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 said three RRBs were sponsored by Bank of India and had location proximity. Like the parental bodies, the amalgamated entity functions under Regional Rural Banks’ Act 1976 and is sponsored by Bank of India.
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 – Composite loan for purchase of land, plot , building for Hospital, Nursing Home and for purchase of medical equipment with working capital requirement.
Eligibility – Individuals or partners (group of qualified medical practitioners)
Quantum Of Loan – Rs. 100 Lakhs of which working capital should not be more than Rs.10.00 Lakh
Margin – 15%
Rate of Interest – 12.50% per annum up to Rs. 15 lakhs; 13% per annum up to Rs. 15 lakhs with quarterly rest
Repayment – 10-15 years including grace period of six months