The minimum salary required for credit card approval varies from lender to lender. It is always advisable to check the income criteria before applying. Financial companies have various eligibility criteria for credit card applicants, with income being one of them. A high income signifies that an applicant is more capable of clearing credit card bills on time.
However, card issuers also provide credit cards for low-income earners. NBFCs in India also provide credit cards to those having an annual income lower than Rs. 2 lakh per annum. A low salary credit card may come with a lower credit limit with fewer features and benefits. But with diligent repayment and an increase in earning capacity, the credit limit can be increased with time.
How to apply for a credit card with low salary?
Follow the below steps to apply for low salary credit card:
- Look for credit cards tailored for lower income individuals.
- Review the eligibility requirements for specific low salary cards.
- Determine the potential credit limit offered based on your income.
- A positive credit score enhances approval chances.
- Collect necessary documents like ID proof, income proof, and address proof.
- Choose a convenient application method, either online through the issuer's website or offline at a branch.
- Fill out the application form accurately with current and verifiable details.
- After submission, await the issuer's response regarding your low salary credit card application.
Eligibility criteria and documents required to apply for low salary credit card
Here are the eligibility criteria and list of required documents to apply for the low salary credit card.
- Minimum income: Meet the specified minimum income requirement.
- Age: Usually between 18 to 65 years.
- Credit score: Maintain a good credit score.
- ID proof: Aadhar card, passport, or driving licence.
- Income proof: Salary slips, bank statements, or Form 16.
- Address proof: Utility bills, rental agreement, or voter ID.
Types of Credit Card
Eligibility of a credit card depends on multiple factors such as your salary but there are other factors as well that contribute like your CIBIL Score, your age, and your source of income to name a few. Your eligibility may also depend on the variant you intend to apply for. You can visit the Bajaj Finserv website to learn more about the eligibility criteria for the Bajaj Finserv RBL Bank Credit Card and Bajaj Finserv DBS Bank Credit Card.
To apply for a credit card, you typically need to have a certain consistent income and credit score. However, some credit cards may be available for those with lower income or no credit history. It is important to research your options and be honest about your financial situation when applying.