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.