Purpose: To provide hassle-free credit to customers from rural and semi-rural centres based on their cash flow without insistence on security, purpose and end-use of the credit. This is in nature of overdraft with no end-use stipulations.
Eligibility: GCC can only be extended to individuals who are residents of rural and semi-urban areas and having legitimate source of income. No proof of income is required.
- Maximum: Rs. 25,000/-
- Loan amount should be based on the assessment of income and cash-flow of the entire household, subject to a maximum ceiling of Rs. 25,000/-
Operation of Account: The operation of credit limit will be as per Revolving Cash Credit basis. There will be unlimited number of withdrawals and repayments within the credit limit.
Repayment Period: Repayable on demand and limit will be valid for 36 months.
Review/Renewal: The limit will be subjected to review /renew annually or earlier when such review is considered desirable
Rate of Interest: Applicable as per prevailing rate at the time of sanction & is subjected to change from time to time.
Applicable of Interest: At monthly rest on daily reducing balance.
Repayment: Interest and other charges, if any shall be serviced monthly and other debits/drawals shall not remain outstanding for more than 12 months from date of such debit/drawal.
Security: No insistence on security except personal guarantee of the applicant.
Processing fees: NIL Pre-payment Charges: NIL
Classification: All loan sanctioned under GCC shall be classified as Indirect Finance to Agriculture under Priority Sector.