What are the Eligibility Criteria for Instant Approval of a Credit Card?

If you want to enjoy discounts on movie tickets, apparel shopping, dining bills as well as other purchases, you should get yourself a credit card. There are cards specially designed for travel, entertainment, shopping, etc., to match your specific lifestyle needs. However, to apply for a credit card you would need to meet the specific eligibility criteria for the card you choose. You would also have to provide the necessary documents for verification. Only if you tick all of the boxes can you get approved for a credit card.

To make it easy for you to get instant approval, we have listed out the parameters that determine your eligibility. We have also noted the documents you are likely to require to apply for some of the top credit cards in circulation.

Credit Card Eligibility Criteria

When it comes to applying for a credit card, there are four critical parameters to determine eligibility. These are-

1.  Age-

You must be within the age limit prescribed by the bank for the specific credit card. The age limit may vary from card to card. For an Axis Bank Privilege credit card you need to be between 18 to 70 years of age. When it comes to RBL Bank Platinum Choice SuperCard the minimum age for credit card eligibility is 25 years while the maximum is 65 years. The SBI SimplySAVE credit card on the other hand requires you to be between 21-55 years of age if you are a salaried employee or between 21-70 years of age if you are a self-employed applicant.

2. Residence-

To own a credit card in India, you must be a resident of India. Non-Resident Indian’s too are eligible to apply for some credit cards from popular banks. Also, for certain credit cards, such as the RBL SuperCard, your residential address must fall in the list of serviceable locations.

3. Income-

Having a steady income is a must to apply for a credit card. The income requirement, however, may vary from card to card. For example, for Axis Bank SELECT credit card, the minimum income must be above ₹ 9 lakh per annum, while for the Axis Bank Privilege credit card it must be above ₹ 6 lakh.  For some credit cards, the minimum income requirement may vary for salaried employees and self-employed individuals. The HDFC Diners Club Privilege credit card, for example, requires you to earn ₹ 70,000 per month if you’re a salaried employee. On the other hand, for the same card, if you are a self-employed individual, you must have a yearly ITR of ₹ 8.4 lakh or above.

4. Credit Score-

Getting instant approval for a credit card is easiest when you have a good credit score. It indicates that you are able to manage your finances well and can repay borrowed funds within the stipulated time without fail. This improves your overall credit worthiness and creates a positive impression with the bank when it comes to lending funds. Bank’s usually consider a score of 750 and above as good. The easiest way to improve your credit score is to be regular with your payments. You must also ensure that you keep your check on your credit card usage as fraudulent transactions can negatively impact your credit score.

If you do not have a good credit card score, you can still apply for a card. Such a card will be issued against a fixed deposit and will be known as a secured credit card. While the issuer takes the final call when it comes to approving a credit card, matching the eligibility parameters improves your chances of approval significantly.

Documents Required to Apply for Credit Card

Applying for a credit card also requires you to submit a copy of the below-mentioned documents along with your application.

·  Identity Proof (any one)-

Passport, PAN card, voter ID, Aadhaar card, driving licence, arms licence, ration card, or government issued ID card.

·  Residential Proof (any one)-

Passport, driving license, ration card, electricity bill, or landline telephone bill.

·  Income Proof (any one)-

Latest payslip / Form 16 / IT return

• Form 60

While these are the most common documents, the bank may also require other documents for speedy approval.

You can check the eligibility criteria and documents required for different credit cards on popular apps such as the Finserv MARKETS app. This would allow you to get a thorough insight into the factors that determine your eligibility for a specific card. Once you are sure you meet the eligibility requirements and have the necessary documents, you can apply for a credit card and expect instant approval.