GCC full form in banking is General Credit Card. It is a credit facility introduced by the Reserve Bank of India (RBI) to provide easy access to institutional credit for individuals, particularly those in rural and semi-urban areas, who may not have access to traditional banking services.

Purpose and Features of GCC

The General Credit Card (GCC) aims to support small entrepreneurs, farmers, artisans, and self-employed individuals by offering hassle-free credit for personal or business needs. Key features include:

• Collateral-Free Loans: GCC is primarily an unsecured loan, meaning borrowers do not need to provide collateral.
• Flexible Usage: Funds can be used for agriculture, business activities, or personal consumption.
• Simplified Documentation: The documentation process is minimal, making it accessible to a wider population.
• Interest Rates: GCC loans are generally offered at competitive interest rates, depending on the bank’s policies.
• Credit Limit: The credit limit under GCC varies by bank but is typically determined based on the borrower’s income and repayment capacity.

Eligibility for GCC

• Small entrepreneurs, self-employed individuals, and rural artisans.
• Farmers who need financial assistance beyond the Kisan Credit Card (KCC).
• People without a fixed income but engaged in productive activities.

Benefits of GCC

• Financial Inclusion: Helps individuals in rural and semi-urban areas access formal credit.
• Convenience: Simple procedures make it easy for non-traditional borrowers to avail credit.
• Encourages Entrepreneurship: Provides working capital for small businesses.