Credit Card Eligibility Criteria

You need to have a regular source of income and a good credit score to qualify for most credit cards. The criteria for getting a credit card can vary depending on whether you are salaried and self-employed, on the provider, and the type of card. For instance, a premium card may require you to have a higher monthly income. 

You can improve your chances of approval by understanding the credit card eligibility criteria and ensuring that you meet them before you apply.

By understanding the credit card eligibility criteria, you can apply seamlessly, and know what is expected. Here is an overview of what issuers typically require:

Mandatory Requirements

Age

The minimum age requirement is typically 18 years, though some financial companies may require applicants to be 21 or older. There is also a maximum age limit, usually around 60-65 years.

 

Citizenship/Residency

Most cards are for Indian citizens and residents. Some companies may offer cards to Non-Resident Indians (NRIs) with specific requirements.

Financial Eligibility

Income

Financial companies have specific annual income requirements, which vary based on the card type. It can range from a minimum of ₹1 Lakh to ₹3 Lakhs or more. You may also need to submit your Income Tax Returns (ITR) as income proof if you are self-employed.

 

Employment Status/Regular Income

Salaried individuals with stable employment are generally preferred. However, self-employed professionals or business owners can also get a card on submitting proof of income stability.

 

Credit History (Credit Score)

A good credit history reflected in your credit score is crucial. A higher score (generally above 750) increases your chances of being eligible. It can help you qualify for better cards with higher credit limits and rewards.

Other Factors

Banking Relationship

Existing relationships with the credit card providing company may improve your chances of eligibility. This may include having an existing savings account or being a borrower in the past with a good repayment record. 

 

Card Type 

Premium cards may have stricter requirements compared to basic cards. This can change the credit card eligibility criteria that you need to meet. 

Note: Eligibility criteria and the documents required for credit card application can vary depending on the specific issuer and the card. Check the credit card eligibility details on the issuer’s website or contact them directly for the latest information.

Each financial institute requires you to meet certain terms to qualify for their credit cards. However, a few main factors determine or impact your overall eligibility. 

Credit Rating

Credit card companies check your credit score to assess your fiscal habits and determine your risk of default. A high credit score increases your chances of getting through the application process

Current Debt

Financial companies may be reluctant to issue you a credit card if you already have significant debt.

Employment History

Stable employment for over a year enhances your credit card eligibility, showing you can manage timely bill payments.

Credit Management

A strong history of timely repayment boosts your eligibility, representing responsible debt management.

Active Credit Cards

Having multiple credit cards can indicate credit experience. However, too many cards may raise concerns about overstraining your finances.

When applying for a credit card in India, you will need to submit certain documents to verify your identity, address, and finances. Here's a list of the commonly required documents:

Mandatory Documents

• Completed application form

• KYC Documents

Proof of Identity (Any one)

• PAN Card

• Aadhaar Card

• Passport

• Voter ID Card

• Driving Licence

Proof of Address (Any one)

• Utility Bills

• Ration Card

• Passport

• Driving Licence

• Aadhaar Card

• Bank Statements

• Lease Agreement

Proof of Income (As per employment status):

• Salaried individuals: Latest payslips

• Self-employed individuals: Income Tax Returns (ITR) and bank statements

Additional Documents (Depends on issuer):

• Form 16

• Bank Account Details

 

There may be other documents required by credit card companies. It is best to check the list before you apply.

When applying for a credit card, compare the eligibility criteria set by reputed companies. 

 

Check the following table for an overview of general terms:

You can check your credit card eligibility and compare different options with ease on Bajaj Markets. Here’s how:

1. Click on the ‘Cards’ tabs and select ‘Credit Cards’

2. Navigate to the ‘CHECK ELIGIBILITY’ section

3. Enter your mobile number, employment type, and DOB 

4. Check the Terms of Use and Privacy Policy check box along with the authorisation checkbox

5. Click on ‘Check Eligibility’ to find all the credit cards that you are eligible for

You can keep the following pointers in mind if you’d like to improve your chances of getting a credit card:

• Maintain a good credit score by paying bills on time and managing existing credit responsibly

• Choose a card that aligns with your income and spending habits

• Maintain a good banking relationship with timely transactions and account management