Allahabad Bank to cut interest rate by 25 basis points

MUMBAI:
Allahabad Depository Financial Institution will cut down the involvement charge per unit on lodging loans by 25 footing points
for both floating and fixed term loans up to Rs 20 lakh. The charge per unit cut follows
reduction in cost of incremental sedimentations by Allahabad Depository Financial Institution and a encouragement to loans
among little and medium category
borrowers. The cut is effectual April 1 on all
fresh sanctions. The lower limit involvement for 5-year time period will be 9.5 per cent per
annum and upper limit 10.5 per cent for 15-25 old age in PLR-linked
loans. The depository financial institution is also considering further
reduction in BPLR to do all BPLR-linked loans more comfy for its
borrowers. If approved, the projected decrease in BPLR will also become
effective from April 1.