Canara Bank Credit Card Apply Eligibility

Canara Bank Credit Card Eligibility and Documents Required

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Availing a Canara Credit Card

**Disclaimer: Canara Bank is not a Finserv MARKETS partner. Offers would be from partner Banks/NBFCs only.

 

Canara Bank credit cards sport attractive features to match your unique lifestyle requirements. This includes discounts, cashback, exclusive deals, insurance cover, accelerated rewards, etc. However, if you are hoping to enjoy these credit card benefits to the fullest, you need to meet the Canara Bank eligibility requirements to process your application. Read on to know about these in detail.

What is the Canara Bank Credit Card Eligibility Criteria?

Canara Bank lets you apply for a credit card if you meet the basic eligibility parameters. These include:

 

  • You must be between 21 and 60 years of age

  • You should be a salaried or self-employed individual

  • You must have a minimum income of ₹1 lakh per annum

  • You should have a good credit history and a high CIBIL score

  • You should have a good working history with the bank

Note: Eligibility criteria may vary with the credit card type. Do check out the card-specific requirements before applying.

What Documents are Required for Canara Bank Credit Card Application?

When it comes to Canara Bank credit card eligibility, there are certain documents that you require. These include your proof of identity, proof of address, and proof of income. Under these categories, the documents you can provide are listed below:

Identity Proof (any one)

Aadhaar card, PAN card, passport, Voter ID card, driving licence, or any other photo ID card approved by the Government of India

Address Proof (any one)

Passport, Aadhaar card, latest utility bills (such as telephone bills, electricity bills, etc.), rent agreement, municipal tax receipt, property tax receipt, or an official document issued by the state or central governments with the updated address

Income Proof (any one)

Salary slips for the last three months, bank account statement for the last three months, Form-16 (salaried employee), or audited financials of the last 2 years (for self-employed).

What Factors Impact Your Canara Credit Card Eligibility?

There are many factors that affect your Canara Bank credit card eligibility criteria. Some of these factors are:

 

  1. Age: Age is one of the primary determinants of credit card eligibility. Canara Bank will consider your credit card application only if you fall between the age group of 21 to 60 years.

  2. Annual Earnings: Your annual earnings should be at par with the minimum income requirements of the bank. Failing to do so will result in rejection of your application for a new credit card. Do note that you must also have a stable job for the same. The Canara Bank credit card eligibility minimum salary requirement is ₹1 lakh per annum.

  3. Debt-to-Income Ratio: Your debt-to-income ratio, i.e. the money you spend each month to the amount you earn each month, is another key factor determining your eligibility for a Canara credit card. A high debt-to-income ratio can result in application rejection as the bank may be unsure about your repayment capabilities.

  4. Credit Score: A high credit score of 750 or above will improve your chances of securing a Canara Bank credit card. Therefore, you should ensure that you pay your credit card bills in full and on time and clear any pending dues.

  5. Total Owned Credit Cards: If you already have too many credit cards, with each having a high credit utilisation ratio (ratio of amount borrowed on the card to the total credit limit), the bank will not proceed with your credit card application.

  6. Multiple Credit Card Enquiries: Every time you apply for a credit card, it is counted as a ‘hard enquiry’. Multiple hard enquiries for credit will create an impression of a needy borrower. This may not go down well with the bank and it will reject your request.

  7. Credit Report: If there are any recent delinquencies in your credit report or if it shows any charge-off or settled remarks, the bank may reject your application for a new credit card.

How to Improve Your Canara Credit Card Eligibility?

If you are looking to improve your eligibility for Canara Bank credit card, here are a few steps you can take:

 

  • Work on bettering your credit score by clearing your existing dues, reducing your debt-to-income ratio, etc.

  • Pay your monthly credit card bills in full and on time

  • Refrain from making multiple hard enquiries for a credit card

  • Avoid fines and penalties on any of your credit sources

FAQs on Canara Bank Credit Card Eligibility

  • ✔️What is the age limit to apply for a Canara Bank credit card?

     To apply for a Canara Bank credit card, you must be between 21 to 60 years of age.

  • ✔️What are the eligibility criteria for a Canara Bank credit card?

     To be eligible to apply for a Canara Bank credit card, you must:

    • Be between 21 and 60 years of age
    • Be a salaried or self-employed individual
    • Have a minimum income of ₹1 lakh per annum
    • Have a good credit history and a high CIBIL score
    • Have good relations with the bank