Andhra Bank cuts benchmark lending rates by 0.25%

State-owned Andhra Bank reduced its benchmark lending rates by 0.25 per cent to 10.25 per cent, making home, auto and corporate loans cheaper for borrowers.

In a filing to BSE, Andhra Bank said that it has decided to revise the base rate or minimum lending rate downwards by 0.25 per cent from the existing 10.50 to 10.25 per cent.

Besides, it has also decided to revise the Benchmark Prime Lending Rate (BPLR) by similar percentage points to 14.50 per cent.

Earlier in January, RBI had had lowered key short-term lending rate by 0.25 per cent and also injected Rs 18,000 crore liquidity through similar reduction of Cash Reserve Ratio (CRR).

The new rates would be effective from March 1, the bank said.