What Documents are Needed to Apply for a Credit Card?
Finance 264

What Documents are Needed to Apply for a Credit Card?

What Documents are Needed to Apply for a Credit Card?

Credit cards have revolutionized the way we perceive debt. They are perceived as a safe and effective line of credit by borrowers around the world. Millions of Indians use credit cards to make purchase transactions and payments at merchant outlets, shops, petrol pumps, airports, etc.  The best part about a credit card is that it is available for all categories of people. So, if you want a credit card apply online to avail of maximum benefits. 

With the increasing demand for credit cards, banks and credit issuing companies are racing to offer a host of features and benefits. Borrowers can take this opportunity to avail themselves of a credit card that offers maximum features and benefits. 

Benefits of having a credit card

  • You can avail of one-time bonuses with a good credit score. It enables you to save money. 
  • You can get cashback by using credit cards to make purchase transactions. 
  • You get to earn reward points on every Rs. 100 you spend. 
  • It eliminates the stress of safety and security as credit card companies provide zero liability coverage for unauthorized purchases. 
  • It offers easy access to funds to meet your financial requirements. 
  • You will have an increased purchasing power
  • You do not have to link your credit card to a checking or savings account. 
  • It offers a great opportunity to build your credit score by making on-time repayments of the borrowed amount. 

Documents required for a credit card

To get a credit card, you must meet your card issuer’s eligibility criteria and submit the relevant documents along with your application. The documents required for a credit card vary across banks and non-banking credit card companies. So, you will have to contact your preferred credit issuer before applying for one. 

Here are the common documents that you will need to furnish while applying for a credit card:


Documents required applying for a credit card as a salaried employee

Identification proof: PAN Card, Aadhaar Card, Driving License, Voter ID Card, Passport (any of the said documents) 

Address proof: Ration Card, Utility bill, Driving License, Voter ID Card, Passport, last two months’ bank statement (any of the said documents). 

Income proof: Salary slips, Income Tax Returns (ITR), form 16 (any one of the said documents)

Age proof: Certificate of 10th standard, Passport, Birth Certificate, Voter ID Card, (Any one of the said documents) 

Documents required applying for a credit card as self-employed individuals. 

  • Identification proof: PAN Card, Aadhaar Card, Driving License, Voter ID Card, Passport (any of the said documents) 
  • Address proof: Ration Card, Utility bill, Driving License, Voter ID Card, Passport, last two months’ bank statement (any of the said documents). 
  • Income proof: Income Tax Returns (ITR), Audited financial documents, Business Continuity proof, Business PAN card (any one of the said documents)
  • Age proof: Certificate of 10th standard, Passport, Birth Certificate, Voter ID Card, (Any one of the said documents) 

Documents required applying for a credit card as a student of a university

  • Identification proof: PAN Card, Aadhaar Card, Driving License, Voter ID Card, Passport (any of the said documents) 
  • Address proof: Ration Card, Utility bill, Driving License, Voter ID Card, Passport, last two months’ bank statement (any of the said documents). 
  • Enrollment proof: College’s identity card, Admission Slip, Study certificate from the university (Any one of the said documents)
  • Age proof: Certificate of 10th standard, Passport, Birth Certificate, Voter ID Card, (Any one of the said documents) 

Documents required applying for a credit card as Non-residential Indian (NRI)

  • Identification proof: Passport or Driving License
  • Address proof in India: Bank Account Statement, Telephone Bill, Post-Paid Mobile Bill, Electricity Bill, Passport, Driving License, Lease Deed, Voter ID Card, Rental Agreement, Title Deeds of Property (Any one of the said documents)
  • Age proof: Birth Certificate or Passport
  • Address Proof Outside India: Passport, Driving License, Company ID card, Company Appointment Letter, Credit Card Statement if any, Rent Receipt, Utility Bills, Overseas Statement of the Bank, Government Issued ID Card (Any  of the said documents)

Conclusion

You will have to prepare and submit the above-said documents to apply for a credit card. However, your bank or credit card company may ask for additional documents required for a credit card, depending on the terms and conditions. Having the above-mentioned allows you to get a credit card without wasting much time.  

It is worth noting that your credit card limit depends on your credit card issuer, income, and credit score. If you are searching for credit card, and want a higher credit limit, you will have to convince your card issuer that you can repay the borrowed amount without any defaults.

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Finance 264