How To Apply For A Credit Card In India
I think everybody knows about the credit card. Credit card works as a Stepney when you are running on low cash or cashless. For me credit card is a friend that helps me financially in many worse circumstances mainly at the end of the month. So why not yours? Apply for a credit card in India.
It is a weapon that you have to use sensibly. It can manage your monthly cash flow but you have to keep all monthly charges clear to have some payback and bonus every month. Simply, when you have no bucks, a credit card can help you.
I think you might have eager to apply for a credit card. All nationalized and private banks offer credit card. But for that, you need to check your eligibility. RBI has rules for credit card eligibility which all Indian banks need to follow. So before going to apply for a credit card you need to check your eligibility first. When you will fit in every criterion you can have your credit card.
Basic eligibility criteria required for a credit card
As per rules you can apply for a credit card if your age is between 18 to 21 years with verified source of income. If your age is 18 then you have to take permission from your parents.
National Identification number
A citizen without national identification number is not eligible for a credit card. You have to submit your nationalized identification number before you going to apply for a credit card. So if you still not applied for nation unique identification number as aadhar car and pan card then apply soon.
Bank will issue credit card depends on your monthly income. Bank will not give you a credit card if you don’t have any way to pay the monthly credit card bills.
You have to put your major sources of income as proof to the bank authority. You don’t need to show all your income sources, just show those are enough to pay the monthly credit card bills. All the income sources that you have reported decides how much credit you will get monthly.
Previous credit history
Credit history is for those who have already owned a credit card and applied for another. If your reputation and credit history is good then you can easily get another credit card. Bank in which you have applied for a credit card will inspect all your previous credit card histories.
Select your credit card
Credit cards are offered by all nationalized and government recognized banks. There are different types of credit cards that bank offers. You can choose the best as per your requirements. Below I am listing the types of credit cards that Indian banks offer.
- Business credit cards
- Classic Credit cards
- Entertain credit cards
- Lifestyle credit cards
- Silver credit cards
- Gold credit cards
- Premium credit cards
- Platinum credit cards
- Reward credit cards
- Titanium credit cards
and many more.
How to Apply for a credit card
Firstly, you have to choose the type of credit card then you have to choose the bank that offers minimum interest on your credit. After you have chosen the bank and credit card type, you need to apply for that. So below I am sharing the steps to apply for a credit card.
At first, you have to open an account with that bank that you’re applying for credit card. After successfully maintaining your account for a period of time you are eligible to apply.
You have to fill up an application form for a credit card. For verification, you have to attach photocopy of following documents-
- Proof of your income source.
- Bank statement of last 6 months.
- Details of your address.
After you have submitted the application form with all documents, the bank will verify all your details.
If the bank has found all your given details legal and authentic, the bank will provide you the credit card that you have applied for. As per your monthly income bank will give monthly limits of credit.
It requires 5 to 7 days to get your credit card from the date of application. You can receive your credit card by courier or directly from the branch.
How can you can you get credit card easily?
If you are working in a multinational company then you can easily get a credit card.
It is comparatively easy in case of a well-established businessman to have a credit card.
Bank also offers credit card if you have done any fixed deposit in that bank. Some banks ask to deposit 50k to 1 lac but some banks even give you a credit card on fixed deposit of 25k.
You might be interested in checking if there are any Losses on fixed deposit
If you don’t have above mentioned easy routes, you can still get a credit card.
You have to talk with a credit card broker to make the process easy and quickly. He will show you the ways to get a credit card. They don’t charge anything for making your card.
So instead of talking with bank employees for a credit card, it is wise to talk with credit card brokers. They will make your task easy.
What do you need to look?
Suppose you have followed all above steps and procedures to get a credit card. But still, the bank rejected your credit card application. Causes of rejection are below-
- If you have any loan pending then your application will be rejected.
- Your income source might not have satisfied the bank authority.
- If you have attached any false or fake documents with application form.
- Negative information of your past credit history.
- If you are not reachable when bank verification process is going on.
Now you might want a credit card but you can’t able to choose the best bank. So below I am listing Indian top banks with minimum charges and many cash back offers.
- ICCI Bank.
- Standard chartered bank
- HSBC bank.
- SBI bank
- Kotak bank
So I think you might have gathered all information regarding the eligibility and process to apply for a credit card in India. If this post seems to be helpful then you can give your feedback. If you have any query regarding this you can place your comment in the below comment box.