Canara Bank slashed interest rates by 75 basis points

After Finance Minister P. Chidambaram asked the state-run banks to consider reducing interest rates, on Wednesday slashed its benchmark prime lending rates by 75 basis points.

A spokesperson of bank informed that bank will be reducing home and auto loan rates by 25 basis points.

After the reduction the prime lending rates (PLR) would set at 13.25 per cent down from 14 per cent. The rates will come with effect from November 10.

The bank official informed bank has reduced the interest rates on deposits of 500 days to two years from 10.5 per cent to 10 per cent with effect from December 1, 2008.

Hero Honda ties-up with Andhra Bank to offer finance to buyers

Hero Honda Motors is country’s largest two-wheeler manufacturer has tied-up with Andhra Bank to provide financing support for buyers of their products.

Hero Honda and Andhra Bank have signed an agreement in order to offer financial support to the two-wheeler buyers, including the ones living in the rural parts of the State.

The company claimed that buyers will be able to avail loan up to 90 per cent of the road price of the vehicles. The main aim behind the tie-up is to offer financial support to those in the farm sector, salaried employees and institutional customers.

Andhra Bank is having 1,389 branches across the country and an extensive network of over 980 branches in the state. Hence the company plans to take advantage of the large network of bank branches.

While Hero Honda Motors has a network of 51 dealerships and over 280 customer contact points in Andhra Pradesh.