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 finance small businesses including individuals and firms managing a business enterprises established mainly for the purpose of providing any service other than professional services whose original cost price of the equipment used for the purpose of business does not exceed Rs.20.00 lakhs without any restriction on working capital limit
Eligibility: Individuals / partnership firms providing any kind of services other than professional services. Eg. Hotels, cycle & taxi, Tea Stall, Photostat, PCO, Pickle making, Hair cutting Saloons, Mike Set, Kite Making, etc. are eligible for this loan. Dealers in mineral oils can also avail this loan.
Quantum of Loan: Individuals or business firms managing business enterprise for providing any services other than professional services whose original cost price of the equipment used for the purpose of business do not exceed Rs. 20 lakhs can obtain this loan. There is no limit to the working capital loans.
Repayment: Repayment has to be done within 36 to 48 Equated Monthly Installments depending upon the repaying capacity of the borrowers.