Chaitanya Grameena Bank and Godavari Grameena Bank sponsored by Andhra Bank merged into a single Regional Rural Bank on 01.03.2006 to form Chaitanya Godavari Grameena Bank with its Head Office at Guntur, Andhra Pradesh.
Purpose: This loan finances purpose of purchasing equipment, repairing or renovating existing equipment and /or acquiring and repairing business premises or for purchasing tools and/or working capital requirements to professionals.
Eligibility: Any professional and self-employed person including medical practitioners including dentists, Chartered Accountants, Doctors, Engineers, Architects, Tax Consultants, Magicians and Researchers can avail this loan.
Quantum of Loan: The maximum amount that is granted as loan does not exceed Rs.10 lakhs of which not more than Rs.2 lakh should be for working capital requirements. In the case of professionally qualified medical practitioners setting up practice in Semi-urban and rural areas, the loan up to Rs.15 lakhs (including for purchase of car – car loan
) of which not more than Rs.3 lakhs for working capital purposes will be financed.
Security: Property attained by the bank finance is taken as security.
Repayment: Repayment has to be done within 36 to 72 Equated Monthly Installments with a holiday period not exceeding 3 months.