Aryavart Gramin Bank, a Regional Rural Bank, was constituted on 3rd October 2006 after amalgamation of three Regional Rural Banks (RRBs) namely Avadh Gramin Bank, Barabanki Gramin Bank and Farrukhabad Gramin Bank as per Government of India notification no. F.No.1/4/2006-RRB dated 03-10-2006.
The Aryavart Gramin Bank, henceforth mentioned as the Bank, has 306 branches, six Regional Offices and a Head Office. The bank offers home loan, personal loan, agricultural loan, educational loan etc in order facilitate the customers in rural and semi urban areas.
Purpose – To meet out the financial needs of customers the bank is providing loan against policies issued by Life Insurance Corporation of India and ICICI Prudential Life Insurance Company.
Eligibility – Any major person having Bonafide Insurance Policy in his name is eligible for the loan
Quantum Of Loan – For LIC of India -75% of surrender value in 3 years old policies; for ICICI Prudential Life (on policy issued through our Bank) – 75% of the onetime amount of premium or 75% of surrender value.
Margin – 25%
Nature of Facility – Term Loan or Overdraft
Rate of Interest – 13% p.a. up to Rs.50000/, 14% p.a. up to Rs.2 lakh, 15% p.a. above Rs.2 lakh, on quarterly com pounding to be served on monthly basis
Repayment – 60 months or maturity date of policy whichever is earlier