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Applying for a Credit Card? Here're the Credit Card Eligibility Criteria
When it comes to buying a credit card, not everyone can avail it, especially when you don’t match the credit card eligibility. Every credit card has its own requirements that you must consider before applying.
So, if you are planning to apply for a card, here’s an overview of credit card eligibility by different banks.
Factors Affecting your Eligibility Criteria
Basically, there are a few important parameters set by the different creditors that you need to qualify to get the desired card. If you don’t meet the requirements, your application will get rejected. And, this could directly affect your Credit Score. Here are some basic eligibility requirements to get a credit card in India:
Age - Minimum of 18 years old
Income - The applicant must have a regular Income to avail a credit card. However, income requirement may vary for different cards based on specifications and features. The customer should show a proof of steady source of income to avail a credit card. You can either be a salaried employee working in an established company or a self-employed professional managing your own business
Nationality - The applicant should be a resident of India or Non-Resident Indian
Credit score - The applicant should have a Good Credit score. A score of 750 and above is considered a good score. This helps to get quicker approvals for your credit card. Application might get rejected if the applicant's score doesn’t match the requirement of the Bank
Existing debt - Existing debt might affect your credit card application
Location - Eligibility also depends on the location. There are credit cards that are available only for residents of a particular location
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Credit Card Eligibility Criteria for Different Banks in India
Here are the basic eligibility requirements needed for the following banks:
SBI Credit Card
| Parameters | Requirements |
|---|---|
| Age | 21 years to 60 years old |
| Add-on cardholder | Minimum 18 years old |
| Employment status | Self-employed or salaried or a student |
| Documents | aadhaar card, copy of current residential address proof, passport size photograph, PAN copy |
IndusInd Bank Credit Card
| Parameters | Requirements |
|---|---|
| Age | 21 years to 60 years old |
| Income | Net monthly income should be at least Rs. 20,000 |
| Occupation | All salaried and self-employed individuals can apply for an instant credit card with IndusInd bank |
| Documents | Aadhaar and PAN number |
HDFC Credit Card
| Parameters | Requirements |
|---|---|
| Age | 21 years old and above |
| Add-on cardholders | 18 years old and above |
| Employment status | Self-employed or salaried |
| Documents | KYC, PAN, address proof, ID proof, photograph, salary slip and form16 |
Yes Bank Credit Card
| Parameters | Requirements |
|---|---|
| Age | 21 to 65 years old |
| Income | Stable monthly income |
| Documents | KYC, PAN, address proof, ID proof, photograph, salary slip and Form16 |
| Location | You belong to the credit card sourcing cities/locations of the bank |
Axis Bank Credit Card
| Parameters | Requirements |
|---|---|
| Age | 18 years to 70 years |
| Employment status | Self-employed or salaried |
| Add-on cardholders | Above 15 years |
| Documents | Identity proof, residential proof, proof of income, PAN Card and Form 60 |
| Annual Income | Minimum Rs.6 Lakh |
ICICI Credit Card
| Parameters | Requirements |
|---|---|
| Age | 21 years to 65 years old |
| Employment status | Salaried or self-employed |
| Location | Should be resident of India or NRI |
| Documents | KYC, PAN, Form 60, income proof, and bank statements |
American Express credit card
| Parameters | Requirements |
|---|---|
| Age | 18 years to 70 years old |
| Employment status | Salaried or self-employed |
| Annual Income | Minimum Rs.6 lakhs |
| Location | Should be the permanent resident of India |
| Documents | Identity proof, residential proof, proof of income, PAN and Form 60 |
Kotak Credit Card
| Parameters | Requirements |
|---|---|
| Age | 18 years to 65 years old |
| Employment status | Salaried or self-employed |
| Location | Should be an Indian resident |
| Documents | Voters ID, passport, driving license, PAN, bank statement and income proof |
Standard Chartered Credit Card
| Parameters | Requirements |
|---|---|
| Age | Minimum 21 years old |
| Employment status | Salaried or self-employed |
| Documents | Identity proof, residential proof, proof of income, PAN and Form 60 |
Canara Bank Credit Card
| Parameters | Requirements |
|---|---|
| Age | 21 years to 60 years old |
| Annual salary | Minimum Rs. 1 Lakh |
| Employment status | Salaried or self-employed |
| Documents | Voters ID, passport, driving license, PAN, bank statement and income proof |
Conclusion
Before you buy the credit card, ensure reading the terms and conditions thoroughly. Check if you fulfil their requirements. Based on these, you can make your decision about purchasing the credit card.
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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