United Shilpi Card of United Bank of India

Are you an artist, artisan, or Shilpi? You can avail of a hassle-free credit facility from the United Bank of India. Basically, the United Shilpi Card provides loans to 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 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
• Sweetmeats 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 a cluster basis by the formation of Self Help Groups (SHGs) are eligible for the loan.

Finally, all existing regular borrowers under the 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 of a minimum amount of Rupees 25000 and a maximum of 10 Lacs.
• You have to provide 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 a tenor of 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 branches countrywide.
• Finally, the bank provides a special concession for 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 the United Bank of India Shilpi Credit Card. Furthermore, a woman entrepreneur can get the loan on a 0.5% reduced interest rate in the case of a loan amount of 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 of 0.50%.

Related: Best Business Credit Cards In India

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 the passport-size autographed photographs 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 the 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 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 a loan. Therefore, you must contact your local branch to avail of this credit assistance under the United Shilpi Card.