Eligibility Criteria for Credit Cards in India

Updated: Apr 3


Are you eligible to apply for credit cards in India?

  1. Eligibility Criteria of a Credit Card

  2. Components Affecting Your Credit Card Eligibility

  3. Documents Needed for a Credit Card Application

  4. Eligibility FAQs

  5. Advantages of having a credit card

Are you eligible to apply for credit cards in India? Here is everything you need to know.

Plastic money walked into the market for making payments convenient and quick. While a lot of options are available in the market for a cashless mode of paying bills, credit cards are the most popular ones for their numerous advantages apart from the convenience it provides. There is a variety of Credit Cards that are available in India which differ in policies and payment terms. However, the eligibility criteria for filling the application for a credit card majorly remains the same. So, if you are looking for the terms for credit cards and want to know if you can apply for the same hold along. We will explain it to you.


Eligibility Criteria of a Credit Card

  1. Age: Although, a few banks have a base necessity of 21 years. The Majority of the banks have an age limit of 18 or above for applying for a credit card. The upper limit may vary and usually is 60 years for most of the banks.

  2. Salary per Annum: Your yearly pay decides whether you’re qualified for a specific card. The least salary needed to apply for a credit card in India is around Rs.3 lakh p.a.even though it’s ideal to check this basis with your bank as this necessity varies relying upon the card guarantor you pick.

  3. Ethnicity or private status: Citizens, occupants, and non-inhabitants can apply. Notwithstanding, there are a couple of cards that are just accessible to Indian residents.

Try to tick off every criterion on the list to improve your odds of getting endorsed.


Components Affecting Your Credit Card Eligibility


Other than the previously mentioned measures, there are some sure factors on which your qualification for a credit card depends upon:

  1. FICO assessment/ Credit Score: Your possibilities of getting a credit card increases when you have a heavenly FICO rating. In case your score is not that great, your application will doubtlessly be dismissed. A decent financial assessment is somewhere in the range of 750 to 900.

  2. Existing Debt: Your card supplier will cross-check your existing debts with other banks and lenders. If your existing debt is more than the allowed limit, it might influence the endorsement of your application.

  3. Work: Another factor that influences your qualification is your business status. Remaining in your present place of employment for more than a year can improve your probability of getting a card.

  4. Area: Banks likewise consider your area when they survey your application. Certain cards are simply accessible to those living specifically in urban areas.

Documents Needed for a Credit Card Application


The documents that are required may vary from bank to bank and you are required to furnish each of them. In any case, below is a list of essentials that are majorly needed along with the completed application form.

  1. Photographs (passport size)

  2. Identity proof (duplicate of PAN, Aadhaar, visa, and so on)

  3. Address proof (service charges, driving permit, PAN, Aadhaar, and so on)

  4. Most recent salary receipts

  5. Form 16

  6. Statements from Bank

In case you’re independently employed, you should submit:

  1. Pay confirmation

  2. Explanation of records

  3. Evidence of business

Eligibility FAQs

1. What is the least salary needed to apply for a credit card?

The minimum requirement shifts from one bank to the next. Besides, the minimum wage needed to apply for a credit card relies upon if the candidate is a salaried individual or independently employed.


2. Do credit cards request shreds of evidence of pay?

Indeed, all banks will require evidence of pay to check your business status, regardless of whether salaried or independently employed. Most recent compensation slips, duplicates of your expense forms are a portion of the archives that can be submitted as confirmation of payment


3. How many days does it usually take for a credit card application approval?

Most banks take up to 10 working days from the date of use to dispatching your card. This time is needed to handle your application and check your archives.


Advantages of having a credit card


Past comfort, beneficial points of credit cards include:

  • An occasion to fabricate credit score

  • Make rewards, for example, money back or miles focuses

  • Assurance against Mastercard misrepresentation

  • Free FICO assessment data

  • No unfamiliar exchange charges

  • Expanded buying power

  • Not connected to checking or investment account

  • Stopped a rental vehicle or lodging

Conclusion

When utilized mindfully, credit cards can be important devices for acquiring rewards, voyaging, taking care of crises or impromptu costs, and building credit. You might have the option to compute the interest and result season of any card with online devices, similar to the Credit Card Interest Calculator from Discover.


Spend smartly, Payback on Time, Repeat

Comment below if you have any more queries. We will be happy to help.



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