Online Credit Card Application Eligibility – What Should You Check Out?
Are you planning to apply for a credit card to make your daily transactions go smoothly? Then you have come to the right place. There is no doubt that a credit card can make it easier to manage your finances. It is an indispensable financial tool which eliminates the need to carry cash everywhere and offers a multitude of privileges to the user. IndusInd Bank offers personalized cards to optimize your savings, as well as instant approval and high limits.
Therefore, new age banking institutions offer an online application method to make acquiring a credit card a breeze! However, before you apply for a credit card online, you should check the eligibility criteria and the factors that influence it.
Eligibility criteria for a credit card application
There are usually standard eligibility requirements that are followed by most financial institutions and credit card companies. As an example, here are the eligibility criteria followed by IndusInd Bank for their Indus Easy credit cards:
- At the time of application, your age must be 21 or over.
- Your net monthly income should be Rs. 20,000 or more.
- The maximum age of the applicant must be 60 years or the retirement age, whichever occurs first.
- You must have worked at least 2 years with at least 1 year in your current organization.
- If your residence is rented, you must have spent one year there.
Here is a list of the documents required to apply for a credit card from IndusInd Bank:
- PAN card
- Aadhaar number
- Bank statements for the last 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 know the eligibility conditions online credit card application, let’s take a look at the factors that may affect your eligibility.
- CIBIL Note: Since the CIBIL score directly represents your credit history and repayment habits, it plays a crucial role in determining whether you are eligible for a credit card.
- Returned: Most banks have a minimum income clause in their eligibility criteria because it reflects your repayment capacity. Moreover, your age can also be an important factor as it can determine whether you have a stable source of income or not.
- Employment status: Having a stable work history and working with credible employers can increase your chances of getting a credit card approved.
- Existing debt: If you are currently managing multiple loans, it can negatively impact your ability to pay off credit card bills. Hence, it is better not to have any existing debts before applying for a credit card.
The bottom line
If you qualify for a credit card, the online application method is a snap! All you need to do is visit your bank’s website to begin your application. Plus, with top institutions like IndusInd Bank, you can get instant approval and get your card in 4-5 days.
So why waste time? Apply for a credit card online today!