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.