While thinking about applying for a Credit Card, Credit Card Eligibility is the first thing that pops-up in our head. The criteria to judge the aptness of an applicant to avail a credit card is different for different banks. Though, the main eligibility criteria remains more-or-less the same.
An applicant is usually judged on the basis of his/ her age, monthly income, nationality and credit score. Let us see what criteria do different banks follow before approving an individual’s request for a credit card.
General factors affecting the Credit Card Eligibility
Some of the general factors affecting an applicant’s eligibility to avail a credit card are:
Age Limit- The age limit of the applicant is one of the major factors that banks consider while checking the eligibility of an individual. The minimum age bar prescribed by the banks is 18 years to be able to own a credit card. However, having a co-signer can help the minors get a credit card of their own.
Income Stability- The stability of the income of the credit card applicant is one of the major factors that pans out the eligibility of the individual. The income of the applicant helps decide the credit limit to be sanctioned on his/ her card. In case the applicant is a minor, the co-signer must have a stable income so as to pay off the bills on time.
Good Credit Score- The applicant must have a good credit score to be able to avail a credit card. A good credit score ensures the bank of your financially responsible behaviour and that you would not
Previous Debts- The applicant must possess adequate previous debts and should not exhibit a large amount of outstanding debt amount. A large amount of outstanding previous debt would raise questions on your repayment capacity and would depict higher chances of you becoming a defaulter in the near future.
Eligibility for Credit Card in SBI- The eligibility criteria for SBI credit card is as follows:
Age Limit- SBI prefers an age limit of 18 years to 60 years for the allotment of SBI Credit Cards.
Nationality- The applicant of the SBI Credit card must possess an Indian Nationality.
Credit Score- The applicant must possess a reasonably good credit score which would prove his/ her responsible financial behaviour.
Eligibility for Credit Card in HDFC Bank- The eligibility criteria for HDFC credit card is as listed below:
Age Limit- The applicant must have acquired the age of above 18 years during the application of the HDFC Credit Card. The bank permits the credit card allotment up to the age of 60 years. An add-on card can be provided to a minor who is above the age of 15 years.
Employment- The bank requires the applicant to be employed. The nature of employment can either be salaried or the applicant can be self-employed.
Annual Salary- The minimum annual salary for HDFC Credit Card should be ₹ 1.5 lakhs for those who are salaried individuals and ₹ 2 lakhs for the self-employed individuals.
Credit Score- The applicant must possess a good credit score to prove his/ her financial responsibility.
Axis Bank Credit Card Eligibility
The norms of issuance followed by the Axis Bank while approving a credit card to an applicant are enlisted below:
Age Limit- Axis Bank Credit Card can be owned by an individual who comes under the age bracket of 18 years to 70 years. An add-on credit card can be allowed to a minor of an age of a minimum 15 years.
Nationality- The applicant must be an Indian national or a Non-Resident Indian to be able to apply for an HDFC Credit Card.
ICICI Bank Credit Card Eligibility-ICICI bank Credit Card Eligibility is as follows:
Age Limit- The applicant of ICICI bank Credit Card must have acquired the age of 23 years. The add-on card can be provided to an individual only after the age of 28 years.
Nationality- The applicant must bear Indian nationality to be able to avail the ICICI Credit Card.
Annual Salary- The minimum monthly salary of a salaried individual must be ₹ 20,000 to apply for the ICICI Credit Card. The annual salary of a self-employed individual must be at least ₹ 3 lakhs for the same.
Credit Score- The applicant must possess a good credit score with no history of default to be eligible for an ICICI Credit Card.
Credit Card Eligibility Calculator
Credit Card Eligibility Calculator is a very useful tool when one is trying to ascertain his/her eligibility before applying for a credit card. A credit card is nothing less than a necessity today. Whether the purpose is to improve your credit score or the shopaholic inside you keeps kicking in, credit card is the answer. Though applying for a credit card is not an easy task. With so many banks coming up with countless credit cards, it has become very difficult to put a finger on the one that fits all your needs.
Hence, the most important task while going-in for a credit card is to judge the purpose of having it. Once you have that clear in your mind, the next step is to compare different credit cards provided by different banks on the same segment. After the card and the bank is finalised, you can go ahead with the eligibility criteria followed by that particular bank towards the allotment of the credit card. And here comes the purpose of a Credit Card Eligibility Calculator. All you need to do is feed-in the relevant information in the tool and it churns out your eligibility within minutes. This not only saves a lot of valuable time of yours but is also convenient to use.
Apply Credit Card Online Instant Approval-
Credit Card application is one of the most stressful and time taking tasks. Not only it requires a lot of documentation but costs many rounds to the bank branch. But this is the story of gone days. Now, applying for a credit card is as easy as you can imagine it to be. You can apply for a credit card online for instant approval. All you need to do is check your eligibility for the credit card of your choice and apply for it online on the official website of the company. You can conveniently upload the relevant documents on the website. Make use of this online facility provided by the banks and own your magic wand today!
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