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About UCO Bank

Founded in 1943 by India's most renowned industrialist Shri G.D Birla, UCO Bank was formerly known as United Commercial Bank. It is one of India's largest government- owned commercial bank. The Head Office of UCO Bank is in Kolkata.

In 1947, the first overseas branch was opened in Rangoon. Subsequently, branches were opened in Singapore, Hongkong, Malaysia, and London. Three branches of United Commercial Bank in Rangoon were nationalised in the year 1963 and then it became the 6th People's Bank in Burma. Jalpaiguri Banking and Trading Corporation which was only dealing with lending against the mortgage of tea gardens merged with UCO Bank in the year 1967. In the year 1969 UCO bank was nationalised with the other 14 Indian banks. The operations in the overseas branches continued even after the nationalisation. A new joint venture, i.e., United Asian Bank was constituted by the three banks, i.e, Indian Overseas Bank, United Commercial Bank and Indian Bank to continue their operations in Malaysia. Indian Bank had three branches and United Commercial Bank and IOB combinedly had 8 branches during that time.

In 1985 the name of the Bank was changed to UCO Bank by an act of the Parliament since a Bank by the name United Commercial Bank existing in Bangla Desh. In 1998, UCO Bank closed its branch at London. UCO Bank has a wide network of 3078 branches and 2564 ATMs. The bank has been operating overseas for over 60 years. The bank has been dealing with various retail and corporate banking products and services and its contribution to the agricultural sector also has been immense.

The credit cards of UCO Bank have been majorly designed to facilitate the agricultural sector.

Types of UCO Bank Credit Card

There are five variants to UCO Bank Credit Card.

  • Artisans Credit Card
  • Laghu Udhyami Credit Card
  • Weavers Credit Card
  • Swarojgar Credit Card
  • Kisan Credit Card

Features of UCO Bank Credit Card

The following are the features of UCO Bank Credit Cards.

  • The thrust area for lending under priority sector is the MSME sector. The card has been designed to provide adequate and timely funds to the MSME sector, especially the smaller sectors involved in agriculture and allied activities.
  • With these credit cards, any businessman dealing with business relating to the MSME sector can avail both term loan and working capital facility.
  • The credit cards are issued with liberalised terms to the MSME Sector.

Detailed features of UCO Bank Credit Cards

The detailed features of UCO Bank Credit Cards are as mentioned below:

Artisans Credit Card

  • This card has been designed to provide to enable ample investment at the right time.
  • Artisans involved in the manufacturing and production process are eligible for this card.
  • Being registered with Development Commissioner, Handicrafts gives preference over the other Artisans for card allotment.
  • Artisans can form a self-help group and avail the facility of the credit card under the group.
  • Finance in the form of Term Loan/Cash Credit will be provided with this card.
  • The maximum limit permitted is 2.00 lakhs.
  • The rate of interest for the loan is 1.15% above the 1- year MCLR rate.
  • The margin for a loan up to 50,000/- is nil and for a loan above 50,000/- the margin stipulated is 15%.
  • No collateral or third -party guarantee is required.
  • The loan will be covered under the CGTMSE Scheme.
  • However, the assets created out of the Term Loan has to be hypothecated to the Bank.
  • Artisans who are already supported by the Government by way of subsidy through Government Sponsored Schemes are not eligible for this loan.
  • Artisans who are registered with the Development Commissioner, Handicrafts get an insurance cover under the Group Insurance Scheme for which the premium will be borne by the Government.

Laghu Udyami Credit Card

  • Self-employed professionals, small business units, Village Industries, Retail Traders, SSIs, and Tiny Sector units are eligible for this loan.
  • The credit limit fixed for the card depends on the turnover of the small business establishments.
  • The credit limit fixed will be equivalent to 50% of the gross annual turnover of the business establishment.
  • The maximum limit permitted will be 10.00 lakhs.
  • The margin set for the facility is 10% of the sanctioned limit.
  • The rate of interest charged will be 1.15% over and above 1-year MCLR.
  • The limit will be sanctioned for a period of 3 years with an annual review done by the bank on the basis of the previous year's annual turnover. The account will be permitted to continue only if the operations are found satisfactory by the Bank.
  • Primary security will be by way of hypothecation of stocks and receivables, office equipment, and machinery.
  • While converting the facility to LUCC account, the existing securities will be retained. The track record of the borrowers can be a basis to consider waiver of collateral security while converting the facility under the LUCC Scheme.

