IOB Credit Card (Artisan Credit Card)

IOB Credit Card (Artisan Credit Card)
IOB Credit Card (Artisan Credit Card)
Objective
To provide Working Capital facility to Artisans.
Eligibility
Existing artisans borrowers with limit upto Rs.2 lacs with satisfactory dealings. Artisans / Artisans of SHGs Beneficiary of Govt. Schemes not eligible.
Purpose
To meet the investments & working capital requirement
Amount
20 % of Turnover  for Working Capital upto a maximum of 2 lacs.
Term Loan  -    Maximum 2 lacs
Margin
Upto Rs. 25,000 - NIL   
     >Rs. 25,000 - as per RBI guidelines /Bank's policy
Security
Hypothecation of assets financed.
Repayment
Revolving  Cash Credit
Term loan component attracts repayment schedule
Holiday Period
NA
Rate of Interest
As per interest rate applicable for Priority Sector advances
Remarks
  •   Card valid for 3 yrs.
  • No fee for renewal.
  •  Group insurance cover 
  •    No stock statement and other financial statements   
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