Bank cuts 25 basis points in PLR
By Our Banking Bureau | 09 Apr 2002
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Mumbai: Andhra Bank has announced a reduction of 25 basis points in its prime-lending rate (PLR). But the bank said the reduction in PLR to 11.75 per cent from the existing 12 per cent will come into effect from 15 May 2002 only for those advances which were repayable up to three years period. The bank has decided to retain the existing PLR at 12 per cent for all those advances beyond three years. In a press release the bank said the spread will be based on the credit rating of the borrower with a maximum spread of 4 per cent.
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