ALLAHABAD BANK WEAVERS CREDIT CARD (WCC) SCHEME
- Loan for Weaving activity and ancillary workers involved in weaving activities.
- All weavers and ancillary workers involved in weaving activities.
- Preference shall be given to weavers identified under the Third Census of Handloom weavers conducted by Development Commissioner (Handlooms).
- MThrust in financing shall be on clusters of weavers and ancillary workers who have joined Societies /SHG /Consortia /Producer Companies/Joint Liability Groups.
- All existing borrowers of the Bank enjoying credit facilities and having satisfactory dealing with the Bank will also be eligible.
Loan Limit :
- Credit limit will be fixed based on assessment of working capital requirements as well as cost of tools and equipments required for carrying out weaving activity.
- Maximum individual limit is Rs 2.00 lac.
- No Margin up to Rs 25000/-
- 20% Margin above Rs 25000/-
Rate of Interest:
- Rate of interest depends on the profile of the proposed Borrower and varies between Base Rate to BR+1.50% p.a. with monthly rests.
- Working Capital : Hypothecation of Stocks, Book debts and other current assets.
- Term Loan : Hypothecation of plant & machinery and assets financed by the Bank.
- Coverage under CGTMSE
- Working Capital : On demand subject to review every year.
- The WCC card issued is valid for 3 years.
- Term Loan : 5 to 7 years.