United Bank of India Artisans Credit Card

United Bank of India Artisans Credit Card is a scheme designed exclusively for the Artisans. This scheme aims to provide help to the artisans by helping them acquire the money they need as part of their working capital. Artisans can borrow money on credit from the bank through this scheme at affordable interest rates and then repay it within a fixed period of time.

Features and Benefits of United Bank of India Artisans Credit Card

• Loan Quantum – The United Bank of India Artisans Credit Card provides a maximum loan of Rs.2 Lakhs
• Tenure – The term loan has to be repaid within a period of 3 years
• Working Capital Limit – Cardholders can use the working capital limit as revolving cash credit and they are allowed to withdraw and repay money as long as it is within the credit limit (liable to the review done by the bank after a year)
• Interest Rate – The interest rate on United Bank of India Artisans Credit Card is very affordable, allowing artisans to avail the money easily
• Loan Type – The United Bank of India Artisans Credit Card Scheme gives cardholders the option of taking both Cash Credit and Term Loan
• Insurance Coverage -
  • Under the United Bank of India Artisans Credit Card Scheme, the cardholders are provided an insurance coverage. This coverage is provided if the death of the cardholder is caused by some accident
  • Beneficiaries who have registered with the Development Commissioner of Handicrafts are covered under a group insurance scheme. Here, the Government and the beneficiary pays the premium in 60:40 ratio

Eligibility Criteria for United Bank of India Artisans Credit Card

• All the artisans who are involved with the manufacturing or production process are eligible to apply for this card. These artists must ensure that they match the existing criteria of United Bank of India before they apply for the loan
• The artisans who are registered with the Development Commissioner for Handicrafts get preference
• Group of artisans who have signed up to form Self Help Groups are eligible for this loan
• The artisans who are existing borrowers of the bank with a credit facility of maximum 2 Lakhs are eligible to apply
• Beneficiaries of other loan schemes sponsored by the Government of India are not eligible.

Fees and Charges for United Bank of India Artisans Credit Card

FAQs on United Bank of India Artisans Credit Card

1. Do I have to provide a security when I take a loan under the United Bank of India Artisans Credit Card scheme?

   Yes, you have to provide a security when you take a loan under the United Bank of India Artisans Credit Card scheme. You have to give the assets that you have created using the loan money as primary security. The loan should be covered by the CGTSI (Credit Guarantee Trust Fund for Small Industries) scheme. The bank does not require any additional security.

2. Do I have to provide my financial statements when I apply for the United Bank of India Artisans Credit Card?

   No, you do not have to provide any financial statements when you apply for the United Bank of India Artisans Credit Card.

3. What is the credit limit on the United Bank of India Artisans Credit Card?

   The maximum credit limit on the United Bank of India Artisans Credit Card is Rs.2, 00, 000.

4. Are there any reservations on the United Bank of India Artisans Credit Card?

   No, there are no reservations on the United Bank of India Artisans Credit Card.

5. From where will the United Bank of India Artisans Credit Card Scheme be operated?

   The United Bank of India Artisans Credit Card scheme will be operated from all the branches of the bank except for the branches located in the metropolitan cities.