Andhra Pragathi Grameena Bank – Pragathi General Gold Loan Scheme

By | September 20, 2011

Andhra Pragathi Grameena Bank came into existence from 1.06.06 by amalgamating Rayalaseema Grameena Bank, Sri Anantha Grameena Bank and Pinakini Grameena Bank consequent upon the Government of India Notification dt.1.6.06. It offers special loan schemes to farmers. Its credit basket includes agricultural loans, loans to farmers, produce loans, priority sector loans, non- priority loans, education loan, home loan, personal loans etc.

Purpose: The loan is extended for meeting any productive purpose / agriculture / consumption needs, other than speculations of the borrowers

Eligibility: All the customers of the branch, who are having SB / Current a/c are eligible for coverage under the scheme

Quantum of Loan: Maximum Rs. 2 lakhs; The per gram lending rate is Rs.1500/- on the net weight of the ornaments or 75% of the market value as on the date of arranging, whichever is les

Rate of Interest: 13%; overdue interest at 2.25%

Security: The loan is secured against security of gold ornaments with 22 carats purity, gold bars / coins with 22 carats and above purity

Others: The loan amount is disbursed directly to the party or through the existing operative account. The loan shall be repayable in 2 years.

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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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