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    P&SB Laghu Udhyami Credit Card (LUCC) Scheme

    2. P&SB Laghu Udhyami Credit Card (LUCC) Scheme

    Purpose

    To meet the credit requirement of small business units, retail traders, artisans, village industries, small scale industrial units and tiny units, professionals and self employed persons, etc.

    Eligibility

    All existing customers of the above categories who are dealing with the bank for the last 3 years satisfactorily and enjoying loan are eligible.

    Assessment of credit card Limit

    The Laghu Udhyami Credit Card limit be fixed as follows -

    • For small business, retail traders, etc. 20% of the annual turnover declared for tax purposes or last 12 months turnover in the operative account, whichever is higher.
    • For professionals and self-employed persons, 50% of their gross annual income as per IT return shall be considered as the limit for issuing the Laghu Udhyami Credit Card.
    • For Small Scale Industrial Units including tiny sector units, the assessment norms in vogue as per the Nayak Committee recommendations would continue.

    Per Party Ceiling Security

    Maximum upto Rs. 10 Lac per borrower.

    • Primary Security: Hypothecation of stock.
    • Collateral Security: The existing securities may be retained while converting the account to LUCC account.

    Margin

    25%

    Validity

    Valid for 3 years.

    Rate of Interest

    As applicable to MSME.

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