The United Bank of India Shilpi Credit Card provides loan to the Shilpi, who are artists or artisans working on creative and productive activities such as clay modelling, painting, drawing, fashion designing, stone carving, weaving, embroidery work, etc. among many others under the tiny industries sector. The loan helps them in acquiring the raw materials and equipment that they need to carry out their work. United Bank of India through its Shilpi Card aids this sector get loans easily at low rates of interest.
Features and Benefits of United Bank of India Shilpi Credit Card:
- Loan Amount – The minimum amount of loan available on United Bank of India Shilpi Credit Card is Rs.25, 000 and maximum amount of loan available on the card is Rs.10, 00, 000
- Loan Margin – The margin on loan is 15 percent for a credit limit between Rs.25, 000 and Rs.2,00, 000 and margin is 20 percent for a credit limit that is more than Rs.2, 00, 000 up to Rs.10, 00, 000
- Interest Rate – United Bank of India Shilpi Credit Card has competitive interest rates, which are very affordable. The interest is reduced by 0.5 percent for applicants who are covered under the United Udyogshree Yojana
- Term Loan Tenure – The term loan has to be repaid within a period of 3 years
- Concession for Women – Women Entrepreneurs are entitled to a commission under the United Bank of India Shilpi Credit Card scheme.
- The margin of loan for them is 10 percent for a loan amount of up to Rs.2, 00, 000 and it is 15 percent for a loan amount which is above Rs.2, 00, 000 and up to Rs.10, 00,000
- The bank does not take any service charge from the women applicants of United Bank of India Shilpi Credit Card
- The rate of interest is reduced by 0.5 percent, if their loan amount is more than Rs.1,00,000
- Service Availability – People can apply for the United Bank of India Shilpi Credit Card in all the branches of the bank
- Working Capital Limit – Cardholders can use this limit as cash credit and they are allowed unlimited withdrawals and repayments as long as the amount is within their credit limit (liable to be reviewed within a year)
- Validity – The United Bank of India Shilpi Credit Card is valid for 3 years and it can be increased further by 3 years provided that the applicants meet all the parameters set by the bank
- Shilpi, who are engaged in creative and productive activities such as clay modelling, drawing, painting, fashion designing, computer graphics, bell metal works, etc. among many others are eligible to apply for this card provided that they are not defaulters and have a certificate from the Sarpanch or Municipal Corporation or Sabhadhipati or Anchal Pradhan
- This card may be issued to the existing borrowers of the bank on request when the validity of their Laghu Udhyami Credit Card (LUCC) or Artisans Credit Card (ACC) expires. The loan amount can be enhanced, increased or decreased based on the discretion of the LUCC or ACC cards
- Existing borrowers under the cottage, tiny and village industries are eligible to apply for this loan
- Continuity Letter
- Demand Promissory Note
- Hypothecation of the assets that the borrower has created using the loan
- 2 photographs
Fees and Charges:
|Minimum Loan Amount
|Maximum Loan Amount
||Rs.10, 00, 000
|Loan Margin for a credit limit between Rs.25, 000 and Rs.2, 00, 000
|Loan Margin for a credit limit above Rs.2, 00, 000 up to Rs.10, 00, 000
|Service Charge for credit limit up to Rs.2 Lakhs
|Service charge for credit limit above Rs.2 Lakhs
United Bank Shilpi Credit Card FAQs:
- Do I have to provide any security when I apply for a United Bank of India Shilpi Credit Card?
Yes, you have to provide the assets that you create using the loan as security when you apply for a United Bank of India Shilpi Credit Card. Apart from this, you do not have to provide a collateral security as the credit limit comes under the SSI sector and the bank will take Credit Guarantee Coverage for all the loans it provides.
- Does the Term Loan require a renewal?
The bank conducts reviews only for Term Loans. Renewal of the same is not required.
- When will the bank review my credit limit?
The bank will review your credit limit every year.
- Will I get a passbook with this credit card?
Yes, you will get a passbook with this credit card.