SBM Credilio Credit Card Guide

 SBM Credilio Credit Card: Features, Benefits, Eligibility & Application Guide

The SBM Credilio Credit Card, also known as the Novio Credit Card, is a modern financial product introduced by SBM Bank India in collaboration with Credilio — a leading fintech platform. Designed especially for first-time credit users, students, freelancers, and individuals with little or no credit history, this secured credit card combines convenience, safety, and accessibility.

Unlike traditional credit cards that require income proof or a high credit score, the SBM Credilio Credit Card allows users to obtain a credit line against a Fixed Deposit (FD) with SBM Bank. This means your own savings act as security, making it an excellent way to build or rebuild your credit score without risk.

SBM Credilio Credit Card: Features, Benefits, Eligibility & Application Guide

In addition to its simple digital onboarding through the Credilio (Novio) app, the card offers attractive benefits like cashback rewards, fuel points, and exclusive brand vouchers. It’s a great choice for those beginning their financial journey or looking to strengthen their creditworthiness with responsible usage.

Explore the SBM Credilio Credit Card (also known as the Novio Credit Card) — a secured card from SBM Bank India and Credilio. Learn about features, benefits, cashback rewards, eligibility, and the simple online application process. Perfect for beginners to build or improve credit scores.

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Key Features

• Secured Credit Card: Requires a Fixed Deposit (FD) with SBM Bank as collateral.

• Credit Limit: Up to 90% of the FD amount. For instance, an FD of ₹10,000 provides a credit limit of ₹9,000.

• Annual Fee: ₹299, waived if ₹25,000 is spent in the first year.

• Interest-Free Period: Up to 45 days on timely payments.

• Interest Rate: 2.5% per month (30% annually) on outstanding balances.

• Cash Withdrawal Limit: 50% of the credit limit.

• Forex Markup Fee: 2.49% for international transactions.

• Rewards Program: Earn "novio Coins" on every spend, redeemable through the novio app.

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Application Process

1. Download the App: Install the SBM Credilio (Novio) app from the Google Play Store.

2. Create an FD: Choose an FD amount between ₹5,000 and ₹50,000.

3. Complete KYC: Verify your identity via Aadhaar-based OTP and video KYC.

4. Activate the Card: Receive a virtual card immediately; the physical card is delivered within 5–7 working days.

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Rewards & Benefits

• 1% Cashback: On all POS and e-commerce transactions.

• Fuel Rewards: Up to 10X rewards on fuel spends via UPI, capped at 400 coins per month.

• Welcome Benefits: Includes vouchers and discounts from brands like Myntra, Swiggy, McDonald's, Gaana, and Ajio.

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Ideal For

• Individuals without a credit score or with a low score.

• Students, homemakers, and self-employed professionals.

• Those seeking to build or rebuild their credit history.

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Considerations

• Rewards Redemption: Rewards are in the form of "novio Coins," redeemable through the novio app.

• Closing Charges: Some users have reported issues with closing the card and associated fees.

• App Verification: The app may require additional verification steps for certain users.

❓ Frequently Asked Questions (FAQ)

1. What is the SBM Credilio Credit Card?

The SBM Credilio Credit Card, also known as the Novio Credit Card, is a secured credit card offered by SBM Bank India in partnership with Credilio. It is backed by a Fixed Deposit (FD) and helps users build or improve their credit score.

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2. Who can apply for the SBM Credilio Credit Card?

Anyone above 18 years of age with valid KYC documents can apply. It’s ideal for students, homemakers, freelancers, and individuals with low or no credit history.

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3. Is income proof required for this credit card?

No, income proof is not required. The card is secured against a Fixed Deposit, making it accessible to those without formal income documents.

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4. What is the minimum FD amount required?

You can start with a minimum Fixed Deposit of ₹5,000, and your credit limit will be up to 90% of the FD amount.

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5. What are the benefits of the SBM Credilio Credit Card?

• 1% cashback on all POS and online transactions

• 10X fuel rewards via UPI (up to 400 coins/month)

• Welcome offers from top brands like Myntra, Swiggy, and Ajio

• Up to 45 days interest-free credit period

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6. What are the annual and joining fees?

The annual fee is ₹299, which is waived off if you spend ₹25,000 within the first year.

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7. How can I apply for the SBM Credilio Credit Card?

You can apply through the Credilio (Novio) App:

1. Download the app from Google Play Store.

2. Complete your video KYC.

3. Create a Fixed Deposit.

4. Receive your virtual card instantly and physical card in 5–7 days.

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8. Does using this card help build a credit score?

Yes. Your monthly payments are reported to major credit bureaus like CIBIL, helping you build or improve your credit score with consistent usage.

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9. Can I close the credit card anytime?

Yes, you can request closure through the Credilio app or SBM Bank’s customer support. The FD amount will be released once all dues are cleared.

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10. Is this card suitable for first-time credit users?

Absolutely. It’s one of the best credit cards for beginners in India, as it requires no income proof and helps establish a healthy credit profile easily.

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The SBM Credilio Credit Card offers a unique opportunity for individuals to build or improve their credit score without the need for traditional income proof or a credit history. With its secured nature, attractive rewards program, and user-friendly application process, it stands out as a viable option for those looking to establish a strong credit profile.