MSME RuPay Credit Card has been launched to facilitate simplified payment mechanism to MSMEs to meet their business-related operational expenses.
The card is being offered by Union Bank of India in association with National Payments Corporation of India (NPCI).
The RuPay Card offers benefits like anytime digital payments, interest-free period and will carry interest rate similar to the rate charged for loans. MSME borrowers will be able to enjoy an interest-free credit period of up to 50 days on their business spends. The card also offers the EMI facility to the customers on their business-related purchases. MSMEs will also get specially curated efficient business services on this card which will help them in taking their business on most of the digital platforms.
The RuPay Credit card will simplify and expedite payment mechanism for MSMEs while enabling banks to monitor the transactions at granular level. The Credit card will also reduce the demand for cash withdrawal by the businesses due to availability of the digital payment tool.
The card is not to be used for personal purpose. Usage of credit card may be restricted by Bank on select Merchant codes (MCC Code) (Gambling, Jewellery etc) based on the line of activity of the borrower.
Though Credit Card and regular CC/OD limit are being issued separately within the overall sanctioned CC/OD limit, the charge on securities (primary/collateral) shall be for entire working capital limit sanctioned including credit card.
For more information visit https://www.unionbankofindia.co.in
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