Swarojgar Credit Card

Purpose :
The purpose of this scheme is to provide timely & adequate capital or working capital or both to small artisans, Handloom weavers, Service sector, fisherman, Self employed person , Rickshaw pullers and small entrepreneurs, SHG etc.

Eligibility:
Applicant must be residing in the service area of the bank. He may be an individual or a Self help Group.

Fixation of limit:

  1. Maximum composite loan limit for individual will be C:\Documents and Settings\LKG BANK\My Documents\My Pictures\rupee symbol.JPG 25000/-
  2. Term Loan will be given for investment purpose. This will be recoverable in five years installments.
  3. Maximum Working Capital will be fixed on the basis of 20% of estimated annual turn over.
  4. Loan for personal use comes also with in the limit  25000/-
  5. Loan limit will be decided on the basis of approximate annual income and repaying capacity.

Validity:
Generally validity of Card will be 5 years. Card will be renewed annually on the basis of regular operation of the account & repayment in term loan.

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

Margin:
There is no margin stipulated under the scheme.

Security:
Hypothecation of assets created out of bank loan.



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