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    Corporation Bank Laghu Udhyami Credit Card is Rated as "Excellent!" by 12 Users

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    Corporation Laghu Udhyami Credit Card Scheme Overview:

    The Corporation Bank Laghu Udhyami Credit Card Scheme or CLUCC is a unique service extended by the Corporation Bank as a part of its MSME Banking venture. This credit card scheme is offered only to applicants who participate in retail trade, small business units, village industries, artisans, self-employed individuals and professionals and also SSI units, so as to meet their working capital requirements and other credit needs by providing a term loan or cash credit. The individuals may be existing customers of the Bank or new borrowers.

    Features and Benefits of Corporation Laghu Udhyami Credit Card Scheme:

    Loan Quantum:

    The maximum loan quantum offered under the Corporation Bank Laghu Udhyami Credit Card Scheme or CLUCC is not more than Rs. 10,00,000.

    Loan Margin:

    • Loan margin is not applicable on term loans below Rs. 25,000.
    • If the term loan is above Rs. 25,000 then the loan margin applicable is 25% of the investment made.
    • The loan margin applicable on the credit offered for working capital requirements is set as per the recommendations of the Nayak Committee.

    Security:

    Assets that have been purchased or obtained using the credit or term loan extended by the Bank has to be pledged as security against the finance provided. If the loans are taken without placing a collateral security, then it will be covered under the credit guarantee scheme offered by CGTMSE.

    Validity Period:

    The Corporation Bank Laghu Udhyami Credit Card Scheme is valid for a period of not less than 3 years. This is subject to renewal after annual reviews by the Bank.

    Eligibility Criteria for Corporation Bank Laghu Udhyami Credit Card Scheme:

    This credit card scheme is offered existing customers of the Bank or new borrowers who are involved in:

    • Retail trade
    • Small business units
    • Village industries
    • Artisans
    • Self-employed individuals
    • Professionals
    • SSI units

    Documentation Required for Corporation Bank Laghu Udhyami Credit Card Scheme:

    The following documentation has to be submitted at the time of application:

    • Certified copy of the Registration Certificate, Partnership Deed, Proprietorship Letter, Resolution or Trust Deed.
    • Certificate to Commence Business and Certificate of Incorporation, Articles of Association and Memorandum
    • Net-worth statements of the Partners, Proprietors, Directors, Trustees, Joint Family members or HUF.
    • Balance Sheet and the Profit and Loss Account for the latest 3 years.
    • Copy of the latest IT Return, Sales Tax Assessment Order, Business License or Trade License.
    • Rent receipt or lease deed in case of red or leased godowns and/or business premises.

    Other Agricultural Banking Products offered by Corporation Bank:

    • Corp Kisan Vehicle Loan Yojana [CKVLY]
    • Corp Kisan Farm Mechanization Scheme
    • Corp Kisan Credit Card Scheme
    • Corp Kisan Loan Scheme
    • Scheme for Reimbursement of Development Expenditure
    • Scheme for Financing Farmers
    • Agriculture Loan
    • Various Interest Subvention Schemes for Educational Loan Beneficiaries
    • Scheme for Financing Farmers for Purchase of Agricultural Land
    • CGBY
    • Scheme for Financing Cold Storage Unit
    • Scheme for Financing Agriclinics and Agribusiness Centers
    • Corp Agricultural Produce Loan (CAPL)
    • Agricultural Debt Waiver & Debt Relief Scheme
    • Interest subvention scheme for Short Term crop loans

    Corporation Bank Laghu Udhyami Credit Card FAQs:

    1. What is the security requirements for availing a term loan for applicants in the OPS sector?

      The security requirements for availing a term loan of not more than Rs. 2,00,000 for applicants in the OPS sector is the hypothecation of all assets procured using the finance offered under the scheme.

    2. What is the security requirements for availing a term loan for applicants in the SSI sector?

      The security requirements for availing a term loan of not more than Rs. 5,00,000 for applicants in the SSI sector is the hypothecation of all assets procured using the finance offered under the scheme.

    3. What is the repayment tenure of the term loan received through the Corporation Bank Laghu Udhyami Credit Card Scheme?

      The repayment tenure of the term loan received through the Corporation Bank Laghu Udhyami Credit Card Scheme is three years.

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