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 loan scheme finance attaining a house.
Eligibility: State government employees are eligible under this home loan scheme. The applicant must have completed at least 3 years of service and must have at least 3 years of service remaining.
Rate of Interest: There are both fixed rate and floating rate of interest offered to the customers.
Repayment: The repayment is generally done through deduction from the banks account to which the salary is credited.
Other Features: The house financed by the bank home loan should be insured against risk of fire, lightening, riots, earthquake, floods etc.