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 enlarge coverage of those people who do not have the title deeds in their names and to redress the problem of Rural Housing through improved access to housing credit, which would enable an individual to construct a modest new house to improve or add to his existing dwelling unit in rural area
ELIGIBILTY – People, who are engaged in agriculture, Trade or business and services etc, are eligible for this housing loan
QUANTUM OF Loan – Maximum Rs.50,000/ for construction of House or additional construction and maximum Rs.25,000/ for repairs or renovation
MARGIN – 25% of the project cost
RATE OF INTEREST – 11.5% per annum
REPAYMENT – 5 to 7 years in monthly, Quarterly, Half Yearly equated installments depending on profession of the borrower.