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.
Purpose – To provide financial assistance to meritorious scholars for higher education
Eligibility – Should be citizen of India, such students, who posses excellent academic record and have secured minimum 60% marks in their academic career
Age Limit – Maximum 30 Years
Expenses Considered – Fee payable to college, school, Hostel; Expenses on Boarding or Lodging, examination, Library or Laboratory fee; expenses on books , equipments, implements, uniform etc
Quantum Of Loan – Maximum Rs.7.5 Lakhs
Margin – NIL for loans up to Rs.4 Lakh and for loan above Rs.4 Lakhs the interest rate is 5%
Quantum Of Loan – As per project cost.
Rate of Interest – 12.00% p.a. up to 4 lakhs and 12.50% p.a. on loans above 4 lakh (0.5% rebate in interest will be given to female scholars and farmer’s wards).
Repayment – In 5 –7 years after getting employment or after six month of completion of course whichever is earlier;