Credit Cards for Small Business - IDBI Bank SME Credit Card
Overview
IDBI Bank’s LUCC Scheme is for the existing borrowers belonging to micro and small individual units, retail traders, artisans and village industries, professionals and self employed, whose dealings with the Bank have been satisfactory for the last three years.
Eligible Segments
All existing customers having a satisfactory dealing with the Bank for the last 3 years
Facility
Only working capital in the form of Overdraft/ Open Cash Credit
Purpose
To meet the credit requirements of the borrowers mentioned above
Loan Amount
Maximum of Rs. 10 lakhs per borrower
Tenor / Validity
Repayment on demand, however limit would be valid for a period of 3 years
Pricing
Interest Rate linked to Bank Base Rate and Rating.
Security
Hypothecation of stock in trade, receivables, machinery, office equipment etc., as specified for existing limits
margin
25%