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Applying for a credit card requires meeting specific parameters set by the issuer. These criteria determine if you qualify for the card and the credit limit you receive.
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You need to have a regular source of income and a good credit score to qualify for most credit cards. The criteria for getting a credit card can vary depending on whether you are salaried and self-employed, on the provider, and the type of card. For instance, a premium card may require you to have a higher monthly income.
You can improve your chances of approval by understanding the credit card eligibility criteria and ensuring that you meet them before you apply.
By understanding the credit card eligibility criteria, you can apply seamlessly, and know what is expected. Here is an overview of what issuers typically require:
Age
The minimum age requirement is typically 18 years, though some financial companies may require applicants to be 21 or older. There is also a maximum age limit, usually around 60-65 years.
Citizenship/Residency
Most cards are for Indian citizens and residents. Some companies may offer cards to Non-Resident Indians (NRIs) with specific requirements.
Income
Financial companies have specific annual income requirements, which vary based on the card type. It can range from a minimum of ₹1 Lakh to ₹3 Lakhs or more. You may also need to submit your Income Tax Returns (ITR) as income proof if you are self-employed.
Employment Status/Regular Income
Salaried individuals with stable employment are generally preferred. However, self-employed professionals or business owners can also get a card on submitting proof of income stability.
Credit History (Credit Score)
A good credit history reflected in your credit score is crucial. A higher score (generally above 750) increases your chances of being eligible. It can help you qualify for better cards with higher credit limits and rewards.
Banking Relationship
Existing relationships with the credit card providing company may improve your chances of eligibility. This may include having an existing savings account or being a borrower in the past with a good repayment record.
Card Type
Premium cards may have stricter requirements compared to basic cards. This can change the credit card eligibility criteria that you need to meet.
Note: Eligibility criteria and the documents required for credit card application can vary depending on the specific issuer and the card. Check the credit card eligibility details on the issuer’s website or contact them directly for the latest information.
Each financial institute requires you to meet certain terms to qualify for their credit cards. However, a few main factors determine or impact your overall eligibility.
Credit card companies check your credit score to assess your fiscal habits and determine your risk of default. A high credit score increases your chances of getting through the application process
Financial companies may be reluctant to issue you a credit card if you already have significant debt.
Stable employment for over a year enhances your credit card eligibility, showing you can manage timely bill payments.
A strong history of timely repayment boosts your eligibility, representing responsible debt management.
Having multiple credit cards can indicate credit experience. However, too many cards may raise concerns about overstraining your finances.
When applying for a credit card in India, you will need to submit certain documents to verify your identity, address, and finances. Here's a list of the commonly required documents:
Completed application form
KYC Documents
PAN Card
Aadhaar Card
Passport
Voter ID Card
Driving Licence
Utility Bills
Ration Card
Passport
Driving Licence
Aadhaar Card
Bank Statements
Lease Agreement
Salaried individuals: Latest payslips
Self-employed individuals: Income Tax Returns (ITR) and bank statements
Form 16
Bank Account Details
There may be other documents required by credit card companies. It is best to check the list before you apply.
When applying for a credit card, compare the eligibility criteria set by reputed companies.
Check the following table for an overview of general terms:
Credit Card Provider |
Basic Eligibility Criteria |
|---|---|
RBL Bank |
Age: Between 21 and 70 years Citizenship: Indian resident Income: Financially sound, according to RBL Bank’s discretion Credit score: Creditworthy, subject to RBL Bank’s discretion |
DBS Bank |
Age: Between 21 and 70 years Residence: Cities serviceable by DBS Bank and Bajaj Finserv Income: Salaried or self-employed with a stable income Credit score: Evaluated as per the bank’s internal policy |
SBI Card |
Age: Between 21 and 70 years Income: Employed (salaried or self-employed) with a regular source of income Credit Score: Creditworthy with a good credit score |
Axis Bank |
Age: Between 21 and 70 years Citizenship: An Indian resident or a Non-resident Indian (NRI) Credit score: Creditworthy with a decent credit score |
ICICI Bank |
Citizenship: Indian citizen Age: Between 21 and 65 years if self-employed; 21 to 58 years if salaried Credit score: Creditworthy, with a good credit score Income: As per the bank’s internal policy |
AU Small Finance Bank |
Citizenship: An Indian citizen Age: Between 21 and 60 years Profile: Either salaried or self-employed Income: Meeting the minimum income criteria set by the bank |
IndusInd Bank |
Citizenship: An Indian citizen Age: Between 18 and 75 Years Credit score: Creditworthy, with a good credit score Income: Salaried or self-employed professional with a minimum income of ₹20,000 per month |
Rupicard |
Age: 18 years or above |
You can check your credit card eligibility and compare different options with ease on Bajaj Markets. Here’s how:
Click on the ‘Cards’ tabs and select ‘Credit Cards’
Navigate to the ‘CHECK ELIGIBILITY’ section
Enter your mobile number, employment type, and DOB
Check the Terms of Use and Privacy Policy check box along with the authorisation checkbox
Click on ‘Check Eligibility’ to find all the credit cards that you are eligible for
You can keep the following pointers in mind if you’d like to improve your chances of getting a credit card:
Maintain a good credit score by paying bills on time and managing existing credit responsibly
Choose a card that aligns with your income and spending habits
Maintain a good banking relationship with timely transactions and account management
In most cases, having a monthly salary above ₹20,000 is good enough to get a credit card. However, this requirement varies based on the credit card type and whether you are a salaried or a self-employed individual. Certain entry-level credit cards require a monthly salary as low as ₹8,000.
The minimum age to get a credit card is 18 years. It may, however, vary based on the bank/provider and the card type.
If you want to upgrade your existing credit card, you need a good credit score, payment history, and a stable source of income. By showing an increase in your income to your existing credit card company, you may be able to upgrade your card.
Yes, most credit card companies will ask you for proof of income. This helps them understand if your earnings are sufficient and regular to determine if you can pay your monthly credit card bills in the future.
Yes, you can get certain entry-level credit cards with a ₹10,000 salary.
The credit card issuer sets the credit card limit. It depends on factors like your income and credit score. To get a high credit limit of ₹1 Lakh, you can ensure that you have a high credit score and income.
Credit cards are generally not issued on the same day you submit your application. Credit card companies need time to verify your credit card eligibility and approve your credit card application.
