UCO Bank Laghu Udyami Credit card was introduced to provide financing to the Micro Small and Medium Enterprises (MSMEs). This card aims to provide financing to the user in a convenient manner. Customers can use the funds to develop or establish their business. Additional features of this credit card are given below.
Laghu Udyami Credit Card – Features
The scheme can be availed by retail traders, village industries, small business units, self-employed, and so on. Other features of this credit card are:
| Category | Value |
| Maximum Loan Amount | Rs. 10 lakh |
| Rate of Interest | 9.8% |
| Margin | 10% |
| Validity* | 3 Years |
| Security | Pledging assets financed through the bank’s loan |
| Collateral | The bank may waive collateral for applicants with a great track record |
Note: The mentioned interest rates are subject to change and depend on the sole discretion of the bank & RBI. GST and service tax shall be levied extra on the mentioned charges
* The bank will review the business’s turnover every year. If the account is operated satisfactorily then only the bank will provide further financing
UCO Bank Laghu Udyami Credit Card – Eligibility
The only eligibility criterion for UCO Bank Laghu Udyami Credit Card as defined by the bank is that the applicant must have a prior relationship with the bank for the last 3 years.
Please Note: UCO Bank is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
UCO Bank Laghu Udyami Credit Card – How to Apply
The application for this card is simple. Customers can visit the nearest UCO Bank branch which can be located by clicking on this link. Once there customers can contact a bank official who will guide them through the process.
UCO Bank Laghu Udyami Credit Card – FAQs
Who can apply for UCO Bank Laghu Udyami Credit Card?
Indian Citizens who have maintained a satisfactory relationship with UCO Bank for the past three years can apply for this credit card.
What is the maximum loan amount that can be availed under this scheme?
The maximum loan amount that can be availed under UCO Bank Laghu Udyami Credit Card scheme is Rs. 10 lakh
What is the repayment tenure for the loan taken through UCO Bank Laghu Udyami Credit Card?
The repayment period on loan taken through this scheme is 3 years. However, the bank will review the business’ annual turnover. If it finds the account’s operation satisfactory then only further amount will be disbursed.
Q. What is the interest rate at the loan taken through UCO Bank Laghu Udyami Credit Card?
The interest rate on the loan amount taken through UCO Bank Laghu Udyami Credit Card is:
One Year MCLR rate + 1.15%
Since 10.04.2019 The MCLR rate UCO Bank is 8.65%. Hence, the effective interest rate at the loan will be 9.8%. This is the indicative interest rate, the actual interest rate may vary.