The ACC scheme is being introduced with immediate effect in our Bank. Branches are advised to provide credit under the scheme as per the guidelines.
Purpose – The loan is offered to provide adequate & timely assistance from the banking institution to the artisan to meet their credit requirement both in investment needs and working capital in a flexible & cost effective manner.
Eligibility – Artisan are units / individuals, irrespective of locations engaged in small industrial activities – manufacturing, processing, preserving & serving which may be located in villages and small towns with population not exceeding 50,000 and involved in utilization of locally available resources and / or human skills.
- Artisan involved in production / manufacturing process and otherwise eligible for credit facilities under any of the existing Bank schemes.
- Not financed by any other Govt. sponsored schemes.
- Existing artisan’s borrowers enjoying credit facilities up to Rs. 2.00 lakhs and having satisfactory dealing with Bank.
- Thrust on cluster if artisans and SHGs.
Type of Facility – Working capital & Block capital unlike
Quantum of Loan – Maximum Rs. 2.00 lakhs
Margin – Credit limit up to Rs.50, 000 – Nil; Credit limit above Rs.50, 000 – 15%
Security – Hypothecation of the asset
Rate of Interest – 9%
Insurance Cover – Facility is available only in case of units registered with Development Commissioner (Handicraft) under Group Insurance Scheme and premium will be paid by Government and beneficiaries in the ration 60:40