Credit Card Eligibility | Documents Required for Credit Card - Kotak Bank

Thanks to the internet and technological advances, availing credit card benefits and making on-time repayments have become easier and more convenient. With the advent of credit cards, the way we look at debt has revolutionized. Millions of Indians use credit cards as an effective line of credit. Besides that, credit card eligibility is the bare minimum. Anyone with a stable income can opt for a credit card to manage their finances in times of financial requirements.

Credit cards are the most popular credit instruments for all kinds of borrowers, including salaried employees, self-employed professionals, NRI’s, etc. With the increased number of credit card users, credit card issuing organizations are introducing credit cards with attractive features and benefits.

 

Credit Card eligibility

To get a credit card, you must ensure that you meet the requirements of your credit card issuer. It means credit card eligibility varies across issuing banks. Also, if you do not meet the eligibility criteria, your credit card application will be rejected outright. Your credit score may also take a hit that is not good for you in the long run.

Here are the common credit card requirements that you will have to meet before applying for one:

  • You should be within the age bracket of 18 to 65 years.
  • You must prove that you have a minimum salary of Rs. 400,000. (The minimum salary requirement depends on your credit card issuer).
  • You must be either a salaried employee of an organization or a self-employed professional.
  • You must have maintained a minimum credit score of 750.

 

What are the factors of credit card eligibility criteria?

  • Age
    Most banks require a minimum age of 21 years to apply for the first credit card. The maximum age requirement can go up to 60 to 65 years. Age requirement is provided on the credit card issuer’s website.

  • Annual salary
    Your annual income determines whether you are eligible for a credit card. The annual salary requirement to apply for a credit card is Rs. 400,000/-. However, you must check with your bank as the salary requirement may differ depending on the type of credit card you choose.

  • Nationality
    Your national or residential status is another factor that goes into your credit card requirements. Indian citizens, residents, and non-residents can apply for a credit card in India. However, some banks offer cards only for Indian citizens.
    Before applying for a card, you must go through the eligibility criteria of your bank and make sure that you meet those credit card requirements to improve your chances of getting approved.

 

What are the factors affecting your credit card eligibility?

Several factors determine whether or not you are eligible to get a credit card, which are:

  • Credit score
    Whether or not you are eligible to get a credit card depends on your credit score. If you have a good credit score, or if your credit score is below 700, your application may get rejected. A good credit score comes within the range of 750 and 900.

  • Existing Debt
    Before approving your credit card application, your issuing bank will consider your current financial obligations and credit utilization. If you have taken loans more than the required credit limit, your credit card application may not get approved.

  • Employment
    Another factor that determines your credit card eligibility is your employment status. For instance, if you are staying in your current job for more than a year, it will significantly improve your chances of getting a credit card. So, make sure to stay in your current company if you wish to avail yourself of a credit card.

  • Location
    Some banks offer credit cards to applicants living in particular cities. So, while applying for a card, check whether you are eligible based on the city you live in.

 

Documents required for credit card

The documents required for credit cards depend on the category of people. Also, it is worth noting that you are required to submit a copy of your documents, not the original. Your credit card issuer may ask for originals during the verification stage.

Documents required for salaried employees

  • Identification proof: Aadhaar Card, PAN Card, Driving License, Voter ID Card, Passport (Any one of the mentioned)
  • Address proof: Utility Bill, Ration Card, Passport, Driving License, Voter ID Card (Any one of the mentioned)
  • Income Proof: Salary slips, Form 16, Income Tax Returns (ITR) (Any one of the mentioned)
  • Age proof: 10th standard school certificate, Birth certificate, Passport, Voter ID Card (Any one of the mentioned)

 

Documents required for self-employed professionals

  • Identification proof: Aadhaar Card, PAN Card, Driving License, Voter ID Card, Passport (Any one of the mentioned)
  • Address proof: Utility Bill, Ration Card, Passport, Driving License, Voter ID Card, Last two months’ bank statement (Any one of the mentioned)
  • Income Proof: Income tax returns with computation of income, Certified financial documents, Proof of business continuity, PAN Card (Any one of the mentioned)
  • Age proof: 10th standard school certificate, Birth certificate, Passport, Voter ID Card (Any one of the mentioned)

 

Documents required for students

  • Identification proof: Aadhaar Card, PAN Card, Driving License, Voter ID Card, Passport (Any one of the mentioned)
  • Address proof: Utility Bill, Ration Card, Passport, Driving License, Voter ID Card (Any one of the mentioned)
  • Age proof: 10th standard school certificate, Birth certificate, Passport, Voter ID Card (Any one of the mentioned)
  • Enrolment proof: College Identity Card, Admission Slip, Study certificate from college or university (Any one of the mentioned)

 

Document required for Non-residential Indians (NRIs)

  • Identification proof: Passport or Driving License
  • Address proof: Driving license, Passport, Electricity Bill, Telephone or Post-paid Mobile Invoice, Bank account statement, Voter ID Card, Rental Agreement document, Lease Deed, Title Deeds of Property (Any one of the mentioned)
  • Mailing Address in Overseas: Driving License, Overseas Bank Statement, Government-issued ID Card, Utility Bill, Credit Card Statements, Lease Agreement, Rent Receipt, Company Appointment Letter, Company ID Card, Passport (Any one of the mentioned)

While submitting your documents along with your credit card application, you will have to ensure that the submitted proof matches the information you have mentioned in your application.

To get the best credit card in India, you must ensure to have a stable income and the required repayment capacity. Furthermore, since every bank doesn't have the same eligibility criteria and document requirements, you will have to check with your bank to know their eligibility criteria and ensure to meet them before applying for a credit card.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.