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Features of Bank of Baroda SME Credit Card

  • Credit Limit and Flexibility:
    The Bank of Baroda SME Credit Card offers a credit limit up to Rs. 25 lakh, depending on the applicant's business turnover, creditworthiness, and banking relationship. This high limit supports significant business expenses, such as inventory purchases, equipment upgrades, or operational costs, making it a robust SME financing solution. The card allows business owners to use the credit limit for a wide range of purposes, including vendor payments, travel expenses, and marketing campaigns.
  • Interest-Free Credit Period:
    Cardholders enjoy an interest-free credit period of up to 50 days on purchases, provided the outstanding balance is paid by the due date. For businesses needing extended repayment options, the card offers a revolving credit facility. Cardholders can pay a minimum amount due (typically 5% of the outstanding balance) and carry forward the rest, subject to interest, enhancing financial flexibility.
Bank of Baroda Premier Credit Card
    • Reward Points Program: The card provides reward points on business-related spends, such as office supplies, travel, and vendor payments. For every Rs. 100 spent, cardholders earn 1-2 reward points, depending on the transaction category. Certain categories, like fuel and travel, may offer accelerated reward points (up to 4X points) during promotional periods.
    • Fuel Surcharge Waiver: Offers fuel surcharge waiver of up to Rs. 3,000 annually for transactions between Rs. 400 and Rs. 5,000 at fuel stations across India. This feature benefits SMEs with logistics or delivery operations, reducing operational costs.
    • Business-Specific Benefits: Supports seamless payments to suppliers and vendors, with online and POS transaction capabilities. For business owners who travel frequently, the card offers discounts on business-class airfare and hotel bookings at select partners.
    • Fraud Protection: Provides zero liability protection for fraudulent transactions up to Rs. 1 lakh, provided the loss is reported within seven days. The card is equipped with EMV chip technology and supports contactless payments.
    • Add-On Cards: SMEs can issue add-on cards to key employees or partners at no additional cost, with customizable spending limits. Spends on add-on cards contribute to the primary cardholder's reward points.
    • Fees and Charges: The card has a joining fee of Rs. 1,000 and an annual fee of Rs. 500 (plus GST), waivable if annual spends exceed Rs. 2 lakh. The interest rate is approximately 3.1% per month (37.2% per annum) on unpaid balances.
    • Digital Management Tools: Can be managed via BoB's net banking platform and mobile app, allowing business owners to track transactions, pay bills, and redeem rewards in real time. Monthly statements provide a detailed breakdown of business spends.
    • Net Banking and Mobile App:The Bank of Baroda SME Credit Card can be managed via BoB’s net banking platform and mobile app, allowing business owners to track transactions, pay bills, and redeem rewards in real time. This digital accessibility enhances operational efficiency.
    • Detailed Statements: Monthly statements provide a detailed breakdown of business spends, categorized by vendor payments, fuel, travel, and more. This transparency helps SMEs monitor expenses and plan budgets effectively.
Premier Card Benefits

