EnKash, a two year old card focused fintech startup have announced the launch of Corporate Credit Card for SMEs/MSMEs and startup, called the Freedom card.
There are around 42 million MSME enterprises in India contributing 6.11 % of the GDP in manufacturing and 24.63 % of the GDP to the service sector. Access to credit is essential to MSMEs, as lending in this sector has been dominated informal financial entities and almost 40% of credit allotment to MSMEs in India is through informal channels. Anew easy credit mechanism is required to boost domestic industries.
EnKash credit cards salient features
SME and MSME
|Micro Enterprises||Does not exceed twenty five lakh rupees|
|Small Enterprises||More than twenty five lakh rupees but does not exceed five crore rupees|
|Medium Enterprises||More than five crore rupees but does not exceed ten crore rupees|