Aryavart Gramin Bank – Education Loan

By | May 14, 2011

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;

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Articles Glossary Tags: ,

About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

Leave a Reply

Your email address will not be published. Required fields are marked *