PURPOSE – To provide term loan for purchase of power tools & need based working capital for Auto Mechanics for serving & repairs, electricians for servicing & repairs, plumbers for sanitary servicing & repairs, carpenters and wood workers etc
ELIGIBILITY – All artisans and self employed persons who are engaged in the field of carpentry & wood works, servicing and repairs of automobiles, electrical and sanitary servicing, preference would be given to the trainees who have undergone training in the prescribed disciplines as mentioned above in the training institute of RUDSET constituted and sponsored by Canara Bank and Syndicate Bank, Clusters of artisans or self employed persons who have joined to form Self Help Groups, all existing eligible artisan borrows of the Bank can also be brought under this scheme.
QUANTUM OF LOAN – Financial assistance by way of composite loan; Maximum limit is Rs. 1.00 lakh
RATE OF INTEREST – 11.50% per annum
SECURITY – Up to Rs. 25000/- against hypothecation of Tool Kits, above Rs. 25000/- against collateral security 150% of the Bank loan
MARGIN – Nil for loan up to Rs. 25000/ and 5 to 10% for loans above Rs. 25000/-
REPAYMENT – 3 to 5 years
The bank is also having a Tie-up arrangement with 166 Companies or Corporate providing personal loan, House Building Loans, Vehicle Loans & Educational Loans.