General Credit Card Objective: The objective of the scheme is to increase the flow of credit to individuals for entrepreneurial activity in the non-farm sector provided through the General Credit Card. Eligibility: All non-farm entrepreneurial credit extended to individuals which is eligible for classification under the priority sector guidelines. Extent of Limit: Need based .Maximum Rs 10 lakh Type Of Facility: GCC loans will be given for the working capital requirement of the micro units and it will be solely Cash Credit in nature Security: IPrimary- Hypothecation of assets i.e. stock, book debts, Plant & Machineries, equipment, etc. Created out of bank finance (present and future). Collateral- NIL GUARANTEE COVERAGE: All the loans must be covered under CGFMU during the entire tenure and guarantee fees to be borne by the borrower as per extant policy guidelines. Margin: 5% of projected turnover. Rate of Interest: As per Bank's pricing policy. Charges: Processing Charge Upto Rs 2 Lakh: NIL Above Rs 2 Lakh: 0.48% of Sanctioned Limit Documentation Charge Upto Rs 50,000/-: NIL Above Rs 50,000 to Rs 2 Lakh: Rs 1,420 Above Rs 2 Lakh to Rs 5 Lakh: Rs 3,300 Above Rs 5 Lakh to Rs 10 Lakh: Rs 3,540 Insurance Coverage: Comprehensive Insurance coverage of the Primary Security for the full tenure of the loans shall be obtained as per existing norms and charges for the same to be borne by the beneficiary and to be debited to his loan account.