The handloom industry holds an important place in India’s history and has played a major part in India’s freedom struggle. While handloom industries in India is of high significance and contribute vastly to the country’s economy, the sector mainly consists of tiny and small units. The credit demands of many weavers are not being met in spite of many banks offering financing schemes. UCO Bank Weavers Credit Card aims to patch this disparity gap and aims at offering timely and adequate financial assistance to weavers and other small industry owners. The credit availed using the UCO Bank Weavers Credit Card can be used as working capital and for investment purposes also.
If you a handloom weaver or an owner of a small scale industry, UCO WCC will pave the right path for financial betterment of your business.
UCO Weavers Credit Card is a versatile card that will make instant credit accessible to weavers and co-operative societies. Here are some of the features of UCO Bank Weavers Credit Card.
UCO Bank Weavers Credit Card loans come with competitive interest rates. Weavers can also choose to pay back the loan in easy instalments.
With a range of tenure options to choose from, cardholders can select a comfortable repayment period and plan their finances accordingly.
Cardholders can avail cash credit with UCO Bank Weavers Credit Card.
The quantum of loan is set high at a maximum limit of Rs.2 lakhs per individual cardholder.
UCO Bank Weavers Credit Card is valid for three years, subject to annual review.
The following benefits that come with UCO Bank Weavers Credit Card makes it one of the most popular credit product in the MSME industry.
This credit card will serve to the capital needs of a wide class of people including Self Help Groups, primary co-operative societies, weavers and JLGs.
This credit card comes with minimal documentation requirements and no collateral is required to avail a loan on this credit card.
All cardholders will get the benefit of Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) and all accounts will be covered under this scheme.
The following classes of people are eligible to apply UCO Bank Weavers Credit Card.
For more detailed information about eligibility criteria for your type of employment, do enquire with the nearest branch of UCO Bank.
The documentation required will be based on your employment type and income source. The following documents will be asked for during the application process.
For a comprehensive list of required documents, enquire with UCO Bank.
UCO Bank Weavers Credit Card loans comes with a competitive interest rate of Base Rate+1.00% per annum.
The applicable margin for UCO Bank Weavers Credit Card is as follows.
Up to Rs.25,000
Above Rs.25,000 to Rs.2 lakhs
All UCO Bank branches offer UCO Bank Weavers Credit Card. Just contact the nearest UCO Bank branch to apply for the Weavers card.
No, there will be no processing charges for renewal and review of the card.
CGTMSE is a scheme introduced by the Government of India to facilitate credit flow and credit delivery to the MSME sector and will enable the micro and small enterprise sectors to avail bank credit without the hassles of third party guarantee and collateral. Since all UCO Bank Weavers Credit Card accounts are covered under CGTMSE scheme, weavers will be able to get credit without having to submit any security.
The primary security will be in the form of hypothecation of plant and machinery or stock or equipment’s created out of bank financing.
The interest is calculated monthly for all UCO Bank Weavers Credit Card loans.