Who is eligible for applying a Credit Card?

Posted on Wednesday, June 28th, 2023 | By IndusInd Bank

In today’s day and age, credit cards have become one of the most popular ways of making payments and availing various benefits such as rewards, cashback, discounts, etc. But the application process for a credit card can get taxing. You have to meet certain eligibility criteria set by the card issuer, which may vary depending on the type of card you choose. In this blog post, we will tell you who is eligible to apply for a credit card and what other factors affect your credit card eligibility. 

IndusInd Bank Credit Card Eligibility Criteria 

You have to meet the following eligibility criteria set by IndusInd Bank: 

• Residential status: You should be a resident of India to apply for a credit card in India. 

• Age: You should be at least 18 years old and not more than 75 years old to apply for an IndusInd Bank credit card.  
   
• Income: You should have a stable monthly or annual income, either as a salaried or self-employed person. The minimum income requirement for an IndusInd Bank credit card is ₹20,000 per month. However, some cards may have higher income requirements than others. 

• Occupation: You should be either self-employed or a salaried employee to apply for an IndusInd Bank credit card. 

You can further check out more details on your eligibility here. 

Please Note: Your credit card application getting approved will be determined by other internal policies of IndusInd Bank. 

Other Factors Affecting Credit Card Eligibility 

Apart from meeting the above-mentioned eligibility criteria, there are some other factors that affect your credit card eligibility. These factors are: 

• Credit Score: Your credit score is a numerical representation of your past credit behavior, such as paying your bills on time, closing your debts, etc. A good credit score indicates that you are a responsible borrower and can repay your credit card dues on time. A poor credit score can lower your chances of getting a credit card approval or result in higher interest rates and fees. Generally, a credit score above 750 is considered good for getting a credit card easily. 
   
• Credit Utilization Ratio: Your credit utilization ratio (CUR) is the percentage of your available credit limit that you use. Take this example, if you get a credit limit of ₹1 lakh and you use ₹30,000 in a month, your CUR is 30%. A low CUR shows that you are not credit hungry and can manage your finances well. A high CUR can negatively impact your credit score and your credit card eligibility. It is advisable to keep your CUR below 30% to maintain a good credit score. 
   
• Credit Enquiries: Every time you apply for a loan or a credit card, the lender requests your credit report from the credit bureau. This request is known as a hard enquiry. Too many hard enquiries in a short span of time can lower your credit score and indicate that you are desperate for credit. You should avoid multiple hard enquiries and compare different options before applying for a credit card. There should be a gap of at least 6 months between two credit card applications. 

How to Apply for an IndusInd Bank Credit Card? 

If you meet the eligibility criteria, you can apply for an IndusInd Bank credit card online. The online application process is simple and hassle-free. Simply follow the 4 easy steps mentioned below to apply for an IndusInd Bank credit card online: 

Step 1: Enter your mobile no. and PAN

Step 2: Verify your address  

Step 3: Select your preferred Credit Card
 
Step 4: Complete your Video KYC  

Plus, there is no need for physical documents. All you need is:  

• Your Aadhaar and PAN number to speed up the application process  
• Your residential proof if the current address mentioned in Aadhaar is different 

Conclusion 

Getting a credit card can be a great way to enjoy various benefits and convenience. However, you have to meet certain eligibility criteria to get a credit card from any bank. You should check these criteria before applying for an IndusInd Bank credit card to avoid rejection.

Do maintain a good credit score, a low credit utilization ratio, and avoid multiple credit enquiries to improve your credit card eligibility. You can apply for an IndusInd Bank credit card online now by clicking the button below. 

Apply Now 

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.