Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
UCO Bank Credit Cards, unlike the regular credit cards, are offered to micro, small, and medium enterprises (MSMEs) as loans. The main objective of the credit schemes is to provide adequate and timely support to select sectors of small and medium industries for their working capital requirements.
| Card Variant | Joining Fee |
|---|---|
| UCO Bank SBI Card Elite | Rs.4,999 |
| UCO Bank SBI Card Prime | Rs.2,999 |
| UCO Bank SimplySave SBI Card | Rs.499 |
UCO Bank offers 3 variants of credit cards, each carefully designed, to meet its specific requirements. UCO Bank credit cards come with a bouquet of benefits that will empower you to avail instant finance for your business. Also, UCO Bank cards are offered to a wide range of customers from fishermen to urban borrowers. UCO credit loans require minimal documentation and less security.
| Multi-purpose Credit Cards | UCO Bank Credit Cards are offered to a wide class of customers from the SME sector including artisans, handloom weavers, fishermen, self-help groups, auto rickshaw owners and also to customers from urban areas. |
| High Loan Quantum | With UCO Bank Credit Cards, customers will be able to avail up to Rs.10 lakhs as credit. This offers more financial flexibility, especially to customers from tiny industries sector. |
| Minimal Security Requirements | The documentation requirements and security requirements are minimal when it comes to UCO Bank Credit Card loans. For majority of the UCO Bank Credit Card loans, there is no requirement of collateral or third party security. |
| Competitive Interest rates | The interest rates for UCO Credit loans are very affordable and borrowers need not have to worry about the burdens of interest payments. The interest rates for UCO Bank Credit Card loans are as low as base rate + 1% per annum. |
| Loan Types | UCO Bank Credit Card holders can avail cash credit or term loans as per their capital needs. |
| Flexible Repayment Terms | If you are worried about having the EMI, fret not, UCO Credit card loans come with flexible repayment options. Customers can choose a convenient repayment period and pay the loan back in affordable instalments. |
| Loan Purpose | The loans procured using UCO credit cards can be used for working capital like procurement of raw material and also for block capital. |
| Insurance Coverage | UCO Bank Artisans Credit cardholders registered with the Development Commissioner for Handicrafts will be eligible for insurance coverage. |
| CGTMSE Advantage | Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) coverage for Weavers credit card means that the cardholder can avail loans without having to offer any form of collateral security. |
| Charge | UCO Bank SBI Card Elite | UCO Bank SBI Card Prime | UCO Bank SimplySave SBI Card |
|---|---|---|---|
| Entry fee | Rs.4,999 | Rs.2,999 | Rs.499 |
| Annual Fee | Rs.4,999 | Rs.2,999 | Rs.499 |
| Renewal fee | Rs.4,999 | Rs.2,999 | Rs.499 |
| Add on cards | NIL | NIL | NIL |
UCO Bank SBI Card Elite
UCO Bank SBI Card Prime
UCO Bank SimplySave SBI Card
| Income proof (For self-employed) |
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| Address proof (any one) |
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| Income proof (For salaried) |
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| Proof of Identity (any one) |
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You just have to visit the nearest UCO Bank Branch and choose the desired credit card to initiate the application process. Fill in the application form and submit the necessary documents to apply for UCO Bank Credit Cards.
As primary security, hypothecation of machinery, receivables, stock in trade, and office equipment for existing limits is prescribed. Select UCO Credit Cards loans do not require collateral security. However, if collateral security is required, it would be the retention of existing securities.
CGTMSE is a facility introduced by the Government of India to enhance credit flow and credit delivery to the MSME sector. It will enable small and micro-enterprise sectors to get bank credit without the difficulties of securing third-party guarantee and collateral. The accounts of select UCO Bank credit cards are covered under the CGTMSE scheme and customers will be able to get credit without having to provide any security.
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