UCO Bank Laghu Udyami Credit Card is designed specially to meet the credit requirements of small business units, artisans, SSI, tiny sector units, self-employed professionals and village industries. This card offers hassle-free financial support to small business units and enables them to get instant loan without the requirement of collateral security up to certain limit. UCO Bank Laghu Udyami Credit Card is offered under the MSME division of the bank which specifically caters to the need of medium enterprises. The loan amount and credit can be utilized by the business units to enhance the business and also for other purposes like procurement of raw materials. If you belong to the MSME sector and is a business unit or an artisan looking for instant funding without having to go through the hassles of having of apply for a loan, UCO Bank Laghu Udyami Credit Card is your apt choice!
The following customer-centric features that come with UCO Bank Laghu Udyami Credit Card makes it one of the most popular products in the MSME industry.
The maximum credit that one can avail using this card is Rs.10 lakhs.
This credit card will take care of the working needs of Small Business units, Village Industries, Tiny Sector Units, Retail Traders, artisans and Professionally Self-employed individuals.
UCO Bank Laghu Udyami Credit Card comes with attractive interest rates that offer more flexibility to the artisans and MSME units.
UCO Bank Laghu Udyami Credit Card comes with minimal requirements - for both documentation and for loan. No collateral and third-party guarantee is required for Laghu Udyami loans up to fixed limits.
Financing and credit is made instantly and easily available to small business units and artisans so they do not have to go through the otherwise time-consuming loan process.
Existing Small and Micro Entrepreneurs who have good dealing with UCO Bank for past 3 years can apply for this card.
To know more about the income criteria and other eligibility conditions, enquire with the nearest branch of UCO Bank.
The customer has to submit the following documents to complete the application process for UCO Bank Laghu Udyami Credit Card.
Do enquire with UCO Bank about the complete list of documents required depending on your employment type and source of income.
UCO Bank Laghu Udyami Credit Card comes with a very competitive interest rate of Base Rate + 1.00% per annum.
The margin for this scheme is 10% of the credit facility covered under LUCC scheme.
For small businesses and Retail traders
20% of annual turnover declared for tax or turnover for last 12 months in operative account, whichever is higher
For self-employed and professionals
50% of the gross annual Income as ITR
For small scale industries and tiny sector units
as per Nayak Committee Recommendations
Primary Security: Hypothecation of stock in trade, machinery, receivables, office equipment etc. for existing limits.
Collateral Security: The existing securities may be retained by UCO Bank while converting the account to LUCC account. However, if the borrowers has good track record, banks may waive collateral security taken for the advance.
The limit sanctioned is valid for 3 years. However, annual reviews will be carried out by the banks based on the turnover of last 12 months and the operations will be allowed only if the account is held satisfactorily.
UCO Bank Laghu Udyami Credit Card can be applied for in all UCO Bank branches.
For retail traders and small businesses, if sales tax returns are not available, the credit limit will be decided based on actual turnover in account during last two months if and only if the party holds a good record with the bank.
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