Canara Bank Credit Card Eligibility

Canara Bank, one of the largest and oldest banks in India, offers a wide variety of credit cards. These cards provide attractive offers to match your unique lifestyle requirements, including discounts, cashback, exclusive deals, insurance cover, accelerated rewards, and much more. However, to enjoy these credit card benefits, you must meet the Canara Bank Credit Card eligibility requirements.

Canara Bank lets you apply for a credit card if you meet the basic eligibility parameters. These include:

• You must be between 21 and 60 years of age

• You should be a salaried or self-employed individual

• You must have a minimum income of ₹1 Lakh per annum for Standard or Classic cards and ₹2 Lakhs per annum for the Gold card

• You should have a good credit history and a high CIBIL score

• You should have a good working history with the bank

 

Note: The Canara Bank Credit Card eligibility criteria may vary with the credit card type. Do check out the card-specific requirements before applying.

Here are some factors that impact your Canara Bank Credit Card eligibility:

• Age 

Age is one of the primary determinants of credit card eligibility. Canara Bank will consider your credit card application only if you fall between the age group of 21 and 60 years.

• Annual Earnings 

Your annual earnings should be at par with the minimum income requirements of the bank. Failing to do so will result in the rejection of your application for a new credit card. Do note that you must also have a stable job for the same. 

 

The minimum salary requirement for a Canara Bank Credit Card is ₹1 Lakh per annum. However, this may increase depending on the type of credit card you choose.

• Debt-to-Income Ratio 

Your debt-to-income ratio, i.e., the money you spend each month to the amount you earn each month, is another key factor determining your eligibility. A high ratio can result in application rejection, as the bank may be unsure about your repayment capabilities.

• Credit Score 

A high credit score of 750 or above improves your chances of securing a Canara Bank Credit Card. Therefore, you should pay your credit card bills in full and on time and clear any pending dues.

• Total Owned Credit Cards

If you already have too many credit cards with higher credit utilisation ratios, the bank will not proceed with your credit card application. This is the ratio of the total amount borrowed on the card against the total credit limit. 

• Multiple Credit Card Enquiries 

Every time you apply for a credit card, the card issuer pulls your credit report, which registers a ‘hard enquiry’. Multiple hard inquiries for credit will create an impression of a needy borrower. This may not go down well with the bank, and it may reject your request.

• Credit Report 

Any recent delinquencies in your credit report or any charge-off or settled remarks make you a high-risk borrower. As such, the bank may reject your application for a new credit card.

 

When it comes to applying for a Canara Bank Credit Card, there are certain documents that you need to submit. These include your proof of identity, proof of address, and proof of income. 

• Identity Proof: Aadhaar Card, PAN Card, Passport, Voter ID, Driver’s Licence, etc.

• Address Proof: Passport, Driver’s Licence, Voter ID, Electricity Bill, etc. 

• Income Proof: Salary Slips (3 months), Bank Statement, Balance Sheet, Income Tax Return, etc. 

Disclaimer: The aforementioned documents may vary depending on applicant type and credit card. Kindly check with the bank to know the exact documents you need to submit.