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What are the eligibility and documents required for credit cards?
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Thanks to the internet and technological advances, availing credit card benefits and making on-time repayments have become easier and more convenient. With the advent of credit cards, the way we look at debt has revolutionized. Millions of Indians use credit cards as an effective line of credit. Besides that, credit card eligibility is the bare minimum. Anyone with a stable income can opt for a credit card to manage their finances in times of financial requirements.
Credit cards are the most popular credit instruments for all kinds of borrowers, including salaried employees, self-employed professionals, NRI’s, etc. With the increased number of credit card users, credit card issuing organizations are introducing credit cards with attractive features and benefits.
Credit Card eligibility
To get a credit card, you must ensure that you meet the requirements of your credit card issuer. It means credit card eligibility varies across issuing banks. Also, if you do not meet the eligibility criteria, your credit card application will be rejected outright. Your credit score may also take a hit that is not good for you in the long run.
Here are the common credit card requirements that you will have to meet before applying for one:
What are the factors of credit card eligibility criteria?
Most banks require a minimum age of 21 years to apply for the first credit card. The maximum age requirement can go up to 60 to 65 years. Age requirement is provided on the credit card issuer’s website.
Your annual income determines whether you are eligible for a credit card. The annual salary requirement to apply for a credit card is Rs. 400,000/-. However, you must check with your bank as the salary requirement may differ depending on the type of credit card you choose.
Your national or residential status is another factor that goes into your credit card requirements. Indian citizens, residents, and non-residents can apply for a credit card in India. However, some banks offer cards only for Indian citizens.
Before applying for a card, you must go through the eligibility criteria of your bank and make sure that you meet those credit card requirements to improve your chances of getting approved.
Factors Which Affects Credit Card Eligibility
Several factors determine whether or not you are eligible to get a credit card, which are:
Whether or not you are eligible to get a credit card depends on your credit score. If you have a good credit score, or if your credit score is below 700, your application may get rejected. A good credit score comes within the range of 750 and 900.
Before approving your credit card application, your issuing bank will consider your current financial obligations and credit utilization. If you have taken loans more than the required credit limit, your credit card application may not get approved.
Another factor that determines your credit card eligibility is your employment status. For instance, if you are staying in your current job for more than a year, it will significantly improve your chances of getting a credit card. So, make sure to stay in your current company if you wish to avail yourself of a credit card.
Some banks offer credit cards to applicants living in particular cities. So, while applying for a card, check whether you are eligible based on the city you live in.
Documents required for credit card
The documents required for credit cards depend on the category of people. Also, it is worth noting that you are required to submit a copy of your documents, not the original. Your credit card issuer may ask for originals during the verification stage.
Documents required for salaried employees
Documents required for self-employed professionals
Documents required for students
Document required for Non-residential Indians (NRIs)
While submitting your documents along with your credit card application, you will have to ensure that the submitted proof matches the information you have mentioned in your application.
To get the best credit card in India, you must ensure to have a stable income and the required repayment capacity. Furthermore, since every bank doesn't have the same eligibility criteria and document requirements, you will have to check with your bank to know their eligibility criteria and ensure to meet them before applying for a credit card.
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