Bhabishyat Credit Card for MSMEs: From features to eligibility; all you need to know

Bhabishyatcredit card is an initiative by the government of West Bengal, which aims to fund micro and small enterprises (MSEs) towards the upgrading of their operational functions. This credit card has been launched with the collaboration of the Department of MSME & Textiles to help the entrepreneurs in getting easy credit access. Let us discuss this in detail

Key features of Bhabishyat credit card

Loan amount: The Bhabishyat credit card scheme allows the enterprises to borrow amounts up to ₹5 lakh based on their eligibility.

Interest rates and subsidy: Interest rates mainly depend on the lending bank. However, the West Bengal government has offered some subsidies to make it more affordable for borrowers.

No collateral required: This scheme is unsecured credit. Hence, it does not require collateral.

Financial inclusion: This scheme targets entrepreneurs who face difficulties obtaining traditional loans, enhancing their financial reach.

Digital integration: These loans provide an online application which makes it easy for the borrowers to track their application status.

Accessibility: The small businesses can easily access these facilities through reduced documentation, and collateral free loans.

Eligibility criteria for Bhabishyat credit card

Age: Must be between 18 to 45 years old.

Business: Micro and small businesses are eligible for this scheme considering if they comply within the state’s guidelines.

Residence: Must be residents of West Bengal.

Training: Must have completed entrepreneurship training or similar skill-development programs approved by the state government.

Application process for Bhabishyat credit card

Registration: Enterprises are required to register at the official MSME portal of West Bengal.

Submission of application: Once registered, application can be submitted either on the portal or to partnered banks.

Approval and disbursement: Post verification of application, the loan amount will be disbursed to the mentioned account instantly.

Documents required for Bhabishyat credit card application

• Business registration proof.
• Identity and address proof.
• Financial documents (IT returns, GST filings, bank statements).
• Proof of training completion.

Limitations for Bhabishyat credit card

Limited awareness: Many enterprises may not be aware of the schemes and its benefits.

Eligibility restrictions: The training and age criteria may restrict a lot of enterprises from being eligible for the scheme.

Regional limitation: This scheme is only applicable for West Bengal, hence, other regions can not benefit from this scheme.

In conclusion, this scheme is a great initiative for small and medium enterprises to take financial assistance and grow their business. However with the limitations in the eligibility criteria, the scope of this scheme becomes limited. This scheme promotes financial independence as well as a platform for promoting financial literacy among enterprises so that they can make informed decisions and create job opportunities as well.

(Note: Using a credit card carries its own set of risks)