Benefits of Bank of Baroda SME Credit Card

  • 1. Enhanced Cash Flow Management:
    • The up to 50-day interest-free credit period allows SMEs to make purchases without immediate cash outflow, preserving liquidity for operational needs.
    • The revolving credit facility enables SMEs to pay a minimum amount due and carry forward the balance, providing flexibility during cash-strapped periods.
  • 2. Cost Savings:
    • The fuel surcharge waiver of up to Rs. 3,000 annually reduces costs for SMEs with logistics or transportation needs.
    • Discounts on business-class airfare and hotel bookings at select partners reduce travel costs for SMEs with frequent business trips.
    • Reward Points Benefits: Earning reward points on business spends allows SMEs to offset costs by redeeming points for travel, merchandise, or cash credits. This benefit incentivizes card usage for routine expenses.
    • Business Spend Rewards: Earning reward points on business spends allows SMEs to offset costs by redeeming points for travel, merchandise, or cash credits. This benefit incentivizes card usage for routine expenses.
    • Accelerated Points: Promotional offers providing accelerated reward points (up to 4X) on fuel and travel enhance savings for SMEs with high spends in these categories.
    • Vendor Payment Flexibility: The card’s compatibility with online and POS payments streamlines vendor transactions, ensuring timely payments and strong supplier relationships. This benefit reduces administrative burdens for SMEs.
    • Add-On Card Benefits: Add-on cards for employees allow SMEs to delegate purchasing tasks while maintaining control through customizable limits.
    • Fraud Protection: The zero liability protection up to Rs. 1 lakh safeguards SMEs against fraudulent transactions, ensuring financial security for online and international spends. This benefit builds trust in the card’s usage.
    • EMV Chip Security: The EMV chip and contactless payment features ensure secure transactions, reducing the risk of data breaches. This is particularly valuable for SMEs handling sensitive financial transactions.
    • High Credit Limit: The credit limit up to Rs. 25 lakh supports significant business investments, such as equipment purchases or marketing campaigns. This benefit enables SMEs to scale operations without relying on costly loans.
    • Fixed Deposit Option: For SMEs with limited credit history, the card can be availed against a fixed deposit, providing access to credit without stringent income requirements.
    • Online Management: The BoB mobile app and net banking platform allow SMEs to monitor spends, pay bills, and redeem rewards in real time. This digital convenience streamlines financial management for busy business owners.
    • Transparent Statements: Detailed monthly statements categorize spends by type (e.g., vendor payments, fuel), helping SMEs track expenses and optimize budgets. This transparency enhances financial planning.
    • Dedicated Assistance: BoB’s 24/7 helpline and SME-specific support ensure prompt resolution of queries, from credit limit increases to reward redemption. This benefit enhances user satisfaction and trust.
    • Branch Support: Access to BoB’s extensive branch network allows SMEs to resolve complex issues in person, providing personalized assistance for business needs.
    • Fee Waiver: The annual fee of Rs. 500 is waived for spends exceeding Rs. 2 lakh, making the card cost-effective for active users. This benefit encourages SMEs to maximize card usage.
    • Competitive Interest Rate: The 3.1% monthly interest rate is reasonable for a business card, provided SMEs maintain timely repayments to avoid high costs.
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How to Apply for Bank of Baroda SME Credit Card

  • Online Application Process:
    • Visit the official Bank of Baroda website: bankofbaroda.in.
    • Navigate to Business Banking > Credit Cards section and select SME Credit Card.
    • Click Apply Now to open the online application form.
    • Fill in your personal details (name, mobile number, email) and business information (company name, turnover, industry).
    • If you are an existing BoB customer, log in to pre-fill your form for faster submission.
    • Provide financial details such as annual turnover, PAN, and any existing banking relationship with BoB.
    • For FD-backed applications, mention the Fixed Deposit amount (minimum ₹25,000).
    • Upload scanned copies of required documents in PDF or JPEG format (max 2MB), ensuring clarity.
    • Review your application carefully and submit.
    • Note your Application ID to track the application status via the BoB website or mobile app.
    • Typical processing time is 7–14 working days.
  • Offline Application Process:
    • Visit your nearest Bank of Baroda branch.
    • Request the SME Credit Card application form and fill it with personal, business, and financial details.
    • Attach self-attested copies of the required documents.
    • Submit the form and original documents for branch verification.
    • Branch staff will assist with the application and forward it for processing.
  • Application via Customer Care:
    • Call the Bank of Baroda customer care helpline.
    • Provide preliminary details to initiate the application.
    • A representative may arrange document pickup or guide you to the nearest branch.
  • Tracking Application Status:
    • Use your Application ID or PAN number to track status online via the BoB website or mobile app.
    • Enter your registered mobile number for verification.
    • Contact customer care for updates using your Application ID.
    • BoB sends SMS or email notifications upon approval or dispatch of the card.
  • Tips for a Successful Application:
    • Ensure your business meets the eligibility criteria (e.g., minimum ₹25 lakh turnover, good credit history).
    • Maintain a CIBIL score above 700 to improve approval chances.
    • Submit complete, clear, and up-to-date documents to avoid delays.
  • Post-Application Steps:
    • Upon approval, the card will be dispatched within 10–15 days.
    • Activate your card via net banking, the BoB mobile app, or customer care by generating a PIN.

Eligibility Criteria for Bank of Baroda SME Credit Card

  • 1. Age Requirements:

    Primary Cardholder: Applicants must be between 18 and 65 years of age, enabling both young entrepreneurs and experienced SME owners to apply.

    Add-On Cardholder: Add-on cards can be issued to employees or partners aged 18 years and above, allowing businesses to control expenses.

  • 2. Business Type:

    The card is available to SMEs engaged in non-farm entrepreneurial activities such as manufacturing, trading, or services across India. Eligible business structures include sole proprietorships, partnership firms, and private limited companies.

  • 3. Turnover and Business Vintage:

    Businesses must have a minimum annual turnover of ₹25 lakh and at least 2 years of continuous operation, ensuring a stable financial track record.

