Andhra Bank unveils two schemes

Two new schemes aimed at women members of self-help groups and self-employed technicians "� AB Surya Shakti scheme and AB Power Tools (Shakti) scheme "� were launched by chief minister Y S Rajasekhara Reddy at the 125th birth anniversary celebrations of the founder of Andhra Bank, Bhogaraju Pattabhi Seetharamayya, held here on Thursday.

Pattabhi Seetharamayya, the renowned freedom fighter founded Andhra Bank in 1923.

The AB Surya Sakthi scheme provides soft loans to buy solar cookers and solar geysers at an interest subsidy while the AB Power Tools scheme provides term loans to carpenters, electricians, plumbers and auto-mechanics to purchase power tools and need based working capital.

Under the AB Power Tools scheme, a composite loan up to a maximum of Rs 1 lakh, consisting of a working capital of Rs 50,000 and term loan of Rs 50,000 is lent.

The AB Surya Sakthi scheme, launched in association with the Union ministry of non-conventional energy sources, provides an interest subsidy of 2 per cent for individuals, 3 per cent for institutions and 5 per cent for industrial or commercial organisations, for purchase of solar cookers and solar geysers.