Andhra Pradesh Grmeena Vikas Bank – General Purpose Credit Card

By | June 23, 2011

The bank was formed by amalgamation, on the 31st March 2006, of the five banks, sponsored by SBI, to participate more energetically, with synergy, in the uplift and development of Rural Farm Sector and Rural Non-Farm Sector, with emphasis on the deprived, the Rural Poor, Rural ISB and Rural Crafts. The bank offers home loan, personal loan, education loan, agricultural loan, business loan etc.

Purpose –           To Provide hassle free revolving credit to customers based on the assessment of cash flow without insistence on security, purpose and end-use of the credit

Eligibility –           All existing customers with more than 3 years of banking history with the branch are eligible for the loan

Quantum of Loan –           Based on the assessment of income and cash flow of the entire household – 20% of the annual income or Rs 25000/- whichever is less.

Rate of Interest –           For Maximum limit of Rs 25000/- the rate of interest is 13%

Repayment period     – O/s should be cleared in yearly / half yearly / quarterly / monthly intervals or at least 20% of the amount should be repaid.

Security No collateral security

Documents required –           Application, DP Note and DP Note Take Delivery Letter, Arrangement letter

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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