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 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.
The GOI introduced a new scheme called ‘PMEGP’ by merging REGP (KVIC) and PMRY schemes. The scheme will be implemented by KVIC at national level and by KVIB at state level District industries centre and Bank.
Purpose: The main objective of the scheme is to generate employment opportunities in rural and urban areas of the country and to increase wage earning capacity of artisans.
Eligibility: The individual above 18 years of age is eligible and there will be no income ceiling for assistance for setting up projects. However, for setting up projects costing above Rs.10.00 lakhs in manufacturing sector and above Rs.5.00 lakhs in the Business/Service sector, the beneficiary should possess at least VIII standard pass educational qualification.
Quantum of Loan: The maximum cost of project under manufacturing sector is Rs.25.00 lakhs and the maximum cost of project under Business/Service sector is Rs. 10.00 lakhs. The rate of subsidy under General category is 15% in urban areas and 25% in rural areas in project cost. Under special category like SC/ST/OBC/Minorities/Women/Physically challenged the subsidy in the project cost will be 25% in urban areas and 35% in rural areas.
Repayment: The repayment schedule is ranging between 3 to 7 years