Baroda Artisans Credit Card

• All artisans involved in the 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 the 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 artisan borrowers of the bank enjoying credit facilities up to Rs. 2 lakhs 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 an assessment of working capital requirements as well as the cost of tools and equipment required for carrying out manufacturing processes. The maximum limit to be sanctioned under the scheme would be Rs. 2 lakhs.

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

Period/Validity

• Maximum 3 years subject to annual review.

Margin

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 the insurance company.

Competitive pricing based on repo rate.

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