Who Can Apply For This Credit Card?

Your credit card application will only be approved if you fulfil the eligibility standards. There can be various restrictions for each bank or card. You risk having your application rejected if you don't meet the bank's conditions. Your credit score will also suffer if this occurs.

Basic Eligibility Requirements for Credit Card application in India:

• Applicant must be minimum 18 years old.
• A salary of at least Rs. 1 lakh to Rs.3 lakhs per annum.
• A salaried or self-employed applicant is required.

Major Factors Of A Credit Card Eligibility

Age: The applicant must be at least 18 years old. However, a few banks have a minimum requirement of 21 years.The maximum age requirement also varies, and usually goes up to 60 years.

Salary per year: The extent to which you qualify for a given card depends on your yearly income. In India, a minimum annual income of Rs. 3 lakhs is needed to apply for a credit card. Although it's essential to confirm this criterion with your bank because it varies based on the card issuer.

Country of origin or place of residence: Any citizen, resident, or non-resident can apply. However, a few credit cards are exclusively accessible only to those who are citizens of India.

Before requesting a card, you must carefully review the qualifying requirements. To increase your chances of being approved, make sure each need on the checklist is met.

Factors that Affect Your Credit Card Eligibility

The following variables, in addition to the ones described above, also affect your eligibility:

Credit score: If your credit score is excellent, you'll have a better chance of receiving a credit card. A low score may result in the rejection of your application. Anywhere from 750 to 900 is considered to be good.

Existing Debt: Your card company will also take your credit utilisation percentage into account. And if your dues are higher than the maximum limit, it may affect your loan approval.

Work: Your employment status has an impact on your eligibility as well. Your chances of obtaining a credit card will be high when you have a work experience for more than a year in your current organisation.

Required Documents for Credit Card Application

Each bank will have a different list of the papers you must submit with your application. However, the list of essential documents you must provide is mentioned below:

Salaried:

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

If you’re self-employed, you have to submit:

• Income proof
• Statement of accounts
• Proof of business

Note that you must also submit your student ID card with your application form if you're applying for a student credit card.