Government of India, Ministry of Finance announced the amalgamation of Chaitanya Grameena Bank and Godavari Grameena Bank sponsored by Andhra Bank into a single Regional Rural Bank with its Head Office at Guntur, Andhra Pradesh. Chaitanya Godavari Grameena Bank was thus established on 01.03.2006. The Head Office of the new Bank is situated at Guntur, Andhra Pradesh.
The bank ownership is shared between Government of India, Sponsor Bank and Government of Andhra Pradesh in the ratio of 50%:35%:15%.
Purpose: For acquiring premises or furniture / show cases and office equipment and for working capital requirements this loanscheme can be utilized.
Eligibility: Individuals /partnership firms, Consumer Co-operative Stores engaged primarily in buying and selling of goods can avail this loan scheme. Retail Traders dealing in essential commodities (fair price shops) and consumer co-operative stores and other private retail traders with credit limits not exceeding Rs.10 lakhs are eligible for this personal loan scheme.
Security: The property acquired by the banks finance is hypothecated to the bank as security.
Repayment: Repayment has to be done within 36 to 48 Equated Monthly Installments depending upon the repaying capacity of the borrowers.