APSFC Guntur to sanction Rs 28 crore this fiscal

The Guntur branch of Andhra Pradesh State Finance Corporation (APSFC) has fixed sanction of loans at Rs 27.90 crore and release at Rs 19.60 crore during the 2007-08 financial year.

The branch has also decided to recover Rs 17.96 crore loans this year. In 2006-07, the branch sanctioned Rs 22.41 crore loans, released Rs 16.90 crore and recovered Rs 13.62 crore loans.

D Poornachandra Rao, senior branch manager, Guntur APSFC, said the APSFC calculates interest for every three months owing to which loan beneficiaries pay a low interest.

Under a new liberalised policy, the APSFC would give loans ranging from Rs 10 lakh to Rs 5 crore to entrepreneurs, D Poornachandra Rao, senior branch manager, Guntur APSFC.

The thrust areas for 2007-08 are agro, food, ceramic, infrastructure development projects; mineral-based industries; engineering and steel units; drugs, pharma and biotechnology industries; jute, apparel, textile, plastic, rubber and leather units; hospitality industry; information technology, IT-related activities and services; and export oriented industries.

He said APSFC would tie up with other financial institutions to meet the beneficiary's loan requirement.