Andhra Bank, the 88-year-old public sector bank has introduced a new loan for practicing professionals, called AB Professional Loan as the service sector is growing at faster pace and many professionals are in need of capital.
Under AB professional loan, professionals including chartered accountants, engineers, advocates and management consultants can apply for collateral-free loans. This product is an improvement on existing product for medical professionals.
The maximum amount of loan will be Rs 10 lakh with 14% interest per annum. The loan can be availed for establishing offices, buying furniture, purchase of tools, equipment and books. Under this product, bank aims for Rs 150 crore business before end of March 2012.
Recently, Andhra Bank has inaugurated its 1700th branch at Nanakramguda financial district. The bank has also set up an e-banking centre at the Vidyanagar branch in the state Capital. The branch and e-banking centre was formally inaugurated by R Ramachandran, chairman and managing director, Andhra Bank on December 31, 2011.
