অসমীয়া   বাংলা   बोड़ो   डोगरी   ગુજરાતી   ಕನ್ನಡ   كأشُر   कोंकणी   संथाली   মনিপুরি   नेपाली   ଓରିୟା   ਪੰਜਾਬੀ   संस्कृत   தமிழ்  తెలుగు   ردو

MSME RuPay Credit Card

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). 

Benefits

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.

Eligibility

  • Unit to be classified as MSME irrespective of constitution as per revised definition and shall have Udyam registration
  • Unit must be our existing borrower with sanctioned FB WC limit (CC/OD) of above Rs 1 Lakh.
  • Account shall not be under stress category/overdue for review/renewal at the time of sanction of Union MSME Credit Card.
  • CIC score of the individual on whose name credit card is being issued shall be minimum 700/-1(in case of customers with no credit history).

Quantum of the loan to be issued as Credit Card

20% of sanctioned  Fund Based Working Capital limit with minimum of Rs 20,000/- and maximum of Rs.2.00 lakh.

Security

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

Last Modified : 5/11/2022



© C–DAC.All content appearing on the vikaspedia portal is through collaborative effort of vikaspedia and its partners.We encourage you to use and share the content in a respectful and fair manner. Please leave all source links intact and adhere to applicable copyright and intellectual property guidelines and laws.
English to Hindi Transliterate