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Credit card use has increased in India with more than 52 million people using credit cards. Recently, due to the frequency of online and contactless payments, credit cards have risen in the popularity charts. More Indians rely on credit cards for purchases/payments from groceries to utility bills. Follow the credit card apply online process and you can get one from a bank or a non-banking finance company.

What is a credit card?

A credit card is a viable option instead of cash and can be a boon in emergencies. Furthermore, when you want to purchase big-ticket items, instead of burning a hole in your savings, you can opt for versatile EMI facilities credit cards offer. With this, you can pay for flagship items in installments. These days, choosing a credit card is very simple and you can browse online. Additionally, when you are shopping for the perfect credit card, you must select one that matches your spending habits. These days, you get credit cards of different types, like those for business, fuel, shopping, etc, for instance, depending on the purpose they serve. However, before you apply, you have to meet credit card eligibility criteria.

How to be Eligible to Avail a Credit Card

Eligibility required for credit cards

Several banks and non-banking finance companies offer various types of need-based credit cards. Nonetheless, wherever you apply, specific eligibility criteria will have to be met by applicants. Credit card eligibility is dependent on the bank or finance company you apply to, and different organizations may have distinctive criteria. In case you don’t meet the eligibility criteria, your credit card application will be rejected. Here are key eligibility criteria you should meet to get approved for a credit card:

  • Income - you should have a monthly income that is stipulated by the particular bank/credit card company, and this could be in the form of a fixed deposit or a salary.
  • Nationality - you should be a citizen of India.
  • Employment - you should be self-employed or salaried.
  • Credit score - you must have a credit score of 750 and above. This determines your financial health and ability to settle credit card bills/charges in the future.
 

Documents required for credit cards

After you know that you have fulfilled basic eligibility criteria to apply for a credit card, the next step in your journey is to ensure you have particular documentation that is necessary. These will have to be uploaded when you make an application online and documents required for credit card application include the following:

  • Proof of income - if you are a salaried individual, you need to exhibit your salary slips and Income Tax Returns. In case you are self-employed or not salaried, you can show any proof of income in the form of your monthly earnings in self-employment through bank statements, or fixed deposit interest earned, if applicable.
  • Proof of address - you have to show documents exhibiting your proof of address, such as your Aadhaar Card, utility bills, a passport, a driving licence, etc.
  • Proof of identity - documents showing identity proof include Aadhaar/PAN Cards, a passport, a driving licence, a voter ID, etc.
 

Last words

If you are a salaried individual, you get a credit card easily as you already have both a PAN and Aadhaar Card. However, in case you don’t meet some of the eligibility criteria, you may still get a credit card, albeit with limitations like low credit limits, etc.

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