Swarojgar Credit Card

  • This credit card scheme is designed to provide financial assistance to small artisans, weavers, small business units, fishermen, rickshaw owners, and other micro -enterprises.
  • Financial assistance is provided by way of term loan/cash credit or a composite loan which consists of both the term loan and the cash credit.
  • The term loan is meant for investment requirements like the purchase of equipment/machinery etc. The loan has to be repaid within a period of 5 years from the date of disbursement of the loan.
  • The Swarojgar Credit Card Scheme is normally sanctioned for a period of 5 years which will be reviewed on a yearly basis. The facility will be allowed to continue only on the satisfactory operations of the account.
  • The maximum limit permitted under the scheme is 25000/-per borrower as a composite loan.
  • The discretion to select the candidate for SCC lies with the Bank. There will be no Government Subsidy under this scheme.
  • The rate of interest charged is 1.15% over and above 1-year MCLR.
  • The borrower can avail the facility as either a term loan or cash credit or as composite loan consisting of both.
  • Security and margin for the facility are as per the guidelines of the bank from time to time.

UCO Bank Weavers Credit Card

  • The main objective of the Weavers Credit Card is to provide investment to weavers, primary Co-operatives Societies, etc.
  • Weavers who are registered with Development Commissioner (Handloom) will have preferred eligibility for the Weavers Credit Card.
  • The eligible weavers can apply for the card at any of the UCO Bank branches.
  • The maximum limit provided under this limit is 2.00 lakhs.
  • The rate of interest 1- year MCLR + 1% and it has to be serviced every month.
  • There is no margin for a limit up to RS. 25000/-. A margin at 25% of the limit is set for a loan above 25000/-
  • The machinery, office equipment and any other assets created out of the limit have to be hypothecated to the Bank which will be considered as prime security.
  • No collateral security is required.
  • The limit under Weavers Credit Card is valid for 3 years with an annual review based on the previous year's turnover.
  • No processing charges will be collected for a limit up to 25000/-. For a limit above 25000/-, processing charges of 350/- will be collected.

Kisan Credit Card

  • The facility under the Kisan Credit Card Scheme will be by way of Cash Credit.
  • The facility is provided mainly to meet the short- term credit requirements for crop cultivation.
  • All branches in rural and semi-urban areas and some designated branches at urban branches where villages are allotted as per the Annual Credit Plan extend this facility.

The purposes covered under the Kisan Credit Card Scheme are:

  • Expenses incurred after harvest.
  • Expenses incurred for the cultivation of crop
  • Expenses incurred for the marketing of the produce.
  • For consumption requirements of the farmers' household.
  • For expenses relating to maintaining of farm assets and for agricultural allied activities like dairy animals, inland fishery, poultry etc.
  • For investments made for agricultural and allied activities like sprayers, pump-sets, dairy animals, poultry, etc.
  • Crop loan component is assessed based on the extent of finance for the crop. The scale of finance for each crop is decided by the DLIC. So, the crop loan component is assessed based on the extent of finance for a particular crop as decided by the DLIC. It also includes the insurance premium, expenses incurred after the harvest, expenses for farm assets maintenance, the household expenses of the borrower and the consumption requirement of the borrower. All the expenses other than insurance and farm assets maintenance will be 10% of the limit. 20% of the limit is for farm asset maintenance.

The limit will be reassessed every year. The second year the assessment will constitute the limit arrived at for the cultivation of a crop during the first and 10% of the limit towards the escalation of cost/increase in the extent of finance for every subsequent year i.e., the 2nd, 3rd, 4th and the 5th year). The term loan component will be for 5 years which is also the period for which the Kisan Credit Card is valid.

