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 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 license, 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)
Step 1: Check Your Eligibility
Here you will get 3 options – ‘Compare Cards’, ‘Get a Card’, and ‘Hungry for More?’. Click on the 'Get a Card' to start applying for new credit card.
Step 2: Choose Your Location
You will be redirected to a new page, where you’ll have to select the city you reside in.
Step 3: Select Your Company/Mention Your Business
If you’re a salaried employee, mention the company you work for. If you own a business, type your business’ name.
Step 4: Mention Your Net Monthly Salary Details
You will have to include your Fixed Net Monthly Salary that is credited to your account post all the deductions. This shouldn’t include any incentives, bonuses, or one-time payments.
Step 5: Choose Your Salary Bank Account
Select the bank that your monthly salary is credited to. If you own a business, choose the bank you have a savings account with.
Step 6: Select Your Existing Credit Card
If you’re an existing credit cardholder, select the bank that has issued your card. You can choose none if you don’t own a credit card.
Step 7: Enter the Highest Credit Limit of Your Existing Credit Card
In this section, you will only mention the highest credit limit of credit cards you have had for more than a year.
Step 8: Enter Your Age
Mention the details of your age in this section. Once you’ve selected your age, you will have to select the date, month, and year you were born in.
Step 9: Fill in Your Contact Details
If you wish to speak to a customer support representative, add your contact details. Select ‘View Free Offers’ to find the cards you’re eligible for.
Step 10: Choose Your Preferred Card
After you have shortlisted the card you prefer, you can click on the ‘Apply Now’ tab to proceed with your application.
Step 11: Enter Your Document Details
In this section, you will be asked if you have submitted documents to the credit card provider in the last six months. If you have, choose yes. If you haven’t, select no.
Step 12: Enter Your Area PIN Code
Type in the details of your current residential address PIN code.
Step 13: Complete Credit Card Application
Enter the requested personal information and contact details to process your credit card application.