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.
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.
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.
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.
The maximum repayment tenure available to a credit card holder is not more than 5 years.
The maximum amount of loan that can be availed by a borrower is Rs.10 Lakhs, for each credit card account.
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.
The loan margin offered on the term loan extended to the borrower against the credit card is 10%.
| Rate of Interest | 11.95% (Base Rate + 2.25%) |
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.
The maximum repayment tenure is not more than 5 years.
This card is valid for 3 years. The Bank reviews the credit card account annually and makes necessary changes.
The maximum credit limit that can be availed by Artisans under this scheme is Rs. 2.00 lakh.
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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