Applying For A Credit Card For The First Time? Here’s How You Can Check Your Eligibility

how to apply for credit card

If you are someone who wants to apply for a credit card, you must be aware that you need to fulfill certain credit card eligibility criteria.

Before understanding how to apply for a credit card, you should be aware of the said eligibility criteria and examine whether you can fulfill them or not. The credit card eligibility criteria vary from card issuer to card issuer. If you fail to meet the requirements, your credit card application will be rejected, which will, in turn, lower your credit score.

Therefore, it is of utmost significance that every credit card applicant understands these criteria before applying for one. Here are the details of the credit card eligibility criteria of top banks in India and how you can check it for yourself.

General Eligibility Criteria for Credit Cards

The eligibility criteria include parameters like age, annual or monthly income, credit score, etc., which the credit card issuers set. Let us take a look at the common credit card eligibility criteria set for some of the most popular credit card issuers in India.

  • Nationality

All credit card issuers demand that the applicant must be an Indian national.

  • Age

Most credit card issuers set the age limit for credit card eligibility between 21 and 65 years. Some of the leading banks have reduced it to 18 years or above for certain credit cards available in the market.

  • Occupation

Several banks and NBFCs issue credit cards to both salaried and self-employed individuals, whereas a few prefer only salaried applicants. However, the common element is that the applicant should have a regular source of income. 

  • Minimum Monthly Income

The minimum monthly income requirement varies depending on the credit card issuer. The applicant must have a minimum disposable income to be able to use a credit card and maintain it. The credit card limit and the benefits the card offers to depend on the applicant’s annual or monthly income. 

  • Credit Score

The card issuer checks the applicant’s credit score at the time of application. Most card issuers prefer applicants with a credit score of 750 or above as they have a credible and non-defaulted repayment history.   

Eligibility Criteria for Top Banks

Here is a list of the credit card eligibility criteria and their major parameters of top banks in the country.

Credit Card Issuer Age (years) Occupation Minimum Monthly Income Required (For Basic Cards)
State Bank Of India 21 – 70 Salaried and self-employed ₹20,000
ICICI Bank 21 – 60 Salaried and self-employed ₹15,000
Axis Bank 18 – 70 Salaried and self-employed ₹25,000
Citi Bank 23 – 60 Salaried ₹25,000
HDFC Bank 21 – 65 Salaried and self-employed ₹10,000
YES Bank 21 – 60 Salaried and self-employed ₹25,000
RBL Bank 25 – 65 Salaried and self-employed ₹25,000
Kotak Bank 21 – 65 Salaried and self-employed ₹25,000
HSBC Bank 18 or above Salaried and self-employed ₹33,500
Bank of Baroda 21 – 65 Salaried and self-employed ₹25,000
IDFC Bank 21 or above Salaried and self-employed ₹25,000
Union Bank Of India 18 – 70 Salaried and self-employed ₹21000
Punjab National Bank 21 – 65 Salaried and self-employed ₹7000

 

Disclaimer: The criteria mentioned here are subject to change as per the financial institution’s discretion.

How to Check Your Credit Card Eligibility?

You can use the Bajaj MARKETS website to check your eligibility for the credit cards of your choice. Here are the steps you should follow.

  1. Visit the Bajaj MARKETS website.
  2. Go to the credit card section and click on ‘Apply Now.
  3. Enter your name as per the PAN card, date of birth, profession, and registered mobile number.
  4. Click on the ‘Check Your Offer’ option.
  5. Verify your number by entering the OTP sent to your mobile number.
  6. Now, you can view the list of credit cards you are eligible to apply for.

Factors Affecting Credit Card Eligibility

Given below are certain factors that determine the eligibility of credit card applicants.

  • Credit Score: The 3- digit credit score is a mandatory parameter that the card issuer checks at the time of credit card application. A credit score will give an idea about how financially responsible you are. It will provide an outline of your credit history and your repayment payment history. 
  • Occupation: An individual’s occupation and years of experience play a major role in determining the eligibility for credit cards. You should have a regular source of income and work experience of more than a year with the current employer or organization. It will help improve the chances of getting the credit card application approved easily.
  • Monthly Income Requirement: Several credit cards have a fixed minimum monthly or annual income requirement. You must earn that minimum salary every month or annually to fit in the eligibility to get credit cards. Also, the income defines the credit limit assigned to you.
  • Credit Utilisation Ratio: The Credit Utilisation Ratio is the ratio between the credit card limit and the bill generated every month. Card issuers check this ratio to see whether you are credit hungry or not. If you are credit hungry, then the chances of credit card approval will be diminished.
  • Credit Card or Loan Applications – If you have applied for multiple credit cards or loans at a time, you may seem credit-hungry to the bank. So, it is always better to keep a gap of at least 6 months between your loan or credit card applications.
  • Location– While assessing your eligibility for applying for a credit card, card issuers also consider your address or location. Certain cards are exclusively available to the residents of particular cities.

In a few simple steps, you can easily avail a credit card of your choice after checking your eligibility from the trusted financial platform – Bajaj MARKETS. Bajaj MARKETS has partnered with various credit card issuers who provide credit cards with attractive offers, rewards, minimal charges, and much more.

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