Why do we Need to Follow a Credit Card Eligibility Criteria?

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Nowadays a credit card becomes a friend of all of us. A credit card is the best way to go cashless any place without carrying cash in your wallet. With the credit card, you can explore your life with shopping, dining, travel and whatever you want to do but within a credit limit.

A credit card eligibility criteria depend on few things that you needed to take care of yourself like the purpose of the card, currently are you working, salaried or self-employed and most important part is your age which should be over 18 years not less than that.

What we need to follow, for a credit card eligibility factor?

A credit card comes with various usage, benefits, discounts, reward points, privileges and more advantages. Through a credit card, you can go any place. If you want to rejoice all benefits, so need to follow the age factor. The applicant should be 18 years of age not less than that and salaried or self- employed.

What should be the minimum salary of the applicant, when applying for a credit card?

HDFC credit card eligibility criteria for salaried employees

  • The age of the applicant should be above 21 years and below 60 years.
  • The minimum salary per year should be Rs 1.5 lakh.
  • The applicant should have a CIBIL score of 750 and above.
  • The applicant must be able to provide identity proof, address proof along with the name of the employer, company address proof, salary slips of past three months, bank account validating salary credit of at least the past three months.

HDFC credit card eligibility criteria for self-employed

HDFC credit card eligibility criteria for self-employed individuals and working professionals. Below are few clauses need to follow:

  • The minimum age for a self-employed applicant should be 21 years.
  • The maximum age for a self-employed applicant should be 65 years.
  • A self-employed credit card applicant should have a regular income source.

HDFC credit card eligibility criteria for student

HDFC bank brings a card not only for a salaried person now students also can apply as per their needs. Just need to follow points

  • The legal age of the applicant should be above 18 years.
  • The applicant should be a college or university student.
  • The individual should have a saving account or fixed deposit account in their name.

The applicant must have proof of education like college enrolment proof, student identification card issued by respective college along with age proof, address proof, PAN card and other government proof if required.                                                                                                                                                                                                                                                                                           Factors affecting HDFC bank credit card eligibility: Below are the factors that need to check before applying.

Income of the applicant: Income of the applicant before applying for a credit card to stay assured of repayment capacity. Are applicant have full capability to pay all credit or other bills payments on time? It should be clear before having a credit card.

Existing relationship with the bank: If the applicant has an existing salary or savings account with the bank, then it’s easy to get a credit card from the same bank. The bank can easily track income details and other expenses via applicants existing accounts.

Past credit card history: If an applicant has a poor credit card repayment for other bills in the past, then banks hesitate to offer them a credit card. The banks can track their record through CIBIL details.

Age of the applicant: Age of the applicant is also one of the factors that decide the eligibility of a person to get bank’s credit card. For a person above 55 years of age would get less credit limit as compared to the person who is between 18-35 years. Age is of the factors because it defines repayment capacity of the credit card holder.

The credit cards from HDFC bank are universally accepted. From making small bill payments to a taking a loan, credit cards can provide you with a host of benefits. HDFC bank covers most types of credit cards ranging from personal cards to professional and business cards. Few things to remember while applying for a credit card, it’s a mediatory part not only for HDFC Bank, for all bank but yes norms will be different as per individual banks:

  • The person should be completing at least 18 years.
  • Applicant should have own name account.
  • Applicant should not have the bad credit history.

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