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Union Bank partners NPCI to launch credit card for MSME borrowers
February 28, 2022
To tide over the challenges to meet business-related expenses by MSMEs, Union Bank of India and NPCI have jointly launched a credit card for the borrowers, offering interest-free credit for up to 50 days.
The Union MSME RuPay Credit Card is a new digital payment tool available to the MSME clients of Union Bank of India for meeting their business-related operational expenses with interest-free credit for up to 50 days, according to a joint statement released on Friday.
The credit card will provide a simplified payment mechanism to MSMEs to meet their business-related operational expenses, it said.
Among others, 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.
Also, they will be benefitted in the form of accidental insurance coverage of up to ₹10 lakh, domestic airport lounge access of two times per quarter, and other rewards using this card.
This credit card will reduce the demand for cash withdrawal by MSME for business expenses besides simplifying their payment mechanism.
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- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/