To get an Andhra Bank Business loan, applicant simply needs to visit the nearest Andhra Bank office and fill in the application form. Below are the types of loan schemes offered, eligibility and documentary requirements, features and benefits of Andhra Bank Business Loans.
Also Read: How to Get Loan for Business Without Security in India
Types of Loan Schemes
PSB Loans in 59 minutes: Initiated by Government of India, PSB Loans in 59 minutes as the name suggests can be availed in 59 minutes and the maximum loan amount offered under this scheme is Rs. 5 crore. Applicant can visit the official website of PSB Loans and can apply it online. However, applicant can also contact Andhra Bank as they also provide the same loan to its customers.
CGTMSE: Any micro and small business enterprises except for retail trade can apply for this loan amounting to maximum of Rs. 1 crore. CGTMSE scheme offers loans that are collateral free to existing Micro and Small Enterprises (MSEs).
Composite Loan Scheme: These loans can be availed by Artisan, Village and Cottage Industries and Micro enterprises. The maximum loan amount offered under this scheme is maximum Rs. 1 crore. Collateral or security required is Nil up to Rs. 10 lakh and above this amount depends on the bank’s policy. Repayment period is from 3 years to maximum 10 years.
Doctor Plus : Individuals, LLPs, companies, trusts and societies engaged in providing medical services are eligible for this loan. The maximum loan amount offered is Rs. 20 lakh wherein the repayment tenure is 84 months. All applicants for this loan must be holders of a recognized and legitimate graduate degree in medicine with practice in medicine for at least 2 years. It is a collateral free loan and no third party guarantee is required.
LUCC: Laghu Udhyami Credit Card (LUCC) is a loan scheme that is availed to meet the funding requirements of professional and self-employed people, small businessmen, retail traders, artisans & village industries and Micro and Small Enterprises (MSEs). Applicants should have minimum experience of two years. The maximum loan offered under this scheme is Rs. 10 lakh.