  • For crop loans no margin will be stipulated as the scale of finance has the margin inbuilt.
  • The withdrawals in the account should be cleared within 12 months. Within this period there is no need to bring the outstanding balance in the account to zero.
  • Interest subvention/incentive as per the norms of Government of India/State Government is available for prompt repayment of the loan.
  • There is no elaborate assessment procedure for crop loans to marginal farmers.
  • Documentation is applicable only at the time of availing the facility. Subsequently, every year only a declaration regarding the crops cultivated and to be cultivated has to be provided by the borrower.
  • Disbursement is done through various channels like ATM/Mobile handsets/POS.
  • The various slabs for interest charged for KCC are as given below:

For agricultural crop loan up to 3.00 lakhs, the rate of interest charged is 7% p.a. at half- yearly rests. The interest subvention will be 2% up to 3.00 lakhs and the incentive for prompt repayment will be 3% up to 3.00 lakhs.

For crop loans above 3.00 lakhs and up to 25.00 lakhs the rate of interest charged will be 1-year MCLR plus 1.15% with half- yearly rests. Interest subvention/incentive subvention is not applicable for this slab.

For crop loans above 25.00 lakhs and up to 1.00 crore the rate of interest charged will be 1-year MCLR plus 2.15%. There is no provision for interest subvention/incentive subvention under this slab.

  • If the borrower who has availed a crop loan up to 3.00 lakhs and is enjoying interest subvention and has not repaid the outstanding within one year, then the interest from the due date till the repayment date will be at 1-year MCLR plus 1.15% which is the normal rate.
  • The hypothecation of crops up to a limit of 1.60 lakhs as per the guidelines of the RBI will be the primary security.

The bank has the discretion to stipulate for collateral security for limits above 1.60 lakhs in the case of loans without tie-up and above 3.00 lakhs for loans with a tie-up.

  • The new KCC cards issued will be RuPay enabled and even the existing operative account holders will be issued with RuPay enabled cards.
  • With the RuPay enabled cards, the farmers can withdraw cash from ATMs as and when required in the same cropping season instead of withdrawing the cash at one go.
  • The farmers can use the card for POS transactions. This enables cashless transactions for farmers. RuPay cards will be accepted at all UCO Bank ATMs, ATMs of other Banks and at Merchant Establishments for POS transactions.
  • With RuPay Kisan Card the farmers will enjoy a cashback for selected purchases. They can withdraw cash at ATMs. They will be able to check the balance in the account and also will be able to get a mini statement at ATMs. They will also be able to change ATM Pin.
  • RuPay Kisan Card is linked for Government subsidy and EBTs.

UCO Bank Credit Card Rewards Details

There are no reward points for UCO Bank Credit Cards. These cards are designed with an objective to facilitate the MSME sector in rural areas with timely finance by way of composite loans on this card.

UCO Bank Credit Card Fee Details

There are no fees for issuing UCO Bank Credit Cards.

UCO Bank Credit Card Charges

There are no charges except the interest collected for the composite loans on the cards. However, a processing charge of 350/- will be collected for Weavers Credit Card and a processing charge of 1% of the limit for Kisan Credit Cards with a limit above 3.00 lakhs will be collected.

How to Apply for UCO Bank Credit Cards

Steps to Apply for the Credit Card through the Bank

To apply for UCO Bank Credit Card, the relevant application has to be obtained from the nearest branch and has to be submitted along with the necessary documents to the branch.

Steps to Apply for UCO Bank Credit Card through MyMoneyMantra?

A digital platform is provided by MyMoneyMantra which has to be used to apply for the credit card.

  • To begin with visit the MyMoneyMantra website.
  • Log in and choose the credit card menu.
  • A list of credit cards from different banks will be displayed on a single screen with all the details related to the card.
  • Select the card you intend to apply for and submit.
  • Fill in all the relevant information required for applying for the credit card.
  • Once the filling of the application is complete and the process initiated you will get assistance from MyMoneyMantra representative to go through the process from documentation till the approval of the card.
  • On approval, the card will be dispatched to your registered address. The card and the pin will be sent separately for security reasons.

Eligibility Criteria for UCO Bank Credit Card

The cards are meant for providing immediate finance for persons involved in any agricultural and allied activity which falls under the MSME sector. The following are the eligibility criteria for UCO Bank Credit Card.

