What Determines Your Credit Card Eligibility?

Whether you are a seasoned credit card holder or planning to apply for your first credit card, understanding the various eligibility factors can expedite your credit card application process. More importantly, comprehending credit card eligibility is a pivotal step in making informed financial decisions about which credit card best suits your needs.

Let's delve into the world of credit cards and demystify the credit card eligibility checker, the factors affecting eligibility, the documents required, and the straightforward process of applying for a credit card. It's simpler than you think! Read on! 

What is a Credit Card Eligibility Checker?

A credit card eligibility checker is an online tool, which analyses your credit profile and matches it against the financial institution’s lending criteria. To access your credit profile, lenders will evaluate your personal details such as date of birth, address, payment history, etc. Here are the steps to check your credit card eligibility:

Step 1: Enter your age.

Step 2: Add your income details.

Step 3: Enter your nationality.

Step 4: Click the ‘Submit’ button.

Your credit card eligibility will be displayed instantly.

Also Read: Why It Is Beneficial For Women To Own A Credit Card?

What Are the Factors Affecting Credit Card Eligibility?

1. Age: Your age is one of the basic criteria for credit card eligibility. You must be at least 21 years old while applying for a credit card. You must also consider the maximum age before you apply for a credit card. However, the criteria may vary from lender to lender.

2. Income: Your income depicts your repayment capability. You must have a minimum monthly income of Rs.20,000 to be eligible for a credit card. The minimum monthly income eligibility may vary from lender to lender.

3. Nationality: Indian citizenship is one of the eligibility criteria for most of the lenders. However, you must check eligibility before you apply.

4. CIBIL Score: Approval of your credit card depends on your CIBIL score. It is calculated based on your payment history, credit history, and payment defaults. A CIBIL score of 700 or above is usually considered a good score.

5. Credit Utilisation Ratio (CUR): The credit utilisation ratio is the ratio of your used credit and the total credit limit. Lower utilisation ratio improves your CIBIL score and improves your chances of credit card approval. A CUR of below 30% is considered a good ratio.

6. Employment: Your employment status also contributes to the eligibility for credit cards. If you are employed for more than 1 year with your current employer, your chances of approval may increase.

7. Credit Inquiries: While applying for a loan or credit card, the lenders check your credit report. These requests are called hard enquiries. Multiple hard enquiries on your credit report may negatively impact your credit card approval.

8. Location: Certain credit cards are available only for specific locations. Lenders consider your location before approving your credit card to check the availability.

Documents Required to Apply for a Credit Card

The list of documents required to apply for a credit card is mentioned below:

• Proof of Identity: Aadhaar card, PAN card, passport, voter’s ID card, driving license, ration card, etc.
• Proof of Address: PAN card, passport, rental agreements, voter’s ID card, property documents, utility bills, etc.
• Proof of Income: Last 3 months’ salary slips, last 3 months’ bank statements, Income Tax Returns, etc.

You can apply for a credit card with Poonawalla Fincorp if you meet the eligibility criteria. With Poonawalla Fincorp, you can apply for a Poonawalla Fincorp Induslnd Bank eLITE RuPay Credit Card. 

How to Apply for a Poonawalla Fincorp IndusInd Bank eLITE RuPay Credit Card?

You can apply for Poonawalla Fincorp IndusInd Bank eLITE RuPay Credit Card two methods mentioned below:

• By visiting the Poonawalla Fincorp IndusInd Bank eLITE RuPay Credit Card page and clicking on ‘Apply Now’.

OR

• By visiting the IndusInd Bank website.

Also Read: 6 Reasons Why Your Credit Card Application May Get Declined

Eligibility for Poonawalla Fincorp IndusInd Bank eLITE RuPay Credit Card  

The eligibility criteria for the Poonawalla Fincorp IndusInd Bank eLITE RuPay Credit Card  are:

• Age: You must be between 21-65 years.
• CIBIL Score: You must have a CIBIL score of 700 and above.
• Income: Your minimum income must be Rs. 20,000 per month.

To Conclude

It is important to analyse your profile and see whether you are eligible for a credit card or not before applying for a credit card. Your CIBIL score, CUR, employment status, credit inquiries, and location play a crucial role in your credit card application approval. To simplify the task, you can you an eligibility checker tool so that you successfully get approval for your credit card application.

Frequently Asked Questions

1. What is the minimum age for a Poonawalla Fincorp IndusInd Bank eLITE RuPay Credit Card?

You must be at least 21 years old to apply for Poonawalla Fincorp IndusInd Bank eLITE RuPay Credit Card.

2. What is the minimum CIBIL score for RuPay credit card eligibility?

The minimum CIBIL score for RuPay credit card is 700.

3. What is the minimum income required to apply for a credit card?

The minimum income required to apply for a credit card is Rs. 20,000 per month. However, the minimum income may vary from lender to lender.

4. What are the features and benefits of Poonawalla Fincorp IndusInd Bank eLITE RuPay Credit Card? 

With the Poonawalla Fincorp IndusInd Bank eLITE RuPay Credit Card, you can enjoy several features and benefits, such as a lifetime free credit card, scan and pay, an exciting waiver, movie offers, and milestone benefits.

Disclaimer

We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply