What document and eligibility required while applying for credit card

What document and eligibility required while applying for credit card

When you choose to apply for a credit card, you need a definitive list of documents such as proof of income, address proof, age proof and photo identity proof that are required at the time of applying for the card. These are some mandatory documents needed for the application of credit card if you fail to submit any one of the mentioned documents then it may result in rejection of your card. Mostly, people nowadays purchase credit cards to manage their day-to-day transactions and receive an outstanding bill statement at the end of the month. 

To meet all the credit card eligibility criteria, you need to submit documents depending upon the type of employment you have as a salaried individual, self-employed or NRI.  

 

Eligibility criteria required while applying for a credit card:

Age- An applicant age should be 18 years or above; some banks require a minimum age of 21 years to be eligible for having a credit card.

Occupation- An applicant must be a self-employed or salaried individual to apply for a credit card.

Nationality- A resident or non-resident Indian can both apply for the credit card. Some credit cards are available only for Indian residents. It is essential to go through the criteria regarding the application credit cards from different banks.

Monthly Income- The minimum income should be at least Rs. 15,000 to apply for a credit card in India. It is suggested to check the eligibility criteria with your bank as the requirement is different and vary upon the card issues you opt for.

 

List of documents required:

For Salaried Individual- There are certain documents required for a salaried person to apply for a credit card.

  • Identity proof- These are the following documents you need to submit(anyone): Aadhar card, Voter ID card, passport, driving license/utility bill, i.e., telephone, electricity bills, etc.
  •  Address proof- For proof of address, you need to submit any one of the following documents- Passport, Aadhar card, Utility bills, Voter id card, etc.
  • Financial Documents- Salary slips of the past three or six months and ITR file certificate as well as Photocopy of PAN card.
  • Age proof- For the age proof, you need to submit documents such as birth certificate, school certificates, etc.
  • Form 16- It is a certificate that is provided by the company about your TDS deduction and salary you earned throughout the year.

 

For Self-Employed- These are the required documents you need to submit if you are self-employed.

  • Proof of Identity- Anyone of the documents you can submit as proof of identity- Aadhar card, passport, voter id card, etc.
  • Proof of address- Aadhar card, Driving license, Utility bills, Voter id card, passport, etc. you can submit any one of the documents mentioned above. 
  • Age proof- Birth certificate, Aadhar card etc.
  • Financial Documents- Photocopy of PAN card, ITR certificate( with computation of income earned), and business continuity proof.

 

For Non-Resident Indian- Documents submitted for NRI is a bit different from salaried and self-employed. These are the following documents the NRI needs to provide while applying for a credit card.

  • Proof of address- Passport or driving license. 
  • Bank statement of last three or six months.
  • Original utility bills such as electricity and telephone bill. 
  • Voter id card.
  • Agreement of rent.
  • Lease or property deeds.

 

Other factors that may influence your eligibility for applying for a credit card are that you should have a good credit score between 750 to 900, your credit card utilization ratio, employment, and location. 

Read also: 5 Credit Card Benefits You Might Not Know About

 

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