As a part of its MSME Banking and aim to assist the agricultural sector, Corporation Bank extends various banking products and services, one among which is the Corporation Weavers Credit Card. The Corporation Weavers Credit Card scheme offers term loan as well as loans to meet the working capital requirements of all individuals involved in weaving and allied activities.
The maximum loan amount offered to an eligible applicant under this credit card scheme is Rs. 2 lakhs.
The applicable loan margin is 20%.
The repayment tenure for cash credit is 3 years from the date of issue. This is subject to annual reviews and renewals by the Bank. The repayment tenure for the term loan available under this scheme is not more than 3 years.
The hypothecation of all the assets that have been procured with the help of this credit/ loan scheme is required as security against the term loan and cash credit allowances.
The Corporation Weavers Credit Card is eligible to get coverage through the Credit Guarantee scheme offered by CGTMSE.
All individuals involved in weaving and allied activities are eligible for Corporation Weavers Credit Card.
This scheme does provide an insurance coverage for all the assets that have been procured using the finance provided through the Corporation Weavers Credit Card.
The validity period of the cash credit offered under the Corporation Weavers Credit Card scheme, is 3 years.
The validity period of the term loan offered under the Corporation Weavers Credit Card scheme, is 3 years.
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