Credit Card Eligibility

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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:

Age

You should be at least 18 years old. Age eligibility differs from bank to bank

Income

Individual banks set the minimum monthly salary, annual income or fixed deposit against which the credit card is issued

Employment

Most banks give credit cards to salaried or self-employed individuals and business owners

Interest Free Period

Up to 55 days. This number can differ from bank to bank

ATM Cash Withdrawal Charges

These charges form 2.0% to 3.5% of the amount withdrawn

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.

FAQs about Credit Card Eligibility

  • ✔️What is the minimum salary requirement to apply for a credit card?

    In most cases, having a monthly salary above ₹25,000 is good enough to get a credit card. However, it will vary based on the credit card type and whether you are a salaried or a self-employed individual. You can check the Axis Bank credit card, RBL Bank credit card, SBI credit card, ICICI Bank credit card eligibility requirements, etc., on the Bajaj Markets website/app to understand more.

  • ✔️What is the minimum age to get a credit card in India?

    The minimum age to avail of a credit card is 18 years. This may, however, vary based on the bank and the card type.

  • ✔️What are the eligibility criteria to upgrade my credit card?

    If you are looking to upgrade your existing credit card, you must have a good credit score, on-time payment history, and a stable source of income. All these things will help you to upgrade your credit card. You can visit the nearest branch of your bank to upgrade your credit card, or you can also request bank executives to visit your place. In addition to all these things, sometimes banks take the initiative to upgrade your credit card by knowing your interest and checking your credit card expenses.

  • ✔️Do I need proof of income to get a credit card?

    Yes, most banks will ask you for a proof of income to check your status of employment. This tells them whether you are a salaried or self-employed professional, or run your own business. It also proves to the bank that your income is sufficient so that you can pay off all your monthly credit card bills. Documents that can be submitted as income proof include tax return copies and salary slips.

  • ✔️How can I determine which is the best credit card for me?

    You can figure out the best credit card for your own needs by keeping in mind a few points such as your credit score and lifestyle. For instance, your credit limit will be determined by your credit score. Banks offer various types of credit cards with rewards points programmes that cater to different lifestyles like travel, dining, online shopping etc. You can go for a credit card that offers the most and best rewards points for your needs.

     

  • ✔️Is it possible for non-Indians to apply for a credit card in India?

    Yes, non-resident Indians (NRIs) and persons of Indian origin (PIOs) can apply for credit cards in India. NRIs and PIOs can make use of such credit cards to avoid foreign transaction fees and have easy access to funds.