General Credit Card (GCC)
The scheme shall cover general credit needs of our customers in rural and semi urban areas. The objective of the scheme is to provide hassle free credit for any purpose to the customers based on the assessment of income / cash flow of the household without insisting for purpose & ensuring end use of the fund & without insisting collaterals etc. - in line with issuing of General Credit Card. Implementation. The scheme will be implemented in all rural and semi urban branches of the bank. Nature of accommodation The credit facility to be extended under the scheme will be in the nature of revolving overdraft facility. The GCC holder will be entitled to draw cash from the branch from where the limit will be sanctioned and a passbook will be issued stating the limit etc. affixing photograph.
Any individual household having regular income from salary, business, profession and any other economic activities (Farm and Non Farm activities) like agriculture, pisiculture, dairy, poultry, piggery, duckery, transport operating, craftsmanship, artisanship, small business etc. Preference to be given to women beneficiaries under the scheme.
Identification of the key person of the household in whose name the limit will be sanctioned to be made from salary certificate, book of accounts, ration card, voter identity card, certificate from Panchayat, etc. All existing defaulter loanees will be kept outside the purview of the scheme. Branch managers are advised to utilize the services of local Post offices, schools, Primary Health Centre, local Govt. Functionaries, Farmers' Association/ Club, well-established community based agencies and civil society organisations for sourcing of borrowers for issuing GCC.
Quantum of limit:
Maximum Rs.25, 000/- per individual household.
The limit to be fixed based on the assessment of income and cash flow of all the earning members of the household. However, it is suggested that the limit to be fixed on the basis of annual income of the household as under:
||Up to Rs.10000/-
||Above Rs.10000/- to Rs.25,000/-
||Above Rs.25,000/- to Rs.50,000/-
||Above Rs.50,000/- to Rs.1 lac
||Above Rs.1.00 lakh
To begin with the branch may fix lower limit. However, depending upon the experience and the conduct of the account the limit can be enhanced as suggested above. In this connection self declaration of income by the borrower will be sufficient.
Nature of Credit Facility:
The credit facility extended under the scheme will be in the nature of revolving credit and the GCC holders will be entitled to draw cash from the branch of the Bank upto the limit sanctioned.
No Margin is to be insisted.
Rate of interest will be aligned with those in the Agriculture Sector.
Credit facilities through GCCs will come under Indirect Agriculture under Priority Sector.
Please contact your nearest BGVB branch for further information.
Terms & conditions apply.