V Mudra Weavers Card Scheme

 

V-Mudra Weavers’ Card

1

Purpose

V-MUDRA Weavers’ Card Scheme aims at providing adequate timely financial assistance to the weavers to meet their credit requirements i.e. for investment purpose as well as for working capital requirements in a flexible and cost effective manner.

2

Eligibility

 

Existing Handloom Weavers involved in weaving activity.

3

Nature of facility

Term Loan and Working Capital

4

Quantum of Loan minimum/maximum.

Maximum of Rs.5 lakhs for both working capital & term loan facilities put together.

5

Margin

20% of project cost for investment credit.

6

Rate of interest

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7

Guarantor

Nil

8

Security

Hypothecation of assets created out of bank finance. Loans shall be mandatorily covered under Credit guarantee scheme.

9

Processing fees/other charges

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10

Repayment

  • Term loan-60 months.
  • Working capital to be renewed annually.

11

Application with checklist

Click Here to Download the Application Form/Check List

 

12

Any other relevant matter

  • Margin Money @ 20% of project cost subject to maximum of Rs.10,000/- per weaver shall be borne by Textile Ministry, Govt. Of India.
  • Interest subsidy will be provided by Textile Ministry, Government of India for maximum 3 years from the date of first disbursal for both working capital and term loan which shall be limited to the difference between actual rate of interest as applicable /charged by Banks and 6%. The maximum interest subvention would be capped at 7%

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