Andhra Pragathi Grameena Bank – Pragathi Swarna Credit Card

By | September 21, 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. The Bank is constituted under Regional Rural Banks Act 1976. The Bank is having its Head Office at KADAPA with a jurisdiction of 5 districts namely Kadapa, Kurnool, Ananthapur, Nellore and Prakasam.

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 both productive and consumption requirements

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

Quantum of Loan: up to Rs. 2.00 lakhs per party

Rate of Interest: The OD carries an interest rate of 13% p.a. with monthly rests and an overdue interest @ 2.25 % over the normal rate shall be charged on the overdue loan a/c.

Security: The loan is secured against the security of jewels with 22 carat purity/gold bars, gold coins with 24 carat purity

Others: The Account shall be in the form of Cash Credit/Overdraft facility for a period of 2 years from the date of arranging the facility. The per gram lending rate is Rs.1500/- per gram on the net weight of the ornaments or 65% of the market value as on the date of arranging which ever is less.

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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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