Build Your Credit Score with SBM Magnet Credit Card – No CIBIL Needed

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Why First-Time Credit Card Users Prefer SBM Magnet 

1. No CIBIL Score Required – Easy Approval Guaranteed 

One of the biggest benefits of the SBM Magnet Secured Credit Card is that it does not require a CIBIL score or credit history. Whether you're new to credit or have a low credit score, this card offers 100% approval as long as you open a fixed deposit (FD) with SBM Bank.

2. FD-Backed Credit Limit – Safer for Beginners 

The Magnet Credit Card is secured by an FD, which means your credit limit is based on the amount you deposit (starting from ₹5,000). This ensures zero risk of overspending and builds trust with the bank while helping you manage your credit responsibly.

3.Instant Digital Card – No Physical Wait Time 

Once your application is complete, you get a virtual Magnet Credit Card instantly. You can use it for online shopping, subscriptions, and bill payments right away—no need to wait for physical delivery to start using your card.

4.Helps Build or Improve Your Credit Score 

Using your SBM Magnet FD-backed Credit Card regularly and paying your bills on time helps you build your credit score from scratch. Over time, this improves your eligibility for higher credit cards and loans from top banks. 

5.No Income Proof or Salary Slip Needed 

This is a major benefit for freelancers, students, homemakers, and anyone without a fixed income. Since the card is secured by an FD, there’s no need to submit salary slips, income tax returns (ITR), or bank statements. 

Documents & Steps to Apply for SBM Magnet Credit Card 

Applying for the SBM Magnet FD-Backed Credit Card is simple, 100% online, and takes just a few minutes. Whether you're a first-time credit card user or someone with no CIBIL score, this process is built to be fast, paperless, and hassle-free. 

Required Documents 

To apply for the SBM Magnet Credit Card, you only need the following:

• PAN Card (Permanent Account Number)

• Aadhaar Card (linked with your mobile number for OTP verification)

• Active Mobile Number (registered with Aadhaar)

• Bank Account (for FD creation via net banking or UPI)

*No salary slip, ITR, or income proof required.
*No CIBIL score check or credit history needed.

Step-by-Step Application Process 

Step 1: Start Application

Click  on the "apply now " button

 Step 2: Enter Basic Details

Fill in your name, mobile number, and email. Choose your credit card variant (if options are available).

 Step 3: Complete eKYC

Verify your identity with Aadhaar OTP and PAN card. The platform will fetch your basic info automatically.

Step 4: Create Fixed Deposit (FD)

Choose your FD amount — starting from just ₹5,000. This FD will determine your credit limit (usually 90–100% of the deposit).

• The FD is completely refundable

• You earn 7% interest on the FD

Step 5: Get Instant Virtual Credit Card

Once the FD is created, you’ll receive a virtual SBM Magnet Credit Card instantly. You can start using it for online transactions right away.

• Physical card (if opted) will be delivered within 7–10 working days.

Who Can Apply for the SBM Magnet Credit Card? 

1.A First-Time Credit Card User

No credit history? No problem. If you're just starting your credit journey, the SBM Magnet Credit Card helps you build a healthy credit score from scratch.

2.  Someone Without a CIBIL Score

Don’t have a CIBIL score or got rejected before due to a low score? Since this card is secured by an FD, approval is guaranteed—no credit check required.

3. A Student, Freelancer, or Homemaker

Traditional banks often reject people without a fixed salary. But with the Magnet secured credit card, anyone with a valid PAN and Aadhaar can apply—even without income proof.

4.  An Indian Resident with Basic KYC Documents

You must:

• Be at least 18 years old

• Have a valid PAN card and Aadhaar card (linked with mobile)

• Be able to open a fixed deposit with SBM Bank (minimum ₹5,000)

5. Looking to Rebuild Credit

If you’ve defaulted before or your credit score dropped, this card is an ideal way to regain financial credibility.

Frequently Asked Questions (FAQs)

1. What is the SBM Magnet Credit Card? 

The SBM Magnet Credit Card is a secured credit card backed by a Fixed Deposit (FD). It's ideal for people with no CIBIL score, low credit history, or those looking to build their credit profile. 

2. Is a CIBIL score required to apply?

No. You don’t need a CIBIL score to apply. Since the card is FD-backed, there's no credit check, making it perfect for new users or credit rebuilders. 

3. What is the minimum FD amount needed? 

You can start with an FD as low as ₹5,000. Your credit limit is usually 90–100% of the FD amount.

4. Is the Fixed Deposit safe and refundable? 

Yes, the FD is completely safe and refundable. It stays with SBM Bank and continues to earn interest. You get it back when you close the card.

SBM Bank FD Is Insured By RBI

Your FD is insured up to ₹5 lakh by the DICGC under the DICGC Act 1961. For more information visit https://www.dicgc.org.in/

5. Are there any joining or annual fees? 

No, the SBM Magnet Credit Card comes with zero joining and annual fees. 

6. How long does it take to get the card? 

The application process is 100% online. You get a virtual card instantly, and the physical card (if selected) is delivered within 7–10 working days.

7.What happens if I miss a payment?  

Missing payments can affect your credit score. However, since the card is FD-backed, there’s low risk of penalty. But it's always best to pay on time to build a strong score.