On January 28, 2021 StashFin entered into partnership with SBM Bank (India) Ltd to launch their co-branded prepaid card, ‘StashFin SBM card’. The card is powered by Visa and has a contactless Europay, MasterCard, and Visa(EMV) chip, enabling cardholders to have 24×7 access to funds. It has been designed through collaboration.
About StashFin SBM Card:
i.Customers can Take Loans Upto Rs 5 Lakhs
It acts as a personal overdraft facility, enabling customers to take loans up to Rs 5 Lakhs.
What is a Personal Overdraft Facility?
A personal overdraft is a credit facility that allows customers to withdraw an amount as and when needed. The amount can be repaid at the convenience of the customers.
It can be used in ATM cash withdrawals and online/offline payments at all merchant platforms and Point of Sale(PoS) terminals across India.
iii.Conversion of Purchases into EMIs
- The card users have an option to convert all their purchases into Equated Monthly Installments(EMIs).
- They are required to pay interest only on the funds used.
Recent Related News:
On December 17, 2020 IndusInd Bank in partnership with Mastercard launched its 1st metal credit card, ‘Pioneer Heritage Credit Card’. This Contactless Credit Card is designed to meet the needs of High-Net-Worth-Individuals (HNWIs), especially of the affluent Indian professionals and entrepreneurs.
About SBM Bank (India) Ltd:
i.It is the first bank to receive a banking license from the Reserve Bank of India (RBI) and to establish a universal banking business in India through the Wholly Owned Subsidiary (WOS) mode.
ii.SBM became the 1st foreign Bank in India to operate as a new Indian bank.
Headquarters– Mumbai, Maharashtra
Managing Director(MD) and Chief executive Officer(CEO)– Sidharth Rath
Commenced Operations– 1st December 2018