  • The applicant should be above 18 years of age and a Resident Indian.
  • The applicant should be possessing the skill for the chosen line of activity.
  • Artisans who are involved in manufacturing/production activity are eligible for Artisans Credit Card. If the artisans are registered the District Commissioner Handicrafts, they will get  preference in the obtention of the financial assistance by way of composite loan on the credit card.
  • SME entrepreneurs having a relationship with the Bank for the last 3 years and who have a good track record will be eligible for Laghu Udyami Credit Card.
  • Small businesses which come under the priority sector, self-employed individuals and self-help groups, Micro- Entrepreneurs, Small artisans, and handloom weavers, rickshaw owners, fishermen, and Borrowers in urban areas are eligible for Swarojgar Credit Card.
  • Self-help groups, Primary Co-operative Societies, Individual Weavers, and JLGS are eligible for Weavers Credit Card. Weavers registered with Development Commissioner Handlooms will get preference.
  • All farmers, individual and joint borrowers who are owner- cultivators are eligible for Kisan Credit Card.
  • Self-help groups, Joint Liability Groups, and sharecroppers including tenant farmers are eligible for Kisan Credit Card.
  • A stable income is also an important criterion to qualify for credit cards. The turnover in the previous year will be considered while fixing a limit on the cards.

Documents required for UCO Bank Credit Cards

The following are the documents required for UCO Bank Credit Cards.

  • Proof of Identity such as Aadhar Card, Voter's ID Card, Pass Port, Driving Licence and PAN Card.
  • Address Proof such as Aadhar Card, Passport, Driving Licence, Utility bills, Rental Agreement, etc.
  • Income Proof such as IT Returns.
  • The additional document being land records for Kisan Credit Card.

Making the payment of UCO Bank Credit Card

The payment towards the loan against the credit card can be made at any of the branches of UCO Bank.

In the case of Kisan Credit Card, all the debit balance in the account has to be cleared on or before completion of 12 months from the date of opening the account and in the subsequent years the debit balance should be cleared on or before 12 months from the date of renewal of the limit.

In the case of Weavers Credit Card, the interest charged on the account should be serviced every month. The interest charged on a monthly basis has to be paid immediately.

All these payments have to be made at UCO bank branches.

UCO Bank Credit Card Customer Care Numbers

For queries regarding UCO Bank Credit Card, you can call the following number

  • 1800-103-0123

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UCO Bank Credit Card FAQs

✅ What is the security required for UCO Bank Credit Cards?

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Primary security will be by way of hypothecation of stock, receivables, machinery, and equipment. The collateral security if required will be by way of retention of the existing securities. All UCO Bank credit cards do not require collateral security. Only select cards require collateral security.

✅ What is the range of limits for UCO Bank Credit Cards?

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The limits fixed for UCO Bank Credit Cards are different for each type of card.

  • The maximum limit for Artisan Credit Card is RS. 2.00 lakhs.
  • The maximum limit for Laghu Udhyami Credit Card is 10.00 lakhs
  • The maximum limit for Swarojgar Credit Card is 25000/-
  • The maximum limit for Weavers Credit Card is 2.00 lakhs.

The limit for Kisan Credit Card is based on the scale of finance for the crop + insurance premium x extent of area cultivated + 10% of the limit towards expenses after the harvest, consumption expenses and household expenses + 20% of limit towards the maintenance of farm assets. Quantum assessed applying this formula ensures proper assessment of funds required by the borrower.

✅ Which are the branches designated to issue Kisan Credit Card?

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All semi-urban and rural branches can issue Kisan Credit Cards and select urban branches allotted under the Annual Credit Plan Scheme can issue Kisan Credit Card.

✅ What is the penalty if the borrower fails to pay back the loan amount with the due date?

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In the case of default in paying the outstanding balance in the account within the due date, the normal rate of interest i.e., 1-year MCLR + 1.15% will be charged from the due date till the repayment of the loan.

✅ What are the processing fees charged for UCO Bank Credit Cards?

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Processing charges are collected only for Weavers Credit Card and Kisan Credit Card. A processing fee of 350/- will be collected for Weavers Credit Card and a processing fee of 1% of the loan amount will be collected for Kisan Credit Card with a limit above 3.00 lakhs.

✅ Is a security required for Kisan Credit Card?

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The hypothecation of crops up to a limit of 1.60 lakhs as per the guidelines of the RBI   will be the primary security.

The bank has the discretion to stipulate for collateral security for limits above 1.60 lakhs in the case of loans without tie-up and above 3.00 lakhs for loans with a tie-up.

✅ What is the validity period of the Kisan Credit Card?

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The validity period of the Kisan Credit Card is 5 years.