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: In order to offer financial assistance mainly to the SF/MF/Tenant Farmers/Share Croppers/ Lessee farmers, financial assistance required to RMGs may be realistically assessed
Eligibility: SF/MF/Tenant Farmers/Share Croppers/ Lessee farmers
Quantum of Loan: up to 1:20 depending on quality of the RMG and the recovery position of the loans extended to RMGs
Rate of Interest: The interest rate shall be 7% up to Rs.3.00 lakh in the case of crop production loans and in the case of investment credit depending upon the purpose.
Security: The assets created out of the financial assistance shall be the security.
Repayment: Based in the scheme