Are you an artist, artisan or Shilpi? You can avail a hassle free credit facility from United Bank of India. Basically, the United Shilpi Card provides the loan to the artists and artisans who work in the small scale sector. Find here a detailed guide on how to apply for the United Shilpi Card.
Who Can Apply for United Shilpi Card
The scheme allows a wide range of borrowers to get financial assistance. However, he or she must have the involvement in the following business activity.
- Clay modeling
- Drawing and painting.
- Running coaching centers for music, dance, and choreography
- Fashion designing
- Computer graphics
- Stone carving (sculpture)
- Bell metal works
- Applique work
- Weaving and dyeing
- Embroidery work, Wool knitting
- Mat, Basket, Rope, Leaf plate making
- Pickles, papad, jam, jelly, potato chips making
- Sweet meats making and preparing dry foods like Muri, Chira,
- Fried grams, Mixtures, and Chanachur
- Making toys and other seasonal festive items, etc.
Eligibility Criteria for United Shilpi Card
- First of all, all artists engaged in productive and creative activities as mentioned above can apply for the loan. However, you must not be a previous defaulter. Additionally, you have to have that certificate from Sarpanch, Sabhadhipati, Anchal Pradhan or the Municipal/Corporation.
- Additionally, a group of Shilpi undertaking project work or individual enterprise on cluster basis by the formation of Self Help Groups (SHGs) are eligible for the loan.
- Finally, all existing regular borrowers under tiny, cottage and village industries can apply for this loan.
United Shilpi Card Features
- Basically, the scheme provides a wide quantum of credit. You can avail a minimum amount of Rupees 25000 and maximum to 10 Lacs.
- You have to provide a margin money of 15% for a credit limit of Rs 25000/- to Rs 2.00 lac. And the bank will ask for 20% margin money for the limits above Rs 2.00 lac to Rs 10.00 lac.
- Generally, the bank provides the tenor 3 years. Therefore, you have to clear the outstanding within this stipulated time.
- You can apply for the loan for the United Shilpi Card in any of the bank’s branch countrywide.
- Finally, the bank provides a special concession for the women entrepreneurs. The margin of loan for women is 10% for a loan amount of up to Rs.2, 00, 000 and it is 15% for a loan amount which is above Rs.2, 00, 000 and up to Rs.10, 00,000. Additionally, the bank does not take any service charge from the women applicants of United Bank of India Shilpi Credit Card. Furthermore, a women entrepreneur can get the loan on 0.5% reduced interest rate in the case of a loan amount of is more than Rupees 1,00,000.
United Shilpi Card Interest Rate
The interest rate is subject to change in accordance with RBI/H.O. guidelines from time to time. However, if any borrowers under Shilpi Card come under United Udyog Shree Yojana specifications, he/she will be eligible to get an interest reduction by 0.50%.
Issue of United Shilpi Card
- First of all, the bank will issue a photo identity card cum passbook to the borrowers under the scheme. The passbook contains the name, address, sanctioned limit, validity period and terms of repayment in case of the term loan.
- This card will serve as an identity Card-cum-Pass Book and will facilitate recording transactions on an ongoing basis.
- Generally, the bank will ask for two copies of passport size autographed photograph from the borrower of which one copy will be pasted on the card and the other copy will be pasted on the application form.
- In the case of the existing borrowers, the bank will ask for only one copy of autographed photograph for pasting on the card.
- The cover pages of the card should be laminated.
- A service charge of Rs 20/- may be realized for each card issued to the shilpi who is given a sanction of card limit of over Rs 2.00 lac.
Currently, there is no online facility available for applying for the loan. Therefore, you must contact your local branch to avail this credit assistance under the United Shilpi Card.