Credit Card Eligibility Criteria in India

Credit card eligibility refers to the specific conditions set by issuers that applicants must meet to qualify for a credit card. It is crucial to understand these criteria before applying because it can help you avoid rejection and save time. By checking your eligibility, you can also ensure that you apply for a credit card that is best suited to your financial profile. Plus, it can improve your chances of approval and getting a suitable credit limit.

Credit card eligibility defines whether you qualify for a credit card based on the parameters that a certain bank or NBFC has set. This differs across issuers and possibly even between card types within the same issuer. Issuers consider a number of key factors, including your credit score, monthly income, and employment stability. For example: 

• CIBIL Score: This reflects your credit history and repayment behaviour. Generally, a high score of 750 and above can improve your eligibility.

• Income: Your monthly income requirements can vary by issuer and card. Usually, premium cards demand a higher monthly salary than basic cards. 

• Employment Stability: Whether you are salaried or self-employed, a steady source of income, with proof of income stability, is needed to show repayment capacity.

Several factors can affect your credit card eligibility. Understanding these factors can help you improve your chances of credit card approval: 

Credit Score Requirement

A good credit score above 750 often increases your chances of approval and accessing premium cards. Maintaining a positive repayment history and timely bill payments boost your score. 

• Tip: Pay your bills on time and keep your credit utilisation low to improve your score.

Income and Employment Status

Stable employment and a sufficient income verify your ability to repay credit card dues. Salaried applicants should have at least 6 months to 1 year of employment history. 

• Tip: Keep income proof (like payslips or ITRs) ready and ensure stable employment. 

Age and Nationality

You must meet the credit card age limit. This minimum is usually 18 years, while the upper age is capped around 60-65 years. Most cards are available to Indian residents and citizens. 

• Tip: Confirm the age eligibility with the chosen card and issuer’s norms before applying. 

Existing Loan or Credit History

Having a good credit history helps your eligibility. If you have existing loans, banks may check your repayment record. 

• Tip: Avoid multiple loans and pay your credit dues on time to build a good credit history. 

Debt-to-income Ratio

This ratio shows the amount of your income that is spent for debt repayment. Having a lower ratio improves your eligibility. 

• Tip: Restrict your debts to at least 40% of your income by avoiding excess borrowing. 

Credit Utilisation Ratio

This ratio shows how much of your credit limit you use. A lower ratio (below 30%) is better for your credit card eligibility. 

• Tip: Avoid maxing out credit cards and pay off card balances promptly to keep a ratio. 

Recent Credit Inquiries

Multiple credit applications in a short time can negatively impact eligibility, as it may indicate financial stress. 

• Tip: Space out credit card and loan applications over time and apply only when crucial.

You can check your credit card eligibility online on Bajaj Markets. Here are the steps: 

Step 1: Select the ‘Check Card Offer’ button on the top of this page.

Step 2: Enter your mobile number, employment type, and date of birth.

Step 3: Check the Terms of Use and Privacy Policy box, then click ‘Check Eligibility’.

This simple process helps you compare options tailored to your profile without affecting your credit score as this is a soft inquiry.

To apply for a credit card online on Bajaj Markets, follow these simple steps: 

• Step 1: Click on the ‘Check Card Offer’ option at the top of this page. 

• Step 2: Enter your mobile number and employment type and accept the given terms and conditions to receive an OTP for verification. 

• Step 3: Verify using the OTP received on your registered mobile number and continue to the application page. 

• Step 4: Check the pre-filled details like your PAN, name, date of birth, email, etc. and fill in any remaining details like your income information. 

• Step 5: Choose the credit card you want from the available eligible options, then review and submit your application. 

• Step 6: Receive confirmation and await a verification call or intimation about further steps from Bajaj Markets or the card issuer. 

This seamless, secure online application avoids physical visits and speeds up approvals. 

Note: The credit card application process can vary slightly for certain cards and/or issuers.

Improving credit card eligibility can increase your chances of acceptance and better credit limits: 

• Always pay your existing credit card or loan dues on time to maintain a good credit history.

• Maintain a credit utilisation ratio below 30% to show responsible credit usage.

• Avoid applying for multiple credit cards or loans in a short span to reduce recent credit inquiries.

• Maintain stable employment or consistent income proof to demonstrate financial reliability.

• Monitor and improve your credit score by managing debts and timely payments.

• Implementing these strategies can help you qualify for a wider range of credit cards and enjoy better financial perks.