Artisan Credit Card

 BOI Artisan Credit Card (ACC)  

Purpose

To provide adequate and timely assistance to artisans to meet their credit requirements both investment needs as well as working capital. Investment loans for purchase of tools/ Equipments by way of Demand Loan/Term Loan with appropriate repayment schedule. The Scheme would be applicable both in rural and urban areas.

Eligibility

Issue of cards
A Photo Identity Card with sanctioned limit, validity period of credit facilities along with a passbook incorporating Name, Address, Borrowing Limit, Validity Period, etc. will be issued.

Maximum Limit
Rs.2 lakhs per borrower.

Security
Hypothecation of Assets created out of Bank Finance.

Margin
Upto Rs.25,000/- : Nil Above Rs.25,000/- : 20% to 25%


Validity/Renewal of limits
Limit valid for 3 years subject to annual review. Annual review without asking financial statements from the borrower but based on assessment of performance by field inspection.