Know all about Credit Card Eligibility before applying for one!

Credit Card Eligibility is the first thing that applicants check while planning to apply for it. This criteria helps the banks choose the apt customer for their product. Through this criteria, the applicant can be gauged on various levels such as the financial responsibility that they have shown in the past, their ratio of monthly savings and and expenditure and much more. Also, other factors such as the age of the applicant, their nature of profession and their monthly income also plays an important role in the determination of their eligibility. Take a look at the factors that an applicant should be careful about while going in for the application procedure.

General factors that determine the Credit Card Eligibility:

The general factors that determine the Credit card eligibility of applicants during the application process are:

• Age Bracket: The applicant must belong to the age bracket of 18 years to 60 years during the application. The age is one of the major factors that help the banks judge the suitability of the applicant. Minors can also get it of their own with the help of a co-signer.
• Nature of Profession: The applicant can be a salaried professional or a self-employed individual. The nature of profession of the applicant is one of the major details that the bank requires to know as this would ascertain the repayment capacity of the applicant. Also, certain cards come with the restriction of a minimum monthly income which needs to be kept in mind.
• Monthly Income: The applicant must have a stable and regular source of income. The regularity and sturdiness of the monthly income of the applicant would ensure timely repayment schedule and minimal defaults.
• Credit Score: It is immensely important for the applicant to have a good credit score. This shows that the applicant is financially responsible and is aware of how to handle his/ her finances.
• Previous Debts: Previous debts of an applicant are one of the major areas of concern during the application procedure. It is not recommended for an applicant with excessive previous debt to apply for it.  Hence, there needs to a balance between previous debts and the ability to take more.

Eligibility Criteria followed by the major banks of India

Eligibility for Credit Card in SBI

The Eligibility for Credit Card in SBI is as follows:

• Age Limit: The applicant must be older than 18 years and less than 60 years of age to be able to apply.
• Credit Score: The applicant must bear a considerably good credit score for the application to be successful.
• Nationality: The applicant must be an Indian National to be able to apply for this product.

Eligibility for Credit Card in HDFC Bank

The Eligibility for Credit Card in HDFC is as follows:

• Age Limit: The bank prescribes the applicant to be in the age bracket of 18 years to 60 years. The bank also provides add-on cards which can be applied for by the age of 15 years.
• Profession: The applicant can be a salaried professional or a self-employed individual to fit in the eligibility criteria.
• Annual Salary: The minimum annual salary of the applicant required by the bank ranges from ₹ 1.5 lakhs for those who are salaried individuals and ₹ 2 lakhs for the self-employed individuals.
• Credit Score: The applicant must have a decent credit score to be able to apply successfully.

Eligibility for Credit Card in ICICI Bank

The Eligibility for Credit Card in ICICI Bank is as follows:

• Age Limit: The bank prescribes the applicant to be in the age bracket of 18 years to 60 years. The bank also provides add-on cards which can be applied for by the age of 15 years.
• Nationality: The applicant must bear Indian Nationality to apply for it.
• Annual Salary: The minimum annual salary of the applicant must range from ₹ 2.4 lakhs for the salaried individuals to ₹ 3 lakhs for the self-employed individuals.
• Credit Score: The applicant must have a good credit score to be able to apply successfully and prove their financial responsibility.

AXIS Bank Credit Card Eligibility

AXIS Bank Credit Card Eligibility is as follows:

• Age Limit: The bank prescribes the applicant to be in the age bracket of 18 years to 70 years. The bank also provides add-on cards for minors which can be applied for by those above the age of 15 years.
• Nationality: The applicant must be of Indian Nationality to apply for it.

Credit Card Eligibility Calculator

Credit Card Eligibility Calculator is a highly beneficial tool, especially for those who are fresh in the process of application. Ascertaining the eligibility criteria of a particular financial institution can be a time taking and confusing task. Hence, this tool eases out the whole procedure and makes it convenient for the applicant to make a choice. This calculator asks for the basic details of the applicant such as their age, nature of profession, monthly income and monthly savings. Based on these details, the calculator determines the suitability of the applicant.

Apply for Credit Card Online for Instant Approval

If you are looking for a Credit cards on an urgent basis, the best way to apply for it through the online process. Online applications are highly preferred as they do not take as much time as the manual process and they are much more convenient too. Also, through online applications you can easily avoid the endless visits to the branch and the fuss of documentation involved in the procedure. With this convenient and hassle-free facility, it has become much easier to go through the application process in less time and with lesser effort.