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ALLAHABAD BANK WEAVERS CREDIT CARD (WCC) SCHEME.


Eligibility 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).
Thrust 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 Amount 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.
Margin No Margin up to Rs 25000/-
20% Margin above Rs 25000/-
Security Primary Working Capital : Hypothecation of Stocks, Book debts and other current assets.
Term Loan : Hypothecation of plant & machinery and assets financed by the Bank.
Security Collateral Coverage under CGTMSE
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.(For details, click on “Rate of Interest” link at Home Page)
Repayment Period Working Capital : On demand subject to review every year.
The WCC card issued is valid for 3 years.
Term Loan : 5 to 7 years.
Delivery Channels All Rural & Semi Urban Branches
   
*Subject to change.  
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