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Credit Card

The Micro and Small Enterprises (MSE) play a very important role in accelerating the economic growth.  In recent years, this sector has shown continuous growth compared to overall industrial sector. Even at low capital cost, this sector has the ability to generate massive employment. In order to promote and develop this sector, Government of India is also making lot of efforts and implementing new policies.  Micro, Small and Medium Enterprises Act (MSMED) has proved to be a turning point in this regard.
 

The inclusion of Micro and Small Industries Sector under priority sector lending is a major policy initiative of UCO bank. Credit being one of the major inputs for sustained growth for this sector, UCO bank has designed its various credit related products such as UCO bank Credit cards, Term Loan, Composite Loans for MSME, especially small industries. Lately Micro and small sector units have been facing lot of financial constraints mainly because of their life cycle and due to this, business can impact adversely. In order to meet the working capital requirements, this sector is getting a lot of assistance from UCO bank in the form of UCO bank credit card. Credit cards offered by UCO Bank are available only for individuals who are part of Micro and Small sector enterprises involved in manufacturing and allied activities or in service sectors apart from retail trade.
 

UCO Bank is one of the leading public sector banks. Established in the year 1943, UCO bank has pioneered various financial solutions for the relatively unbanked Indian consumers and now is regarded as one of the most trusted banks in India for middle and lower income groups. UCO Bank has the accolade of achieving a place in the esteemed Forbes Global 2000 list. UCO bank has a national footprint through more than 4,000 branches monitored through 44 zonal offices across the country. UCO Bank caters the needs of millions of customers in India through products such as account loans, credit products & deposits product to a wide assortment of consumers

The primary focus of UCO bank credit cards are

  1. Providing adequate and timely loan to MSE sector.
  2. To handle MSE credit portfolio in a better manner, formation of organizational structure at all levels.
  3. In order to improve the credit flow to MSE sector so that the credit gets doubled and the option to choose an UCO Bank card to utilize the credit facility as per their requirements.
  4. UCO Bank cards offers credit facilities on liberalized terms to MSE sector, guidelines have been provided the bank.

Salient Features of UCO bank Credit cards

UCO Bank credit cards in 4 different variants are considered to be redeemer for the MSME based work force. Each variants of the credit card offered by UCO bank have been designed keeping mind specific requirements of people working in various field related to the MSME sector. All of these cards Intends to provide ample investment in right time to the though term loans and cash credit

Any artisan, fishermen, handloom weaver, auto rickshaw owner and also customers from urban areas or self-help groups are eligible to avail the benefits of UCO Bank credit cards. They may opt for any of the one variant from the Artisans card, Laghu Udyami Card, Weavers card and the Swarojgar card. Each of these cards comes with a bunch of payback that empowers the work force involved in contribution to MSME sector to avail instant finance for your business.

There are four types of credit cards offered by UCO bank. The key features of Credit cards offered by UCO Bank are as follows:-

  1. Artisan’s Credit Card:-
  2. Laghu Udyami Credit Card:- 
  3. Weavers Credit Card: -
  4. Swarojgar Credit Card:
  1. Artisan’s Credit Card:-

Special Feature

  • This UCO bank credit card intends to provide ample investment at the right time to artisans.
  • Artisans can get term loans and cash credit easily with the help of this UCO bank credit card.
  • Any artist who fulfills the UCO Bank credit card eligibility can apply for a UCO Bank credit card across any nearest bank branch.
  • This UCO Bank credit card is offered to the Artisans who are a part of production or manufacturing process can avail this card.
  • Artisans who have been enrolled in Development Commissioner (Handicrafts) are generally preferred as those who receive this credit card.
  • Group of artisans who formed Self Help Groups can also apply for a credit card for artisan & get financial support as well.
  • However, persons who are already supported by other Government Sponsored schemes are excluded under this facility.
  • The Limit for artisan UCO bank credit card is Rs.  2 lakhs. The Interest rate applicable to an Artisan UCO bank credit card is 1.00% above the bank’s base rate under this scheme.
  • The Margin for artisan UCO bank cards is Up to INR 50,000, margin is NIL and above INR 50,000, it is 15%.
  • No third party guarantee is required. However, assets bought using the credit need to be hypothecated and a guarantee from CGTMSE is required.
  • MSME Credit card from UCO Bank is for those who have been enrolled in Development Commissioner, Handicrafts would be benefitted with insurance coverage under Group Insurance Scheme and the premium would be borne by the Government.
  • Persons who are already supported by other Government Sponsored schemes cannot avail this facility.

