On 8th April, 2021, U GRO Capital in partnership with SBM Bank India launched “GRO Smart Business” credit card for Micro, Small and Medium Enterprises (MSMEs).The Credit Card is powered by RuPay, along with EnKash. These are specially designed for underbanked micro, small and medium enterprises (MSMEs).
Objective – It will empower MSME entrepreneurs by providing financial assistance to solve multiple financial challenges.
Who can avail this?
These can be availed by the U GRO Capital borrowers against a fixed deposit with SBM Bank India.
Key Feature of the Card:
The card shall have a ‘Tap-To-Pay’ functionality for contactless payments and can be used to withdraw cash from the ATMs.
Features of the Credit card:
- Limit: 90% of FD amount
- Finance Charges:99% (monthly)
- Interest free period/Cash advance interest-free period: 50 days
- Cash Advance limit:30%
Features of the Fixed Deposit:
- Amount: 10,000 – Rs. 10 lakhs
- Tenure: 1-5 years
- Rate of Interest:5% (fixed)
- Required Documentation:AADHAR based OKYC & e-PAN verification (No hard documents required)
- Time required to open the Fixed Deposit:3 hrs
About U GRO Capital:
CEO – Abhijit Ghosh
Head quarter – Mumbai, Maharashtra