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 overcome the problem of power shortage that is being faced by the public particularly in rural and semi urban areas and to exploit the solar energy as much as possible to preserve the fossil fuel, i.e. coal, oil, gas and to fulfill the need for electricity, the use of solar energy, for domestic and commercial heating and lighting, emerged as the most viable and sustainable solutions to the energy problems.
Eligibility – Households in rural, semi urban or urban areas, business establishments, Hospitals, Hotels or Restaurants etc
Quantum Of Loan – Maximum 85% of the project cost
Margin – 15% of the project cost, where capital subsidy is available
Rate Of Interest – 12% p.a.
Repayment – In 5 to 7 years in monthly or half yearly installments
The Bank plans to engage Business Facilitators to propagate the scheme, promote financing under it and also to ensure maintenance of the Solar Home Lighting units with a vision to provide partial employment to rural youth. The bank offers home loan,personal loan agricultural loan etc