A new loan scheme has been launched by Andhra Bank primarily aimed for the self-employed professionals. The scheme has been christened as AB Professional Loan.

The Chairman and Managing Director of the bank, Mr. B. A. Prabhakar said "The service sector is growing and many professionals are in need of capital. The idea is to promote self-employed professionals."

"We have a target of Rs 150 crore business before end of March 2012 under this product," he said.

A customer can borrower a maximum amount of Rs. 10 lac through this scheme. An interest rate of 14% per annum will be applicable on the borrowed amount.