Laghu Udyami Credit Card

Purpose:
To provide adequate working capital to the Small Entrepreneurs/Rural artisans/Businessmen, who feel inconvenience in running their respective business/enterprises due to lack of fund.

Eligibility:
The reputed entrepreneurs/rural artisan / small businessmen, already engaged in any trade/activity and feel shortage of fund in running their business properly, will be eligible to avail loan under this scheme. Prospective applicant must be permanent resident of the operational area of the bank.

Fixation of limit:

  1. Maximum limit  200000/-
  2. Keeping in view of the requirement of the business, working capital requirement will be assessed on the basis of operating cycle/annual sale in reasonable manner. 
  3. 75% of WCR, assessed in the aforesaid manner will be sanctioned as working capital towards running the business  and  10% of this working capital shall be  sanctioned in addition for meeting out personal/consumption needs of the prospective borrower. However total limit should not exceed the maximum limit i.e.  200000/-.

Rate of interest:
As decided by the bank from time to time.

Margin:
Minimum 25 % of required working capital.

Security:
Up to  25000/- Hypothecation of stocks.
Guarantee of two reputed persons, acceptable to the bank shall be taken in addition to the above, if loan limit exceeds  25000/-.

Validity:
   The card will be valid for three years and it will be reviewed on yearly basis on the satisfactory operation /credit   turn over in the account.



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