Retails traders, Small Business Units, Artisians, Tiny and Small Scale Industrial Units, Professional and Self Employed persons constitute a sizeable and important chunk of our borrower base.
Purpose – to simplify credit facilities to the small borrowers under Industries, Services and Business Sectors (ISB) our Bank introduces Rushikulya Laghu Udyog Credit Card.
To whom applicable – Small Business Units, retail, traders, village industries, tiny and small scale industrial units, professional and self-employed persons.
Eligible Borrowers – All existing borrowers of above category with credit limit up to Rs.2,00,000; All new applicants with satisfactory turnover and stock position.
Credit Card Limit – For small business units and retail traders 20 % of the average annual
turnover or last 12 months turnover in operative account whichever is higher; For tiny and small scale industries: As per Nayak Committee recommendations i.e. 20% of the projected turnover; For Professional and Self- Employed persons: 50% of the gross annual income as per income tax return.
Maximum Card Limit – Rs.2, 00,000/-
Rate of Interest – 12.50% per annum with quarterly rests
Margin – (For RT, BE: 25% of the available stock. Stock Artisian, Small business) statement to be obtained at the initial stage to enable sanction