Rushikulya Gramya Bank, the first of three Regional Rural Banks sponsored by Andhra Bank was established on 14th day of February, 1981 under provision of Section 3 of the Regional Rural Bank Act, 1976 with its Head Office at Berhampur (Ganjam), Orissa.
As a Scheduled Commercial Bank, it is authorized to conduct all types of banking activities under Section-5B of the Banking Regulation Act 1949. The Bank has been vigorously pursuing its social objective and is committed to serve the economically backward people, agriculturists, rural women and small business entrepreneurs for the all round development of Ganjam & Gajapati District. The bank offers home loan, personal loan, agricultural loan, business loan etc.
Purpose – Loans to individual against immovable urban properties located at selected places.
Eligibility – An individual holding house/flat in their name are eligible for this scheme; the age of the customer should be between 21 to 60 years
Quantum of Finance – minimum Rs.50,000/- and maximum up to Rs.5.00 lakhs subject to 40% take pay in the gross income is insisted.
Margin – Margin of the scheme will be 50% of the value of the property; The Maximum repayment of this scheme will be 84 months (EMI)
Rate of Interest – The Interest rate will be 14.50% (01/02/09)
Co-Obligation – Any third party acceptable to the bank
Security – Mortgage of House/Flat will be taken as security