Eligibility for EMI Cards
EMI Cards (Equated Monthly Instalment Cards) are a payment method that makes online purchases convenient and simple. This loaning process reduces the financial stress of interest rates, down payments, foreclosure fees, etc. Hence, buying appliances, devices, gadgets and accessories is now easy and hassle-free.
Eligibility Criteria
The eligibility for an EMI card varies from lender to lender. So make sure you meet all the required criteria. Here are the general standards that you must meet to be eligible for an EMI card:
- Nationality: You must be a citizen of India.
- Age: You must be between 21 and 65 years of age.
- Income: You must have a regular source of income.
- Credit Rating: A credit score of above 750 is required.
- City: The EMI card limit may differ depending on the city in which you reside.
Note that you must make timely repayments as it also increases your credit score.
Documents required for EMI cards:
- PAN Card
- Address Proof
- Cancelled Cheque
- Signed ECS Mandate