UCO Bank credit cards documents

  1. ID Proof
  2. Address Proof
  3. Income Documents – ITR etc.
  1. Laghu Udyami UCO bank Credit Card:-  

Special Features

  • Laghu Udyami UCO bank Credit Card has been designed to provide credit at the right time to self employed artisans, retail traders, small scale industries, etc.  
  • Any Individual who fulfills the UCO Bank credit cards eligibility can apply for a UCO Bank credit card across any nearest bank branch.
  • Small and micro entrepreneurs who are associated with the bank from the last 3 years are eligible to get this credit card.
  • Assessment of Laghu Udyami UCO bank credit card limit is done on the basis of factorial turnover of the small scale industrialist.
  • The factors include 20% of the annual yield that is declared for tax purpose or last 1 year turnover in the account, whichever among these is higher will be fixed for retail traders, small business etc.
  • 50% of the gross annual income as IT Return is considered as the limit to issue this credit card for self employed and professionals.
  • The maximum Limit for this UCO bank credit card is Rs. 10 lakhs and could be availed in equal installments over a period of three years under this scheme.
  • The applicable interest rate is Base Rate + 1.00% under this scheme.
  • The Margin for Laghu Udyami UCO bank credit cards is 10% of the credit facility under this scheme.
  • Receivables, Stock in Trade, Machinery, Office Equipment etc. are the primary security required for the Laghu Udyami UCO Bank credit card and all these primary securities needs to be hypothecated in favor of the bank
  • Collateral- In order to convert the account to Laghu Udyami UCO bank Credit Card Scheme the existing securities could be retained. However, the bank may waive off the collateral security if there is a good track record of borrowers.
  • The LUCC limit is valid for 3 years. The bank may perform an annual review in a year based on the last 1 year turnover for the Laghu Udyami UCO bank cards.

Documents required: for Laghu Udyami UCO bank credit cards.

  1. ID Proof
  2. Address Proof
  3. Income Documents
  1. Weavers UCO bank Credit Card: -

Special Features

  • This UCO bank credit card intends provide ample investment in right time to weavers, Primary Co-Operative Societies etc.  
  • Weavers who have been enrolled in Development Commissioner (Handloom) would be preferred for Weaver UCO bank credit cards.  
  • Any weaver who attains the UCO Bank credit cards eligibility under this scheme can apply for a UCO bank credit card across any branches.
  • Limit: - Rs. 2 lakhs is the maximum amount that could be availed under this Weaver UCO bank credit cards scheme.
  • Interest: - The interest rate is + 1.00% under this scheme. Interest needs to be paid on monthly basis.
  • Margin: - Up to Rs. 25, 000, margin is NIL and above Rs. 25,000 to 2 lakhs, it is 25%.
  • Processing fees for UCO Bank credit card: - Up to Rs. 25,000, processing charge is NIL and above Rs. 25,000, Rs. 350 needs to be paid per lakh. To renew and review, there is no processing fee.
  • Security: - Primary- Machinery, Office Equipment etc. needs to be hypothecated.
  • Collateral- No charges for collateral security.
  • The WCC limit is valid for 3 years. The bank may do a review once in a year based on the last year’s turnover.

Documents required:-

  1. ID Proof like PAN Card or Copy of Aadhar Card
  2. Address Proof
  3. Income Documents
  1. Swarojgar Credit Card:-

Special Features

  • The basic objective of Swarojgar UCO bank cards scheme is to provide ample investment in right time to weavers, fishermen, artisans, rickshaw owners, self employed etc.
  • The Swarojgar credit card from UCO Bank can be applied across all UCO Bank branches.
  • Both term loan and cash credit can be availed using this scheme. The term loan will be paid in installments within 5 years. However, cash credit will be fixed.     
  • Limit: - As composite loan limited to Rs 25,000 per borrower.
  • Interest: - The interest rate is UCO Bank’s Base Rate + 1.00% under this scheme.
  • Security: - According to bank norms.
  • The SCC limit is valid for 5 years.
  • The bank may perform an annual review based on the last 1 year’s turnover. 
  • Subsidy is not available under this scheme.
  • The bank has full right to select a specific client to sanction SCC. The Swarojgar UCO Bank cards offers borrower to choose either term loan or cash credit loan or both according to his/her requirement.

Documents required include ID Proof, Address Proof, Income Documents, etc.

 Important Terms & Conditions:

  • Customers can get to know about the interest rates through the bank’s website, over phone by the help of tele-banking services, details about UCO Bank credit card online and through prominent display in the branches and other delivery points and through other media from time to time.
  • Customer can also get the complete details of interest through credit card statement.
  • In case of interest revision on UCO credit card, customer will be notified within 15 days from the actual date of revision. Penal interest rates will be notified to customers on their UCO Bank credit card bills.
  • UCO Bank credit cardholders will also be notified about the charges payable by them duly mentioned on the credit card statement.They will also be notified advance in case of charge revision.
  • Customers will get information about account statement on regular basis along with due dates of agreed interest, penal interest etc. through UCO Bank credit card bills.
  • There are no reward points on this credit card.
  • UCO Bank would have a Grievance Department within or outside the organization that would address various issues and complaints. Customers will get a response within 4 weeks from the complaint date unless it requires verification of voluminous facts and figures.
  • The UCO bank credit card holder may inform the bank about lost or stolen credit card through phone banking or through nearest bank branches.
  • UCO credit card facility is available only for individuals who are part of Micro and Small sector enterprises involved in manufacturing and allied activities or in service sector except retail trade.
  • The loans availed under UCO credit card schemes are subject for utilization towards working capital such as procurement of necessary raw materials and other block capital.
  • Selective UCO bank credit cards are also covered under the government of India’s CGTMSE scheme to further enhance the credit flow & credit delivery mechanism to the MSME sector. UCO bank cred under this scheme enables small & micro enterprise sectors to avail bank credit facility without the complexity of pledging third party guarantee and other collateral. The eligible holder of UCO credit cards can get credit facility without providing any security.
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