SBM Magnet

Product Overview

SBM Magnet Credit Card is an FD-backed secured credit card offered by SBM Bank. It is designed for first-time credit card users, students, self-employed individuals, and people with low or no CIBIL score. The card helps users build their credit history while earning rewards and interest on their fixed deposit.

Eligibility Criteria

✔️ Applicant must be an Indian resident.

✔️ Age: 18 Years & Above.

✔️ Minimum Fixed Deposit: ₹5,000.

✔️ No Income Proof Required.

✔️ No Minimum CIBIL Score Required.

✔️ Students, Salaried, Self-Employed, Freelancers and First-Time Credit Users can apply.

Features and Benefits

✔️ Fixed Deposit Required: Starting from ₹5,000.

✔️ Credit Limit: Up to 90% of FD Amount.

✔️ Earn Up to 10% Rewards on purchases across leading brands.

✔️ Welcome Benefits worth ₹21,000+ including OTT subscriptions, shopping vouchers, travel offers and lifestyle discounts.

✔️ Earn Up to 7% p.a. Interest on your Fixed Deposit.

✔️ Build and Improve Your CIBIL Score through responsible card usage.

✔️ No Income Proof Required.

✔️ No Previous Credit History Required.

✔️ International Usage Enabled Card.

✔️ Physical and Virtual Card Available.

Fees & Charges

✔️ Joining Fee: Nil.

✔️ Annual Fee: Nil (Lifetime Free).

✔️ Interest-Free Period: Up to 45 Days.

✔️ Cash Withdrawal Fee: 2.5% of Withdrawal Amount or ₹300 (Whichever is Higher).

✔️ Finance Charges:

Retail Transactions: 2.5% per month (30% p.a.)
Cash Transactions: 3.3% per month (40% p.a.)

✔️ FD Closure Charges: 1%.

✔️ Late Payment Fee: ₹299.

Documents Required

✔️ PAN Card

✔️ Aadhaar Card

✔️ Mobile Number linked with Aadhaar

✔️ Bank Account for FD Creation

✔️ Selfie / e-KYC Verification

✔️ No Salary Slip Required

✔️ No ITR Required

FAQs

Q1. What is the minimum FD required for SBM Magnet Credit Card?

Ans. A minimum FD of ₹5,000 is required to get the card.

Q2. Is SBM Magnet Credit Card lifetime free?

Ans. Yes, the card comes with zero joining fee and zero annual fee.

Q3. Can I get this card without a CIBIL score?

Ans. Yes. No credit history or minimum CIBIL score is required.

Q4. What credit limit will I get?

Ans. You can get up to 90% of your FD amount as the credit limit.

Q5. Is income proof required?

Ans. No. Income proof, salary slips, and ITR are not mandatory.

Terms & Conditions

✔️ Credit card is issued against a Fixed Deposit maintained with SBM Bank.

✔️ FD remains lien-marked until card closure.

✔️ Reward benefits are subject to applicable merchant and program terms.

✔️ EMI and Cash Transactions may not be eligible for reward points.

✔️ Card approval is subject to successful KYC verification.