Credit Card Eligibility

To ensure that your credit card application is approved, you must meet certain eligibility requirements. Each bank or card may have different parameters. If you don’t meet the requirements set by the bank, your application may be rejected. If this happens, your credit score might take a hit.

Credit card eligibility requirements to get a credit card in India:

• Applicant must have a minimum age of 18 years
• The minimum income salary must be between Rs.1 lakh and Rs.3 lakh.
• Applicant should either be salaried or self-employed

Check Eligibility Criteria for Top Credit Card Providers

Factors of Credit Card Eligibility Criteria

• Age: You must be at least 18 years old. However, some banks have a minimum requirement of 21 years. The maximum age requirement also differs, and it generally goes up to 60 years.
• Annual salary: Your annual income determines if you’re eligible for a particular card. The minimum salary required to apply for a credit card in India is around Rs.3 lakh p.a. Although, it’s best to check this criterion with your bank as this requirement differs depending on the card issuer you choose.
• Nationality or residential status: Citizens, residents, and non-residents can apply. However, there are a few cards that are only available for Indian citizens.

It is vital that you go through the eligibility criteria before applying for a card. Make sure to tick off each criterion in the checklist to improve your chances of getting approved.

Factors Affecting Your Credit Card Eligibility

Besides the above-mentioned criteria, there are certain factors that also determine your eligibility:

• Credit score: Your chances of getting a credit card increases when you have a stellar credit score. If you have a bad score, your application will most likely be rejected. A good credit score is anywhere from 750 to 900.
• Existing Debt: Your card provider will also consider your credit utilisation ratio. If your dues exceed the granted limit, it may affect the approval of your application.
• Employment: Another factor that affects your eligibility is your employment status. Staying in your current job for more than a year can improve your chances of getting a credit card significantly.
• Location: Banks also take your location into consideration when they assess your application. Certain cards are only available to those residing in particular cities.

Documents Required for a Credit Card Application

The documents you will need to furnish with your application will differ from bank to bank. However, below is a list of some of the basic documents required you will need to submit:

• Completed application form
• Passport-size photographs
• Proof of identity (copy of PAN, Aadhaar, passport, etc.)
• Proof of residence (utility bills, Driving Licence, PAN, Aadhaar, etc.)
• Latest salary slips
• Form 16
• Bank statements

If you’re self-employed, you will need to submit:

• Income proof
• Statement of accounts
• Proof of business

If you’re applying for a student credit card, you will have to provide your student ID card along with your application form.

How to Check if You’re Eligible for a Credit Card on BankBazaar.com (Step-by-Step Process)

For Salaried Persons

• Step 1: Click on the link https://www.bankbazaar.com/credit-card.html
• Step 2: Click on ‘Salaried’ from the slider
• Step 3: Enter the name of your company
• Step 4: Type in your net monthly salary
• Step 5: Enter your PIN code
• Step 6: Type in your mobile number
• Step 7: Click on ‘Submit’
• Step 8: Enter your first name, last name, date of birth, and email ID
• Step 9: Enter the OTP which you will get on the registered mobile number
• Step 10: Click on ‘Submit’
• Step 11: Choose the banks with which you have existing credit cards
• Step 12: Type in the highest credit limit of the credit cards
• Step 13: Enter your address and click on ‘Save’
• Step 14: You will get a list of all the credit cards suitable for you
• Step 15: You can also visit the main credit cards page and apply for a credit card once the above processes are done.

For Business Owners and Self-Employed Professionals

• Step 1: Click on the link https://www.bankbazaar.com/credit-card.html
• Step 1: Click on ‘Business Owners’ or ‘Self-Employed Professionals’ from the slider
• Step 2: Type in your net monthly salary
• Step 3: Enter your PIN code
• Step 4: Type in your mobile number
• Step 5: Click on ‘Submit’
• Step 6: Enter your first name, last name, date of birth, and email ID
• Step 7: Enter the OTP which you will get on the registered mobile number
• Step 8: Click on ‘Submit’
• Step 9: Choose the banks with which you have existing credit cards
• Step 10: Type in the highest credit limit of the credit cards
• Step 11: Enter your address and click on ‘Save’
• Step 12: You will get a list of all the credit cards suitable for you
• Step 13: You can also visit the main credit cards page and apply for a credit card once the above processes are done.

For Independent Workers, Students, Retired Persons, and Homemakers

• Step 1: Click on the link https://www.bankbazaar.com/credit-card.html
• Step 1: Click on ‘Independent Workers’, ‘Students’, ‘Retired Persons’ or ‘Homemakers’ from the slider
• Step 2: Enter your PIN code
• Step 3: Type in your mobile number
• Step 4: Click on ‘Submit’
• Step 5: Enter your first name, last name, date of birth, and email ID
• Step 6: Enter the OTP which you will get on the registered mobile number
• Step 7: Click on ‘Submit’
• Step 8: Choose the banks with which you have existing credit cards
• Step 9: Type in the highest credit limit of the credit cards
• Step 10: Enter your address and click on ‘Save’
• Step 11: You will get a list of all the credit cards suitable for you
• Step 12: You can also visit the main credit cards page and apply for a credit card once the above processes are done.

Credit Card Eligibility FAQs

1. What is the minimum salary required to apply for a credit card?

   The minimum salary for a credit card varies from one bank to the other. Moreover, the minimum salary required to apply for a credit card depends on if the primary applicant is a salaried individual or self-employed.

2. Do credit cards ask for proof of income?

   Yes, all banks will require proof of income to verify your employment status, whether salaried or self-employed. Latest salary slips, copies of your tax returns are some of the documents which can be submitted as proof of income.

3. Can I get a credit card on the same day as applied?

   No, credit cards cannot be given on the same day as application. To process the application, verify documents, banks take up to 7 days. It takes up to 10 working days from the date of application to receive the credit card at your registered address.

4. Which bank gives credit card faster?

   Most banks take up to 10 working days from the date of application to dispatching your card. This time is required to process your application and verify your documents.

5. Is there a credit card that offers the option of getting monthly credit fitness reports?

   Yes, the FinBooster: YES Bank - BankBazaar Co-branded Credit Card lets you get credit fitness reports on a monthly basis.