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Oriental Weaver Card

  • Eligibility
    Coverage

    All weavers and ancillary workers involved in weaving activities.

    Eligibility

    All New and existing customers of the above categories having adequate experience in the line involved in weaving activities (and otherwise eligible for credit facilities for carrying out the proposed activities under any of the existing bank schemes) would be eligible.

    • Beneficiaries of other Government sponsored loan schemes will not be eligible for coverage under the scheme.
  • Finance
    Credit Limit
    • Maximum ₹ 2.00 lacs per borrowal account.
    Coverage under CGTSME Scheme
    • Loan to be compulsorily covered under CGTMSE Scheme. As per present guidelines Bank is bearing entire cost of Guarantee fee/ Annual Service Charges in respect of the new cases under ₹ 5.00 Lacs.(CGTMSE shall guarantee 85% of the amount in default.)
    • For each Weaver Card issued under the Scheme, the Ministry of Textile will provide reimbursement of one time Up front Guarantee & Annual Service Fee for a period upto 3 years payable for guarantee cover under CGTMSE.
  • Security and Margin
    Security

    Hyp. of assets created out of Bank funds.

    Margin
    • Up to ₹ 25000/ - :NIL Above ₹ 25000/- :20%.
    • Margin money support from Ministry of Textile may be included in the margin money to be brought by the borrower .
  • Rate of Interest and Repayment
    ROI

    The existing rate of interest as applicable to the Micro & Small Enterprises (MSE) advances shall apply. At present rate of interest. on MSE is as under :

    Limit Rate of INTT.
    Up to ₹ 50000 MCLR +1.75%
    Above ₹ 50000 but up to ₹ 2.00 Lacs MCLR + 2.00%
    Period

    Oriental Weaver Credit Card limit will be valid for three years.

    • The account will be reviewed on yearly basis through a simple process note.
    • For the purpose of annual review no financial papers to be obtained from the borrowers.
    • No process fee to be charged at the time of review/ renewal of the card.
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