Government of India through a notification dated 12th January 2006 amalgamated the four Regional Rural Banks sponsored by the United Bank of India in the state of Assam to form Assam Gramin Vikash Bank (AGVB).
The erstwhile RRBs amalgamated were Pragjyotish Gaonlia Bank (Established on 06-07-1976), Lakhimi Gaonlia Bank (Established on 29-07-1980), Cachar Gramin Bank (Established on 31-03-1981) and Subansiri Gaonlia Bank (Established on 30-03-1982).
Thus Assam Gramin Vikash Bank (AGVB) came into existence from 12th January 2006 covering the areas of operation of the pre-amalgamated RRBs. The bank has its Head Office at Guwahati.
Purpose: This car loan finances purchase of Motor Car.
Eligibility:
i) Applicant must be a depositor of the Bank.
ii) Minimum Net Monthly income of the applicant should be Rs.5000/-
iii) Permanent employee of Government / Public Sector/Corporate Organization or Professional and Self Employed Persons with reasonable income surplus can also avail this loan.
Loan amount: The maximum loan amount is Rs. 3.50 lakhs (in case wife is co-borrower Rs. 4.50 lakhs). This is subject to the condition that loan amount does not exceed 15 months net income of the applicant and total deduction does not exceed 60% of Gross salary.