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    OBC Laghu Udhami Credit Card

    We found 1 OBC Laghu Udhami Credit Card

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    OBC Laghu Udhami Credit Card

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    Overview:

    The Laghu Udhami Credit Card offered by Oriental Bank of Commerce is a part of its business card scheme. This unique credit card is offered for the benefit of individuals who are involved in activities such as retail traders, small business units, artisans, small scale units, village industries, self-employed individuals, professionals, etc.

    Benefits of OBC Laghu Udhami Oriental Business Credit Card:

    • Amount of Loan:

      The maximum amount of loan that can be availed by a borrower is Rs.10 Lakhs, for each credit card account.

    • Validity of card:

      Oriental Business Card limit is valid for 3 years. The Oriental Bank reviews the credit card account annually using a simple process note and makes necessary changes.

    • Loan Margin:

      The loan margin offered on the term loan extended to the borrower against the credit card is 10%.

    Features:

    • Security:

      For loans availed that are worth less than Rs.25000, the security that has to be pledged with the Bank is the hypothecation of the assets that have been purchased using the funds provided by the Bank using the Laghu Udhami Oriental Business Card.

    • Primary security:

      If the loan amount is more than Rs. 25,000 and falling within the maximum loan amount of Rs. 10 Lakhs, then the primary security that has to be pledged to avail the same is the hypothecation of the assets that have been purchased using the finance provided by the Bank under this scheme.

    • Collateral security:

      If the loan amount is more than Rs. 25,000 and falling within the maximum loan amount of Rs. 10 Lakhs, collateral security need not be provided by Artisans. The maximum credit limit that can be availed by Artisans under this scheme is Rs. 2.00 lakh. Small Scale Service & Business Enterprises and Micro and SE Sector need not provide a collateral security either, since the maximum credit limit offered to these segments are not more than Rs. 5.00 lac. Nonetheless, the applicants falling under this segment must obtain an insurance cover under CGTMSE.

    • Repayment:

      The maximum repayment tenure available to a credit card holder is not more than 5 years.

    Eligibility Criteria:

    The OBC Laghu Udhami Credit Card-Oriented business Card Scheme (OBCS) is offered only to individuals who are involved in activities such as retail traders, small business units, artisans, small scale units, village industries, self-employed individuals, professionals, etc.

    Fees and Charges:

    Rate of Interest 11.95% (Base Rate + 2.25%)

    OBC Laghu Udhami Credit Card FAQs:

    1. What is the repayment tenure available?

      The maximum repayment tenure is not more than 5 years.

    2. When should I renew my credit card?

      This card is valid for 3 years. The Bank reviews the credit card account annually and makes necessary changes.

    3. What is the maximum credit limit offered to artisans under this scheme?

      The maximum credit limit that can be availed by Artisans under this scheme is Rs. 2.00 lakh.

    4. What is the maximum credit limit that can be availed by SMEs?

      The maximum credit limit that is offered to SMEs under this credit card scheme is not more than Rs. 5.00 lac.

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