Chaitanya Grameena Bank and Godavari Grameena Bank sponsored byAndhra Bank merged into a single Reg…
Chaitanya Grameena Bank and Godavari Grameena Bank sponsored byAndhra Bank merged into a single Regional Rural Bank on 01.03.2006 to form Chaitanya Godavari Grameena Bank with its Head Office atGuntur, Andhra Pradesh.
Purpose: This loan finances purpose ofpurchasing equipment, repairing or renovating existing equipment and /oracquiring and repairing business premises or for purchasing tools and/orworking 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 notexceed Rs.10 lakhs of which not more than Rs.2 lakh should be for workingcapital requirements. Inthe case of professionally qualified medical practitioners setting up practicein Semi-urban and rural areas, the loan up to Rs.15 lakhs (including forpurchase of car – car loan
) of which not more than Rs.3 lakhs for working capitalpurposes will be financed.
Security: Property attained by the bank finance is taken as security.
Repayment: Repayment has to be done within 36to 72 Equated Monthly Installments with a holiday period not exceeding 3months.