Credit Card Eligibility

How to Check your Credit Card Eligibility at Bajaj Markets

You can use the eligibility for credit card checking feature available on Bajaj Markets to see which cards you are eligible for.

• Step 1:Click on the ‘ Apply Now ’ option on the Bajaj Markets’ credit card page.

• Step 2:Select your profession, enter your registered mobile number, your date of birth in DD/MM/YYYY format, and your name as per your PAN card.

• Step 3:Click on the ‘Check Your Offer’ option.

• Step 4:Validate with the OTP sent to your registered mobile number.

• Step 5:You will be able to view the list of credit cards you are eligible for.

Factors Affecting Your Credit Card Eligibility

To make sure your credit card application is approved, you must understand the factors that affect your credit card eligibility online. Here is a brief list of such factors:

1. Credit Score

With a good credit score, you have a higher chance of getting your credit card application approved. If you have a low credit score, your online credit card eligibility application may be rejected or you may be offered a card with a lower credit limit.

2. Existing Debt

Your credit card provider will also consider your credit utilisation ratio. Your current dues on your current credit card must not exceed a certain threshold, or it may affect the application process.

3. Employment

Working with your current employer or organisation for more than a year will make you appear credible and significantly improve your chances of getting a credit card.

4. Location

Banks also consider your address when they assess your eligibility to apply for a credit card. Hence, some cards are only available to those residing in particular cities.

Eligibility Documents Required for a Credit Card

The following are the documents required for you to meet the criteria for eligibility for credit card.However, the required eligibility documents may vary from one bank to another.

• Filled in application form 

• Identity proof (photocopy of Aadhaar Card, or PAN Card, or Passport, etc.) 

• Passport size photographs 

• Residence proof (driving licence, or utility bills, or Aadhaar card, or PAN Card, etc.) 

• Recent salary slips 

• Bank statements 

• Form 16 

If you are a self employed individual, the following are the documents you need to submit to meet the criteria for eligibility for credit card: 

• Proof of income 
• Account statements 
• Proof of your business 

If you are a student applying for a credit card, you are required to present your student ID card while making an application. 

Eligibility Criteria to Apply for a Credit Card

Each card issuing company has different credit card eligibility criteria for its applicants. Some common credit card eligibility criteria include parameters such as age, income, credit score, etc. If you do not meet these credit card eligibility requirements set by the bank, your application might get rejected. To avoid this, this article helps you with everything you must know about credit card eligibility for some of the most popular banks in the country.

The credit card eligibility criteria may vary from one lender to another. Some of the important parameters are given below:

1. Age of the Applicant

Generally, banks require applicants to be above 18 years, but some need them to be as old as 25 years. To get a credit card, the age limit is a key criterion to note. All issuers will have this requirement and it helps ensure responsible use of credit. However, the credit card age limit may vary based on the card issuer’s policy. 

Keep in mind that the age criterion also has a maximum age requirement too. Issuers have a maximum credit card age limit set within the bracket of 60-70 years. The primary reason for this is to ensure that the applicants have the required inflow of income to make payments. 

You can confirm the credit card age limit through the issuer’s website. If you do not meet the age criterion of the issuer, it would be wise not to apply for the credit card. Doing so could lead you to getting the card on less favourable terms or it may lead to a rejection.

2. Income

Most credit card companies have a specific income requirement. This is because you must have a certain income to be able to use the card and repay the dues. Additionally, income also affects the credit card limit assigned to you. You must have a salary with minimum income of ₹1 Lakh to ₹3 Lakhs. 

3. Employment

Another factor that affects your credit card eligibility is your employment status. Staying in your current job for more than a year can significantly improve your chances of getting a credit card. You must either be self-employed or a salaried employee. 

4. Nationality

Some credit card companies have a strict policy of issuing credit cards only to Indian citizens or, in some cases, Non-Resident Indians (NRIs).

5. Credit Score

Banks check your credit report at the time of card application. A credit score will outline your credit history, repayment history, and payment defaults (if any), and your overall credit behaviour.

Key Highlights of Credit Card Eligibility

Here are some of the eligibility criteria necessary to secure a credit card in a nutshell:

Eligibility for Credit Card Upgrade

To increase your credit card limit or switch to a more premium credit card, you will be contacted by your bank informing you of your eligibility for a credit card upgrade. You can also request such a credit card update by getting in touch with your bank.

In such cases, the bank runs a thorough eligibility check again. They check whether you have a good repayment track record. If the bank finds that you have made your credit card bill payments on time, they will have no reason to deny you an upgrade. On the other hand, if your repayment record has been erratic, the bank may withhold the credit card upgrade.