  • 4. Credit History:
    • CIBIL Score: A minimum score of 700 is preferred to demonstrate creditworthiness.
    • No Defaults: Applicants must have a clean repayment history without any defaults or delinquencies.
    • Businesses with lower credit scores may apply against a fixed deposit as collateral to bypass credit checks.
  • 5. Existing Banking Relationship:
    • Priority is given to SMEs with an existing Bank of Baroda account (current account or loan) for at least 2 years in a standard category.
    • A Bank of Baroda credit rating of BoB-5 or higher improves eligibility.
    • Businesses without a credit history can apply by opening a fixed deposit of ₹25,000 or more, allowing credit limit up to 90% of the FD amount.
  • 6. Financial Stabilit:

    Turnover and financial stability are verified through audited financial statements or GST returns to ensure the business can manage credit repayments efficiently.

    Businesses with existing working capital limits of ₹25 lakh or more with Bank of Baroda are preferred.

  • 7. Location and Accessibility:

    The Bank of Baroda SME Credit Card is available to businesses across India, without any city-specific restrictions.

  • 8. Additional Considerations:
    • Obligor Rating: Existing customers must have an obligor credit rating of BoB-5 or above.
    • Case-by-Case Evaluation: The bank reserves the right to approve or decline applications based on internal policies, including debt-to-income ratios and recent credit inquiries.
  • 9. Tips to Improve Eligibility:
    • Maintain timely repayments to boost your credit score above 700.
    • Build and maintain a strong relationship with Bank of Baroda by holding a standard account for over 2 years.
    • Secure a fixed deposit with Bank of Baroda to strengthen your application if credit history is limited.
    • Ensure all tax filings and GST registrations are up to date.
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Documents Required for Bank of Baroda SME Credit Card

  • Identity Proof (Any One):
    • PAN Card: Mandatory for financial verification.
    • Aadhaar Card: Must be updated with current details.
    • Voter ID: Valid alternative.
    • Passport: Preferred for NRIs or frequent travelers.
    • Driving License: Accepted for identity and address.

    Submit clear, scanned copies (PDF or JPEG, max 2MB) for online applications or self-attested photocopies with originals for branch submissions.

  • Address Proof (Any One):
    • Utility Bills: Electricity, water, or gas bills (not older than 3 months).
    • Rental Agreement: Registered agreements are preferred.
    • Aadhaar Card: If linked to the current address.
    • Passport: Must reflect the current address.
    • Bank Statement: Showing the business address.

    The address proof must correspond to the registered business address, verified through GST registration or other business documents.

  • Business Documents:
    • GST Registration Certificate: For businesses registered under GST.
    • Shop and Establishment License: For retail or service businesses.
    • Partnership Deed: For partnership firms.
    • Certificate of Incorporation: For private limited companies.
  • Financial Statements:
    • Audited Financial Statements: Balance sheets and profit/loss statements for the last 2 years, certified by a chartered accountant.
    • Income Tax Returns (ITR): ITR acknowledgments for the last 2 years.
    • Bank Statement: 6-month statement of the business’s current account.
  • Income Proof:
    • Submit documents verifying a minimum turnover of ₹25 lakh:
    • GST Returns: Recent GSTR-1 or GSTR-3B filings.
    • Audited Profit/Loss Statement: Reflecting annual revenue.
  • Fixed Deposit Applicants:
    • Fixed Deposit Receipt: Confirming a minimum FD of ₹25,000 with BoB.
    • Bank Statement: Showing the active FD account.
  • Photograph:
    • Submit two recent passport-sized color photographs (35mm x 45mm) with a plain background.
  • Additional Documents:
    • Banking Relationship Proof: For existing BoB customers, provide a 6-month statement of the current or loan account and credit rating document (BoB-5 or above).
    • NRI Applicants: Employment contract, valid visa/work permit, overseas bank statement (6 months).
  • Document Submission Tips:
    • Ensure documents are high-resolution and clearly labeled (e.g., “GST_Certificate.pdf”).
    • Provide self-attested photocopies with originals for branch submission.
    • BoB verifies documents for authenticity; incomplete submissions may lead to rejection.

