Andhra Pradesh Grameena Vikas Bank was formed on 31st March 2006 following a merger of 5 banks with SBI sponsorship. Nagarjuna Grameena Bank, Sri Visakha Grameena Bank, Sangameswara Grameena Bank, Manjira Grameena Bank and Kakathiya Grameena Bank merged together to form the Andhra Pradesh Grameena Vikas Bank.
Andhra Pradesh Grameena Vikas Bank with 524 branches has its headquarters in Warangal. The government of India holds 50% ownership of the bank.
Purpose: This loan provides revolving credit to the customers of the bank.
Eligibility: All existing customers with more than 3 years of banking history with the branch of the bank can avail this personal loan.
Quantum of Loan: Based on the assessment of income and cash flow of the entire household of the applicant a maximum amount of either 20% of the annual income or Rs 25000/- whichever is lesser is granted as loan.
Repayment Period: The outstanding amount should be cleared in yearly / half yearly / quarterly / monthly intervals or at least 20% of the amount should be repaid.
Security: No collateral security is required for the loan.
Other Documents Required: Along with the loan application, the applicant has to submit DP Note and DP Note Take Delivery Letter, Arrangement letter etc.