Andhra Pradesh Grameena Vikas Bank was formed on 31st March 2006 following a merger of 5 banks with SBI sponsorship. Andhra Pradesh Grameena Vikas Bank with 524 branches has its headquarters in Warangal.
Purpose: This loan finances personal needs like purchase of Agricultural equipment, purchase of livestock, maintenance of crops and repayment of outside debts if any and domestic expenditure leading to medical, education, house repairs and family functions of customs.
Eligibility: Farmers having minimum of 3 acres of agricultural land with assured irrigation that can be mortgaged can avail this personal loan.
Quantum of Loan: A minimum amount of Rs. 50, 000 and a maximum of Rs. 7.5 lakhs is granted as loan under this scheme.
Margin: There is a margin of 50% on the value of land.
Security: Hypothecation of the assets created out of bank finance and creation of registered / equitable mortgage of agricultural land in the name and possession of the applicant are demanded as security.
Repayment: The repayment has to be done within 12 half yearly installments or 6 yearly installments depending upon the cropping pattern.
Other Features: There are no inspection charges for loan up to Rs. 50, 000/-.