Andhra Bank
Facebook Twitter
Skip to navigation | Skip to main content

Toll Free Number: 1800 425 1515

Call 040-23122297 for Internet & Mobile Banking/ATM -24x7 Helpdesk or mail to us on adchelpdesk@andhrabank.co.in

Anytimers
banner
 
AB PROFESSIONAL LOAN
 
ELIGIBLE BORROWERS

Practising Chartered Accountants, Architects, Engineers, Valuers, Management/ Financial Consultants, Company Secretaries, Cost Accountants etc.,

  1. Constitution: Individuals, Firms, Limited Liability firms, Companies or Societies engaged in rendering professional services.
  2. Should be an assessee under Income Tax atleast for the last two years.
  3. Should be a registered member with their respective professional Association/ Board/ Body.
 RATE OF INTEREST

MCLR (1 year) + 3.30 % 

 
 PURPOSE OF LOAN

To establish/ renovate the office premises, Furnishing of office premises, Purchase of Tools, Equipments & Books, expenses relating to travel for professionals, working capital for carrying out day to day operations.

 
 NATURE OF FACILITY

Term Loan, Overdraft or a combination of both depending upon the purpose of credit.

 
AMOUNT OF LOAN

Maximum amount of finance under the scheme is Rs.10 lac.

 
 SECURITY

Personal security of the borrower and Hypothecation of the article purchased with Bank finance

 
 

No collateral security or Third party guarantee and to be covered under GGTMSE .

 
 ASSESSMENT OF LOAN AMOUNT
  1. Term Loan: 75% of the cost of asset purchased.
  2. Working Capital limit: 75% of the revenue expenditure of the previous year as per Profit and Loss account.
  3. Total exposure within 2 times of average annual income of preceding two years.
 
RATE OF INTEREST

Base Rate + 3.25%=13.5% presently

 
 PROCESSING/UPFRONT CHARGES

0.50% of the loan amount.

 
 OTHER CHARGES

CGTMSE premium to be borne by borrower.

 
 REPAYMENT TERM

Maximum 60 monthly instalments with a maximum repayment holiday of 1 year for principal and interest. For working capital limits in the nature of Overdraft - tenor- 1 year –Renewal subsequently as per discredtion of the Bank.

 
 ADDITIONAL FACILITIES

50% concession in remittance charges in remittances not exceeding Rs. 1 lakh each for three times in a month.

 
 
 
chiclogo