Documents And Eligibility Information For Applying For a Credit Card

Saturday, February 18, 2017, 6:00 AM | Leave Comment

With the demonetization process in full swing in the country, getting a credit card has become absolutely necessary these days and should be the highest priority for anyone who does not hold a valid credit card.

If you had been delaying the task of applying and getting a credit card for yourself, it is now the time to get one for yourself without any further delays.

If you want to learn about the various documents required for credit card or the eligibility for credit card for you to apply for credit card, you need to read this article on till the end.

  • List of Documents required

    No matter which bank’s credit card you apply for, the documents required for credit card would remain more or less the same, as these are governed centrally and exercised by different banking institutions. The documents that are required for applying for a credit card are listed below.

    If you are a salaried employee, you would need to submit any one from current employment certificate, current job appointment letter or experience certificate of previous job as a proof of job continuity. The experience certificate of the previous employer should contain the appointment and relieving dates without fail.

    As documents for income proof, you would be required to submit the following:

    • Salary slips for last 3 months

    • Bank statement for last 3 months

    • Form 16 for last 2 years

  • Employee ID card as given by the current employer

    If you are a self-employed individual, your list of documents would be different than the ones require for salaried individuals.

    You would need to furnish ITR copy for last 1 year that includes the computation of income, statement of the current account for last 1 year, statement of the saving account for last 6 months, and registration copy of business and residence as proof of ownership.

    Both salaried and self-employed individuals would need to provide any one from PAN Card, Voter Card, Adhaar Card or utility bills as a KYC (Know your customer) document, which is mandatory for all financial institutions.

  • Eligibility for credit card

    To be eligible for applying for a credit card, you would need to be at least 21 years of age if you are salaried and 25 years of age if you are self-employed.

    If you are salaried, your annual income has to be 180,000 and in case you self-employed, the annual income from your business has to be a minimum of 500,000 (approximately $7,460 USD.)

    Barring these two, there is nothing that can stop you from being eligible for a credit card, provided you have the required set of documents to furnish at the time you apply for credit card.

There are so many banks that offer credit cards of different types. Each type of credit card comes with its unique set of features and benefits. Hence, it is wise that you go through a website where you would be getting a quick comparison of all the available credit cards that would suit your needs.

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