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Baroda Artisans Credit Card

Eligibility

  • All artisans involved in production/manufacturing process (and otherwise eligible for credit facility for carrying out the proposed activities under any of the existing bank’s schemes) would be eligible.
  • Preference would be given to artisans registered with Development Commissioner (Handicrafts)
  • Thrust in financing would be on clusters of artisans and artisans who have joined to form Self Help Groups (SHGs).
  • All existing artisans borrowers of the bank enjoying credit facilities up to Rs. 2/- lacs and having satisfactory dealings with the bank.

Issue of Cards

  • The beneficiaries will be issued with a photo card indicating sanctioned limit and validity period of credit facility. He would also be issued a passbook or a credit cum passbook incorporating his/her details.

Fixation of Credit

  • The credit limit would be fixed based on assessment of working capital requirements as well as cost of tools and equipments required for carrying out manufacturing process. The maximum limit to be sanctioned under the scheme would be Rs.2/- lacs.

The limit is expected to be utilized as a revolving cash credit and will provide for any number of drawals and repayments within the limit. Bank may, however, fix a repayment schedule for the portion of loan availed for purchase of tools and equipments. 

Period/Validity

  • Maximum 3 years subject to annual review.

Margin

Up to Rs.25000/- No Margin
Above Rs.25000/- up to Rs.2/- Lacs 15% to 25%

Rate of Interest

Competitive pricing as per MCLR.

Group Insurance

  • Beneficiaries who are registered with the Development Commissioner (Handicrafts) would be eligible for coverage under Group Insurance Scheme and the premium paid by the Government and the beneficiaries in the ratio 60:40 respectively or as mutually agreed between Office of Development Commissioner (Handicrafts) and Insurance Company.

Kindly visit to the nearest branch for further details

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