- Swaraojgar Credit Card Scheme (SCC) aims at providing adequate and timely credit i.e. working capital / or block capital or both to small artisans, handloom weavers, service sector, fishermen, self-employed persons, rickshaw owners, other micro-entrepreneurs etc.
- Borrowers in urban areas can also be covered under SCC Scheme. Small business covered under priority sector is also eligible under SCC Scheme.
|Nature of financial accommodation.
||The credit facility extended under the Scheme is in the nature of a composite loan including term loan / cash credit or both.
|Sanction of term Loan/Fixation of working capital Limit.
- The term loan will be provided for meeting the investment requirements and will be repaid within five years in suitable instalments.
- The revolving cash credit will be fixed taking into account the operating cycle/nature of the investment and shall be fixed based on available balance after sanction of term loan.
|Quantum of limits:
||Rs 25,000/- per borrower as composite loan.
|Rate of Interest
||MCLR of 1 Year + 1.15% (As applicable from time to time)
||SCC is normally valid for 5 years subject to satisfactory operation of the account and renewed on a yearly basis through simple review process
|Operation of the Scheme
- The banks will have absolute freedom to select the client for the SCC. There will be no subsidy from the Government under this scheme.
- The borrower can avail the credit facility as per his/her requirement i.e. either term loan or working capital loan or a combination of both.
||As per Banks norms.