Andhra Bank launches loan scheme for professionals

January 31, 2012 15:40
Andhra Bank launches loan scheme for professionals

Andhra Bank has launched a new scheme, ‘AB Professional Loan’ to meet the credit needs of practising professionals like chartered accountants, company secretaries and architects for various purposes, including establishing/ renovating office premises.

It will also cater to engineers, valuers, management/ financial consultants, cost accountants and advocates. Information Technology professionals who want to start their own enterprises would be provided the loan.

Andhra Bank chairman and managing director, BA Prabhakar. said the product would be extended on a collateral-free basts and the borrower need not offer any security and without much documentation. Up to a maximum of Rs.10 lakhs, it could be availed of as a term loan payable in 60 months or overdraft or the combination of the both, depending upon the purpose of credit.

He said the initiative was part of Andhra Bank’s commitment to encourage self-employed entrepreneurs,’ professionals and an amount of Rs.150 crore was targeted to be disbursed by the end of March this year. The bank would come out with more products to promote self-employment activities.

Mr. Prabhakar said the interest rate would be floating at base  3.25 per cent. Concession was being extended by charging only 50 per cent of the normal fee for processing charges. He said the bank’s business had crossed Rs.1,77,000 crore during the year.

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