Tag: Neeraj Sinha

U GRO Capital partners with SBM Bank India to launch ‘GRO Smart Business’ credit card for MSMEs
Business World, News

U GRO Capital partners with SBM Bank India to launch ‘GRO Smart Business’ credit card for MSMEs

Apr 8, 2021 by Rekha Nair 0 Comments #Executive Chairman & Managing Director, #Head - Consumer & Retail Banking, #Mr. Shachindra Nath, #Neeraj Sinha, #SBM Bank India, #U GRO Capital

U GRO Capital, a BSE listed, sector focused small business lending fintech platform, today announced its partnership with SBM Bank India towards the launch of ‘GRO Smart Business’ credit card, powered by RuPay, along with EnKash. These are a range of secured credit cards specially designed for underbanked micro, small and medium enterprises (MSMEs). These can be availed by the U GRO Capital borrowers against a fixed deposit with SBM Bank India.

The credit card offers a gateway to #SmartBanking features to empower MSME entrepreneurs solve multiple financial challenges. These include meeting immediate expenses like purchases of equipment and supplies, manage vendor payments, make business utility bill payments, as well as managing reimbursements for travel and entertainment expenses of employees. Further with the Fixed Deposit facility, MSME borrowers would be able to build a long-term wealth creating asset.

Commenting on the launch, Mr. Shachindra Nath, Executive Chairman & Managing Director, U GRO Capital stated, “We are elated to collaborate with SBM Bank India and launch this distinctive arrangement powered by the RuPay Network. The ‘GRO Smart Business’ Credit Card will allow our MSME customers to manage their urgent credit requirements and cash-flows effectively. MSMEs face a frequent need of urgent credit, catering to which becomes a challenge causing drastic cash flow disruptions. This arrangement will enable the businesses to tackle these situations effectively. We have been constantly exploring impactful solutions to support the revival and growth of the nation’s MSMEs. We believe this collaboration to be a significant initiative in the right direction.”

The pandemic induced dynamic circumstances have led to a realization of the need to innovate and arrive at holistic solutions to the MSME credit issues. Various businesses have been affected due to unavailability of requisite funds during urgent requirements. Needless to say, fintechs and NBFCs with their nimble nature are sufficiently equipped with operational and technological capabilities to bridge the credit gap.

Speaking on the initiative, Neeraj Sinha, Head – Consumer & Retail Banking, SBM Bank India, said, “At SBM Bank India, we are committed to use the power of banking, technology and collaboration to create uniquely smart solutions. The launch of ‘GRO Smart Business’ credit card is in line with the same strategy. We are proud to partner U GRO Capital for the new product.”

The MSMEs eligible for the business loans from U GRO Capital would be extended incremental funds to open a Fixed Deposit account with SBM Bank and the credit card shall be offered against the security of a Fixed Deposit maintained by the applicant in his name. The terms and conditions of this credit facility shall be as per the existing policies of U GRO Capital.

Features of the Credit card:

· Card type: Corporate owned Individual liability

· Limit: 90% of FD amount

· Joining & Annual Fees: Zero

· Finance Charges: 1.99% (monthly)

· Interest free period/Cash advance interest free period: Max. 50 days

· Cash Advance limit: 30%

· The card shall have a ‘Tap-To-Pay’ functionality for contactless payments and can be used to withdraw cash from the ATMs upto a certain limit of the total credit limit at a charge

Features of the Fixed Deposit:

· Amount: Rs. 10,000 – Rs. 10 lakhs

· Tenure: 1-5 years

· Rate of Interest: 7.5% (fixed)

· Required Documentation: AADHAR based OKYC & e-PAN verification (No hard documents required)

· Time required to open the Fixed Deposit: 3 hrs

Note: The above features are subject to change as per SBM Bank policies.

SBM Bank India Limited partners with GrayQuest to boost access to quality education in India
Business World, Education, News

SBM Bank India Limited partners with GrayQuest to boost access to quality education in India

Jan 23, 2021 by Rekha Nair 0 Comments #Founder and CEO, #GrayQuest, #Head -Retail and Consumer Banking, #Neeraj Sinha, #Rishab Mehta, #SBM Bank India Limited

Mumbai, January 21, 2021: GrayQuest, India’s leading education fintech company, has collaborated with SBM Bank India, to facilitate access of affordable funds for its clients. Established in 2017, GrayQuest is working towards increasing convenience of educational fee payments in the country. Towards this, the Company has partnered with more than 2000 leading schools, colleges and universities across the country and allows parents to pay their children’s education fees in easy monthly payments. Parents can sign up for the monthly payment option within five minutes on the GrayQuest platform through a secured, convenient and paperless process, converting their annual or bulk semester school / college fees into affordable monthly payments at no extra cost. GrayQuest parents also receive benefits such as complimentary insurance cover and access to 50+ exclusive rewards for their children.

Speaking on the partnership and Bank’s foray into education lending space, Neeraj Sinha, Head -Retail and Consumer Banking, SBM Bank India Limited, said, “Education, the world over has been considered to be the passport to a better life. In a country, where the core belief stems from Padhoge Likhoge Banoge Nawaab, education is the most important investment and not mere expense for each and every parent. We, at SBM Bank India, therefore are excited to partner GrayQuest to invest into this segment.”

Commenting on the partnership, Rishab Mehta, Founder and CEO, GrayQuest, said, “According to our data, the average Indian household spends 13% of their annual income on the education fees per child. With rising fees and the growing aspirations of parents in their choice of education for their children, paying education fees is now a significant expenditure for most households. Covid-19 has further increased the financial burden on parents. We, at GrayQuest, feel that the current structure of bulk education fee payments can be made significantly more convenient and affordable for parents. Our partnership with SBM Bank is a major step in that regard which will significantly lower the cost and boost our ability to facilitate such financing for the end consumer.”

SBM Bank India will not only facilitate access to affordable funds to GrayQuest’s clients, but also will empower them to address their holistic banking requirements.