I have just started learning Android App Development using Eclipse.
I have made a small application.
Anyhow, I am not able to find any option to save my work as a .apk file in any folder of my choice in my Computer.
Can anyone help me out here?
The .apk of your application is a result of your java project, you can't save as .apk but you can easily export your application as .apk (File -> Export -> Android -> Export Android Application), here you can transform your work as a .apk and save this file in the folder you want. A tutorial (in french but with many images) is available here.