There are five variants to UCO Bank Credit Card.
The following are the features of UCO Bank Credit Cards.
The detailed features of UCO Bank Credit Cards are as mentioned below:
Artisans Credit Card
Laghu Udyami Credit Card
Swarojgar Credit Card
UCO Bank Weavers Credit Card
Kisan Credit Card
The purposes covered under the Kisan Credit Card Scheme are:
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 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.
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.
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.
There are no fees for issuing UCO Bank Credit Cards.
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.
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.
A digital platform is provided by MyMoneyMantra which has to be used to apply for the 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 following are the documents required for UCO Bank Credit Cards.
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.
For queries regarding UCO Bank Credit Card, you can call the following number
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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.
The limits fixed for UCO Bank Credit Cards are different for each type of card.
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.
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.
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.
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.
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 validity period of the Kisan Credit Card is 5 years.