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 – Financial assistance for purchase of land or flat and for construction of residential house
Eligibility – Individuals, Salaried persons, professional and self employed having adequate repayment capacity.
Amount of Loan – Rs. 15 Lakh in which Rs.5.00 lakh
Quantum Of Loan – As per project cost.
MARGIN – 20%
RATE OF INTEREST – 8.75% if Repayment in 5 years; 9.25%, Repayment above 5 years and up to 10 years; 9.50%, Repayment above 10 years
REPAYMENT – Maximum 15 years in equated monthly installments.