Purpose – To provide adequate and timely credit i.e. working capital / or block capital or both to small artisan, handloom weavers, service sector, fisherman, self employed persons, rickshaw owners, other micro entrepreneurs, other NFS activities etc from the banking system in flexible, hassle free and cost effective manner. The facility may also include a reasonable component for consumption needs.
Participating Bank – The scheme is to be implemented by all branches.
Quantum of Loan – Maximum Rs.25000/- per borrower as working capital may be sanctioned. However, the limit of Rs. 25000/- fixed under the scheme should not be deterrent as far as genuine and needy borrowers are concerned.
Security – Security to be applicable as per extent guidelines of Bank; Joint Liability Groups / SHG should be encouraged as a collateral substitute.
Margin – Margin to be applicable as per extent guidelines of Bank; however, margin may not be insisted upon.
Rate of Interest – 9% per annum
Processing Charge – Rs. 350/- per borrower to be charged
Validity – SCC is normally valid for 5 years subject to satisfactory operation of the account and renewed on a yearly basis through simple review process. The operation in the account should be regular.
Insurance – SCC holders is to be insured under PAIS.
The bank also offers home loan, personal loan, vehicle loan, agricultural loan, business loan etc.