Credit Card Eligibility in India – A Full Guide

Credit Card Eligibility in India.
Credit Card Eligibility in India.

Introduction: Hello friends today we are here to discuss the credit card eligibility in India.The introduction of credit cards has made shopping more easy, comfortable, convenient and secure. Customers will have an option to collect reward points, access to lounge and discounts at airports or railway stations. To make sure that your application of the credit card is approved, you should be able to meet specific requirements of eligibility. Every credit card or bank might have varied parameters. If you are not meeting the requirements which are being set by the bank or card provider, your application can be rejected. If this takes place, then there might be a hit on your credit score.

A step by step guide to Credit Card Eligibility in India

Banks will provide credit cards to users who can meet specific criteria of eligibility. You can consider checking your eligibility using credit card eligibility calculator provided in the official website of the bank. Eligibility criteria of credit cards of major banks in India have been provided below

Axis Bank Credit card eligibility

You should be of a minimum age of 18 years and your income has to be at least Rs.33,333 per month.

CitiBank Credit card eligibility

Your age should be between 23 to 60 years when you are applying for a CitiBank credit card. The minimum income requirement to apply for this credit card is Rs.25,000/- per month.

Credit card eligibility HDFC

Your age should be between 21 to 60 years when you are applying for an HDFC Bank Credit card. The minimum income required to apply for an HDFC Bank Credit card is an amount of Rs.13,500/- per month.

Credit card eligibility of HSBC Bank

You should belong to the age group of 21 to 60 years when you are applying for an HSBC Bank Credit card. The income requirement to procure this credit card is Rs.3 lakh per year.

Credit card eligibility ICICI

Your age should be between 21 to 60 years when you want to apply for an ICICI Credit card. The minimum income required to be eligible for an ICICI Bank card is Rs.15,001 per month.

Credit card eligibility State Bank of India (SBI)

The age of the applicant of SBI credit card should be between 21 to 70 years. The minimum income requirement for this credit card is Rs.20,000/- per month.

You may also like the HDFC MoneyBack Credit Card Benefits.

Basic eligibility criteria required to be met to have a credit card

Basic Eligibility Requirement for Credit Card in india.
Basic Eligibility Requirement for Credit Card in india.
Credit score

Banks will check the credit score of the customer at the time of application of the credit card. A credit score will get credit history, history of payments and details of payment defaults if any. Generally, the credit score will allow the bank to know how responsible you are in financial terms.

The ratio of credit utilization

This is one more factor that the banks take into consideration at the time of application of credit card. The ratio of credit utilization is the ratio between the bill of the credit card and the limit on it. So, when you are spending more amount of credit, it will decrease your credit utilization ratio. Banks will consider you as a person who spends more will have a less ratio of credit utilization. Banks will consider this customer as credit hungry and their chances to get their credit card approved will be less than one who will not spend much.

Application of credit card or loan

Customers who are applying for multiple credit cards or loans at once are considered to be credit hungry. Banks will not show much interest to provide credits or loans to these type of customers. A minimum gap of 6 months is required between the application of loan or credit card.

Income

Most of the credit cards have these criteria of income. Customers should earn a specific amount for being eligible for such credit cards. Adding to this, income is a factor which affects the credit limit which has been assigned to the customer.

Nationality

Only the citizens of India or Non-resident Indians will be eligible to avail the credit cards of India.

You may also check the Credit Card EMI Option.

Basic documentation required to apply for a credit card in India

The documents which are required for the application of credit card are

Identity Proof

Aadhaar card, PAN card, Passport Information Page, Voter ID card, Driver’s licence, Overseas Citizen of India card, Job card which is issued by NREGA, letters which are being issued by UIDAI, Person of Indian Origin etc.

Address Proof

Utility Bills like Telephone bills, electricity bills etc which are not more than three months old, Ration card, Aadhaar card, Driver’s licence, Property Registration document, Passport, Bank statements etc.

Income Proof

Latest salary slips( up to 3 months), Bank statements of the last three months, Income Tax Returns, Form 16 etc.

Credit cards for various requirements

For each person, the requirements are plenty and it could change for each of us based on the lifestyle. By understanding the spending habits of the customer clearly, banks will provide varied credit cards under the below categories

  • Shopping credit cards – Exclusive reward points, discounts and offers on shopping both offline and online.
  • Cashback credit cards – This will help in saving the money on each purchase through cashback points
  • Rewards credit card – You can collect the reward points for getting several gifts of your wish.
  • Travel credit cards – Access to lounge at airports and discounts on hotel bookings and ticket bookings.
  • Lifetime free credit cards – These are free credit cards offered with no annual fees.
  • Business credit cards – For managing your business in an efficient manner with advance credit.
  • Lifestyle credit cards – Discounts, rewards and offers provided on basic necessities.
  • Entertainment credit cards – Discounts and offers provided on recreational activities like movies.

From the credit cards which are listed above, you can select the one which will suit your needs and spending behaviour. You will also have an option to save a large amount through rewards and offers provided on every category.

Factors which affect your eligibility of credit card

Besides the eligibility criteria mentioned above, there are a few factors which also determine your eligibility to apply for a credit card.

Credit score

Your chances to get a credit card will improve when you have a very good credit score. If your credit score is bad, your application will mostly be rejected. A credit score which is good would be ranging between 750 to 900.

Current debt

Your bank or card provider will take into consideration your ratio of credit utilisation. If your dues are beyond the limit which is granted, it may have an effect on your application approval.

Employment

Another factor which will affect your eligibility is the status of your employment. Being in your present job for more than one year can cause an improvement to your chances of receiving a credit card in a significant manner.

Location

Banks will also consider your location when they are assessing your credit card application. Few credit cards will be available to those people who are residing in specific cities.

Once you get your credit card, you can use it for many transactions including Cruise Vacations in India.

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