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: Any scheme / project that can generate income / employment are eligible for finance under this loan scheme.
Eligibility: This personal loan can be availed by small artisans, handloom weavers, fishermen, self employed persons, rickshaw owners and other micro entrepreneurs. Farm Sector activities like dairy, fishery, sheep rearing etc., can also be covered by this loan.
Quantum of Loan: Up to a maximum amount of Rs 50,000/- is granted as loan.
Rate of Interest: The rate of interest for the loan is 13% per annum.
Repayment: The disbursement of the loan would be done directly to the supplier. The maximum period for the repayment of the loan is five years in case of these term loans term loans.