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Credit Card eligibility: Check eligibility criteria for Credit Card application online
Credit Card Cards play a vital role in personal finance management. Whether for daily shopping, improving your credit score, or covering emergencies, they offer great advantages. However, specific Credit Card eligibility requirements need to be fulfilled before applying. These criteria help banks and financial institutions assess your ability to manage the financial commitments associated with owning a Credit Card.
Credit Card eligibility requirements in India
Navigating the criteria for getting a Credit Card in India involves a deeper understanding of the various parameters set by financial institutions. These criteria are not just mere formalities but are crucial in determining your suitability for a Credit Card. They encompass a range of factors, from your financial stability to your creditworthiness. Let's delve into each of these factors:
- Age: The age bracket for Credit Card applicants typically falls between 18 and 60 years. This range can vary slightly depending on the card issuer. The rationale is to ensure that applicants have reached legal adulthood and are not too close to retirement age.
- Income: This is the most critical factor. Banks need to know that you have a steady source of income to pay off your Credit Card bills The minimum income requirement varies depending on the type of Credit Card you are applying for Premium cards usually have higher income requirements.
- Employment type: Your employment status plays a significant role. Salaried individuals might find it slightly easier to get a Credit Card as they can provide proof of a regular income. However, self-employed individuals and entrepreneurs are also eligible, provided they can prove consistent income.
- Credit score: A good credit score, typically above 750, indicates to the lender that you have a history of managing credit responsibly. This score stems from your credit history, including past loans, Credit Cards, repayment records, and other financial activities.
- Residential status: Credit Card eligibility in India is open to both resident Indians and Non-Resident Indians (NRIs). However, NRIs might need additional documentation about their employment and residential status abroad.
- Banking relationship: Existing customers of a bank might find it easier to get a Credit Card due to their pre-established relationship with the bank. This factor can sometimes compensate for a marginally lower credit score or income.
- Other loans and liabilities: If you have existing loans or significant liabilities, it could affect your Credit Card eligibility. Lenders assess your Debt-to-Income Ratio to ensure you won't be over-leveraged by taking on more credit.
Here’s a Credit Card eligibility checker to help you know the criteria at a glance:
| Requirement | Details | Why it matters |
|---|---|---|
Age | 18-60 years | Legal adulthood and financial stability |
Income | Regular income sources; vary for different cards | Ability to pay credit card bills |
Employment | Salaried / self-employed with income proof | Indicates steady income |
Credit score | Above 750 preferred | Reflects creditworthiness |
Residential status | Resident Indians and NRIs (with conditions) | Legal and logistical considerations |
Banking relationship | Existing bank customers may have an edge | Pre-established trust with the bank |
Other loans and liabilities | Should be manageable with income | Ensures financial health and ability to manage additional credit |
Factors affecting Credit Card eligibility
Navigating the path to Credit Card approval involves understanding key eligibility factors that influence lender decisions. Let's explore these aspects:
- Credit history: This is a track record of your past financial behaviour, particularly how timely you've been with your credit payments. A history of punctual repayments enhances your eligibility, signalling to lenders that you're a responsible borrower.
- Debt-to-income ratio: This ratio measures your monthly debt payments against your income. A lower debt-to-income ratio is preferable as it suggests a good balance between debt and income, implying that you are less likely to default on new credit.
- Number of existing cards: Holding multiple Credit Cards can be a double-edged sword. While it might indicate your experience with credit management, too many cards could raise concerns about overextension and potential debt accumulation, potentially impacting your eligibility unfavourably.
Essential documentation for Credit Card application
Personal identification documents
Proof of identity (any one document)
- PAN card
- Aadhaar card
- Voter ID
- Passport
- Driving license
Proof of address (any one document)
1. Permanent address proof
- Aadhaar Card
- Passport
- Utility Bills (not older than 3 months)
- Ration Card
- Registered Rent Agreement
2. Current address proof (if different from permanent address)
- Same as above, reflecting the current address
Proof of income
1. For salaried individuals
- Latest Salary Slips (typically for the last 3 months)
- Bank Statements (reflecting salary credits for the last 3 months)
- Employment Letter or Salary Certificate (if required)
2. For self-employed individuals
- Latest Income Tax Returns along with computation of income
- Profit and Loss Account and Balance Sheet for the last 2 years, certified by a CA
- Bank Statements for the last 6 months (both personal and business)
Additional documents
1. Credit history proof
- Credit report, if available (not mandatory, as the bank will conduct its own credit check)
2. Photographs
- Recent passport-sized photographs
Special Cases
1. For students
- University ID or any other proof of enrollment
- Proof of residence (if staying in a hostel or rented accommodation)
2. For retired individuals
- Pension statements or proof of retirement income
Conclusion
Understanding the Credit Card eligibility criteria is essential in making informed decisions. By fulfilling these Credit Card approval requirements, you're not just acquiring a financial tool; you're stepping into a world of convenience and rewards.
Axis Bank emerges as a prudent choice and a rewarding partner in your financial journey. Axis Bank rigorously ensures all eligibility checks are in place, fostering responsible lending and borrowing practices. Also, with its array of Credit Card options, Axis Bank offers cards catering to diverse lifestyles, needs, and financial aspirations.
Explore the benefits that await with an Axis Bank Credit Card and transform the way you manage your finances, make purchases, and plan your future.
Also Read: Documents needed for Credit Card application in India
Frequently Asked Questions
What is the minimum salary required to apply for Credit Card?
The minimum salary required to apply for a Credit Card varies depending on the card variant you are selecting. Premium Credit Cards that have a higher credit limit and offer more benefits and reward points, will have a higher minimum salary requirement as compared to Credit Cards with that have a lower credit limit and fewer benefits.
Do Credit Cards ask for income proof?
Yes, you need to show proof of income when applying for a Credit Card. Salaried employees have to show recent salary slips and bank statements, while self-employed individuals have to show their latest Income Tax Returns and Balance sheet for two years.
What are the requirements for a Credit Card?
To be eligible for a Credit Card you have to fulfil the issuing banks’ conditions for income and credit score. If you are not employed, you can get an add-on card with a family member as the primary card holder.
What to do to qualify for Credit Card?
To qualify for a Credit Card ensure your credit score is high, you don’t have too many Credit Cards and your debt-to-income is favourable.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
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