AllBank Weavers Mudra Scheme

    Purpose :
  • “AllBank Weavers Mudra Scheme” aims at providing adequate and timely assistance to weavers to meet their credit requirements i.e. for investment need as well as for working capital in a flexible and cost effective manner. The Scheme would be implemented both in rural and urban areas.
  • All weavers and ancillary workers involved in weaving activities (including new borrowers who are otherwise eligible for credit facilities for carrying out the proposed activities under any of the existing Bank Schemes) would be eligible.
  • All existing weaver borrowers of the Bank enjoying credit facilities and having satisfactory dealings with the Bank will also be eligible to avail credit facilities under the Scheme.
    Loan Limit :
  • Loan Limit -Maximum up to Rs. 5.00 lacs
  • Margin :
  • For limits upto Rs. 25,000/-. NIL
  • For limits above Rs. 25,000/- 20% of project cost.
  • Overdraft - 25%(Minimum
  • Hypothecation of assets created out of bank loan and margin.
  • Insurance
  • Insurance cover may be arranged by the bank for the assets financed as per existing norms to be borne by the beneficiary and to be debited to his loan account.
  • Cash credit on demand and term loan within a period of five years in suitable monthly installments with a maximum moratorium period of six months