Helping women is important for economic growth and social change. Banks are now introducing debit cards, which can improve women’s access to money and promote financial independence. Recognizing this, banks are now adjusting their services to meet women’s financial needs.
The State Bank of India is competing with other banks and has launched cards for women. The introduction of the ‘Asmita’ Loan and the ‘Nari Shakti’ Debit Card represents SBI’s commitment to empowering women entrepreneurs and consumers alike.
SBI wants to compete well with other banks by providing funding and good banking experiences for women. They focus on women’s needs to support entrepreneurship and promote gender equality in finance.
SBI Asmita Loan
The SBI Asmita Loan has been particularly designed to empower women entrepreneurs by helping them secure a loan for their business ventures. This initiative by SBI aims to help women in various industries. Designed for women-led businesses, the SBI Asmita Loan provides simple financial solutions for various needs, including working capital, machinery acquisition, and other business-related requirements. This loan supports women in starting and growing their businesses. It aims to boost economic development and promote gender equality.
Features of the Asmita Loan
- This is available as a Term Loan, Working Capital, Overdraft, and Non-Fund-Based Facility.
- Users get a minimum loan of ₹10 lakhs and a maximum limit of ₹5 Crores.
- The loan term on cash credit is repayable on demand, whereas the term loan and dropline OD have a repayment period of 7 years, including a moratorium of up to 6 months.
- Pre-payment is allowed without any penalty.
- Competitive rates are linked to EBR (currently EBR is Repo Rate + 2.65%).
Eligibility Criteria
- A woman entrepreneur must manage the business. For partnership firms or companies, women must hold more than 50% of the shares.
- This loan is applicable to all MSME units, including proprietorships, partnerships, and closely held companies in the manufacturing, trading, or service sectors.
- URN or Udyam Assist Certificate is mandatory for eligibility.
- Green Field projects should have limits of ₹1 Crore to ₹5 Crores, while Brown Field projects must be within ₹10 lakhs to ₹5 Crores.
SBI Nari Shakti Platinum Debit Card
Competing with all the other banks, SBI has introduced a debit card just for the empowerment of women. The Nari Shakti Platinum Debit Card comes with a joining fee of ₹499 plus applicable taxes and an annual maintenance fee of ₹399 plus taxes. This card allows you to easily withdraw cash at SBI ATMs and other ATMs worldwide. It also supports safe online shopping and e-commerce transactions.
The SBI Nari Shakti Platinum Debit Card offers a beneficial Rewards Program to empower women while they shop. Cardholders can earn up to 10,000 SBI Reward Points every month, with a maximum of ₹1,000 per transaction. For every ₹200 spent, users earn 2 Reward Points, whether for shopping, dining, fuel, or travel. New cardholders can receive up to 300 Bonus Reward Points by making three qualifying transactions within two months.
There’s also a Milestone Bonus where users earn 1,000 points for every ₹1 lakh spent in a financial year. During the birthday month, users can enjoy double Reward Points on their purchases. For international transactions, users earn 2x Reward Points, and extra points are available when purchasing from partner brands. Reward Points can be redeemed for various items, movie tickets, travel bookings, and bill payments through the SBI Rewardz platform.
Features of Nari Shakti Platinum Debit Card
- This card offers access to domestic airport lounges once every quarter.
- Cardholders can access a concierge service for personal assistance that is available 24/7.
- This card offers a Nykaa coupon worth ₹500, ixigo coupon worth ₹500, Giva coupon worth ₹500, all redeemable once every year.
- Users will also receive up to ₹250 off movie tickets through BookMyShow, once every year.
- This card also includes personal accidental insurance coverage of up to ₹10 lakhs.
- The card also provides a Flipkart voucher worth ₹250 every quarter, an annual Ganna subscription, and a Zee5 annual subscription for streaming services, both offered once a year.
- Cardholders also benefit from a health checkup, specifically a Women’s Health Package that includes a Pap Smear, valid once per year.
Eligibility Criteria
- Must be a female applicant.
- Must be at least 18 years old.
- Should have a Regular Savings Account with SBI.
Bottom Line
SBI helps empower women financially with initiatives like the ‘Asmita’ Loan and ‘Nari Shakti’ Debit Card. These programs support women entrepreneurs by providing the resources they need to grow their businesses and gain independence. The special features of these cards make financial transactions simpler and safer for women, encouraging them to participate more actively in economic activities. By addressing women’s specific needs, SBI supports entrepreneurship and promotes gender equality in the financial sector.