Factors Affecting Bank of Baroda SME Credit Card Approval

  • Business Credit Score:
    • Score above 700 improves approval likelihood.
    • Evaluated on timely repayments, low credit utilization (below 30%), and credit age.
    • Defaults, high debt, or short credit history can reduce eligibility.
  • Financial Stability:
    • Minimum annual turnover of ₹25 lakh preferred for SME credit cards.
    • Consistent profitability over the past 2–3 years enhances approval chances.
    • Strong net worth and healthy balance sheet improve eligibility.
  • Relationship with Bank of Baroda:
    • Existing current account with regular business transactions builds trust.
    • Good track record with loans, credit facilities, or fixed deposits strengthens the profile.
    • Pre-existing business relationships may result in faster processing.
  • Debt-to-Income Ratio:
    • Should ideally be below 40% for better repayment capacity indication.
    • High outstanding debts or EMIs reduce approval chances.
  • Business Age and Track Record:
    • Minimum 2 years of business operation is preferred for SME cards.
    • Startups with strong financials and relationship with BoB may qualify.
  • Regulatory Compliance:
    • Regular GST return filings and valid GSTIN are mandatory.
    • ITR filings for the last 2–3 years are required.
    • Proper company registration documents (Incorporation Certificate/Partnership Deed) are needed.
    • Ongoing legal disputes or non-compliance can lead to rejection.
  • Authorized Signatory Profile:
    • Age between 21 to 65 years with no personal credit defaults.
    • Must be officially authorized by board resolution or partnership agreement.
  • Application Accuracy:
    • Ensure consistency in business name, address, and financial details.
    • Missing or incorrect documents can delay or lead to rejection.
  • Existing Credit Exposure:
    • Multiple active loans or recent credit card applications may negatively affect eligibility.
    • Frequent credit inquiries can signal risk and lower approval chances.
  • Economic and Market Conditions:
    • During uncertain economic conditions, banks may adopt stricter approval norms.
    • Stable market periods offer better approval odds.
  • Bank’s Internal Credit Policy:
    • Approvals depend on internal portfolio limits, sector exposure, and current risk appetite.
    • Policy changes or regulatory directives may affect eligibility.
  • Comparison with Competitors:
    • SBI SME Card emphasizes turnover and director guarantees (stricter for SMEs).
    • HDFC SME Card targets high-net-worth businesses with lesser focus on relationship banking.
    • BoB SME Card offers a balanced approach based on financial strength and banking history.

Frequently Asked Questions (FAQs)

1. What is the Bank of Baroda SME Credit Card?
It is a credit card designed for Small and Medium Enterprises (SMEs) to meet their business-related financial needs like travel, purchases, and working capital expenses.
2. Who is eligible for the Bank of Baroda SME Credit Card?
Registered SMEs, proprietorships, partnerships, and private limited companies with a good credit record and stable business operations can apply.
3. How can I apply for the SME Credit Card?
You can apply at your nearest Bank of Baroda branch by submitting the required application form and business documents.
4. What is the credit limit offered on the SME Credit Card?
The credit limit is based on the business’s financials, turnover, and credit profile. Limits are customized to suit business needs.
5. Can the card be used for both business and personal expenses?
The card is meant for business-related transactions. It is advisable to keep personal and business expenses separate.
6. What are the main benefits of the SME Credit Card?
It offers interest-free credit for up to 50 days, easy expense tracking, EMI options, and simplified payments for business purchases.
7. Is there an annual fee for the SME Credit Card?
Yes, an annual fee may apply. However, some fee waivers or rebates may be offered based on spending or business relationship.
8. Can I get add-on cards for my employees?
Yes, you can request add-on cards for key employees to manage business expenses under a single account.
9. Is there a rewards program on this card?
Yes, the card may offer reward points on eligible business spends, which can be redeemed as per the bank’s reward catalog.
10. How do I pay my SME Credit Card bill?
You can pay through internet banking, NEFT, auto-debit from your Bank of Baroda account, or by visiting a branch.

List of Bank of Baroda SME Credit Card Branches in Karnataka

  • Bangalore - Adugodi Branch
  • Bangalore - Airport Road Branch
  • Bangalore - Arekere Branch
  • Bangalore - Banaswadi Branch
  • Bangalore - Bannerghatta Road Branch
  • Bangalore - Basavanagudi Branch
  • Bangalore - BTM Layout Branch
  • Bangalore - Cambridge Road Branch
  • Bangalore - Central Street Branch
  • Bangalore - Chandra Layout Branch
  • Bangalore - Commercial Street Branch
  • Bangalore - Cox Town Branch
  • Bangalore - Cunningham Road Branch
  • Bangalore - Devanahalli Branch
  • Bangalore - Dickenson Road Branch
  • Bangalore - Domlur Branch
  • Bangalore - Electronic City Branch
  • Bangalore - Frazer Town Branch
  • Bangalore - HBR Layout Branch
  • Bangalore - Hebbal Branch