Andhra Bank has launched a new loan for practising professionals, called AB Professional Loan.
“The service sector is growing and many professionals are in need of capital. The idea is to promote self-employed professionals,” Mr B.A. Prabhakar, Chairman and Managing Director of Andhra Bank, said after formally launching the product here on Monday.
Professionals including chartered accountants, engineers, advocates and management consultants can apply for collateral-free loans.
The maximum amount of loan will be Rs 10 lakh with 14 per cent interest per annum. It can be availed for establishing offices, buying furniture, purchase of tools, equipment and books, among others.
“We have a target of Rs 150 crore business before end of March 2012 under this product,” the Chairman and Managing Director said.
This product was an improvement on existing product for medical professionals, he said.