Created to help MSMEs bridge their credit gap and last-mile loan delivery challenges.
The GRO Smart Business Credit Card is an industry first MSME Business Owners Only credit card which has been launched in association with SBM Bank India and is powered by RuPay, along with EnKash. These are a range of secured credit cards specially designed for the underbanked micro, small and medium enterprises (MSMEs). These can be availed by the U GRO Capital borrowers against a fixed deposit with SBM Bank India.
The credit card offers a gateway to smart banking features to empower MSME entrepreneurs solve multiple financial challenges. These include meeting immediate expenses like purchases of equipment and supplies, manage vendor payments, make business utility bill payments, as well as managing reimbursements for travel and entertainment expenses of employees. Further with the Fixed Deposit facility, MSME borrowers would be able to build a long-term wealth creating asset.
USPs of the GRO Smart Business Credit Card
Paperless opening of an FD with SBM Bank, India without any additional underwriting
Withdrawal of up to 90% of credit limit
MSMEs can use the GRO Smart Business Credit Card at any POS machine
Helps segregate and closely monitor business-related transactions to manage working capital
No joining and annual fees till perpetuity
Lower effective interest rate of your U GRO Capital loan basis attractive FD interest rate
Norms of the FD
These are the following norms for the Fixed Deposit:
The minimum amount for FD: Rs. 10,000
The minimum tenure period for FD: 24 Months
The fixed interest rate of FD: 6.5%
Only the AADHAR based OKYC & e-PAN verification is needed.
Seamless Card Application Process
SBM bank contacts the customer to complete KYC steps and open a virtual account.
The card application process follows these steps:
Customer receives the GRO Smart Business Credit Car along with the Welcome Kit.
The following are the FD and Credit Card timelines:
FD Creation: Within 24 hrs of application
Virtual Credit Card: Next 24-48 hrs