Andhra Bank, a PSU bank owned by Government of India has come up with an innovative loan scheme for IT and Software, accountants and other professionals. Named as ‘AB Professional Loan’, the scheme is launched to meet the credit needs of practicing IT, Software and other high profile professionals like chartered accountants, company secretaries and architects. The loan scheme is available for various purposes such as establishing own companies and renovating office premises.
The AB Professional Loan scheme will also cater to the credit requirements of engineers, valuers, management and financial consultants along with cost accountants and advocates. The Andhra Bank has clarified that the borrowers under AB Professional Scheme need not offer any security and also without much documentation. Banks are coming with innovative loan schemes to attract the customers. Recently SBH has launched a Gold Purchase Loan scheme through which it will provide money to purchase Gold jewellery from designated merchants.
Professionals can acquire this loan up to a maximum of Rs.10 lakhs as a term loan payable in 60 months or overdraft. It can also be a combination of the both EMI and Overdraft depending upon the purpose of the credit. The Bank has launched this scheme to encourage self- employed entrepreneurs, professionals and to promote self - employment activities. The interest rate for these loans will be floating at base 3.25 per cent. The Bank will charge only 50 percent of the normal fee for processing charges.