RLPC-UPDATE 1-Porsche pushes to agree 8.5 bln eur loan-bankers

* Loan cut from 10.5 bln eur with VW deal - bankers

* Porsche wants deal before Nov. 11 board meet - bankers

* Refinancing timing driven by the merger process - banker (Adds details)

By Zaida Espana and Tessa Walsh

LONDON, Nov 6 (Reuters) - German carmaker Porsche SE (PSHG_p.DE) is pushing to agree an 8.5 billion euro ($12.6 billion) loan by Nov. 10, two bankers close to the deal said on Friday.

The loan has been reduced from an earlier figure of 10.5 billion euros using proceeds of the planned sale of 49.9 percent of its sportscar making unit Porsche AG to Volkswagen AG (VOWG.DE), the two bankers said. [ID:nLD542863]

Porsche has given its bankers a tight deadline to respond by Nov.10, both bankers said, and is aiming to sign the loan agreement by Nov.16, the first banker said.

Nobody at Porsche could immediately be reached for comment.

Porsche is seeking an agreement from its banks before a board meeting on Nov. 11, which is a key date for its planned merger with Volkswagen, the two bankers said.