Are you considering applying for a credit card to conduct your everyday transactions smoothly? Then you’ve come to the right place. There’s no doubt that a credit card can make it easy to manage your finances. It is an indispensable financial tool that eliminates the need to carry cash everywhere and offers a host of privileges to the user. IndusInd Bank offers personalised cards to optimise your savings, along with instant approval and high limits.
Therefore, new age banking institutions offer an online application method to make acquiring a credit card a piece of cake! However, before you apply for a credit card online, you need to check the eligibility criteria and factors that influence it.
Eligibility Criteria for Credit Card Application
There are usually some standard eligibility terms that are followed by most financial institutions and credit card companies. As an example, here are is the eligibility criteria followed by IndusInd Bank for their Indus Easy Credit cards:
- At the time of application, your age must be 21 years or more.
- Your net monthly income should be Rs. 20,000 or more.
- The maximum age of the applicant should be 60 years or the age of retirement, whichever is earlier.
- You must have completed a minimum 2 years of employment with a minimum 1 year in your current organisation.
- If your residence is rented, you must have completed a year of stay there.
Here is a list of documents required to apply for a credit card at IndusInd Bank:
- PAN card
- Aadhaar number
- Bank account statements for the past 6 months (optional)
- Proof of residence (if the address in Aadhar is not your current address)
Factors that Affect Your Credit Card Eligibility
Now that you are familiar with the eligibility terms for online credit card application, let’s look at the factors that can affect your eligibility.
- CIBIL Score: Since the CIBIL score directly represents your credit history and repaying habits, it plays a crucial role in determining whether you are eligible to get a credit card.
- Income: Most banks have a minimum income clause in their eligibility criteria as it reflects your repayment capacity. Moreover, your age can also be an important factor as it can determine whether you have a steady source of income or not.
- Employment Status: Having a stable employment history and working with credible employers can increase your chances of getting approved for a credit card.
- Existing Debt: If you are servicing multiple loans currently, it can negatively impact your repayment capacity for credit card bills. Hence, it is best not to have any existing debt before applying for a credit card.
The Bottom Line
If you meet the eligibility terms for a credit card, the online application method is a cakewalk! Just visit your bank’s website to start your application. Moreover, with leading institutions like IndusInd Bank, you can enjoy instant approval and get your card in 4-5 days.
So, why lose time? Apply for a credit card online today!