Credit Card

A credit card means you buy now and pay later. Your bank (issuer of the credit card), pays the amount for the product or a service right away and has to be repaid within a period of time. This card is very useful if you have to purchase a product immediately and have no ready cash.

What are the documents required to avail a credit card?

  • You need to submit a copy of your PAN card.
  • You need an identity proof and an address proof such as a passport, driver’s license or a voter’s card as part of your KYC (Know Your Customer), needs.
  • If you are salaried you show copies of your last 3 months salary slips and bank statements.
  • You need a copy of form 16 as well as your last 3 years Income Tax Returns.
  • If you are self employed you require to show Income tax returns, your profit and loss account and your business card. You might also have to own a vehicle and your business must have credibility.


Why avail Credit Loan?

Money is Safe

Credit cards can be used in India or abroad. They are easy to carry and can be easily blocked if lost. Your money remains safe.

Special Benefits

You get frequent flier rewards and fuel point rewards if you use your credit cards to book flights or pay for petrol or diesel at fuel pumps.

Used to Shop

You can shop online or pay utility bills such as water and electricity bills using a credit card.

Rewards and Cash Back

Higher you spend with the credit card, more are the reward points you get. You get discounts when you shop using the credit card.


Eligibility criteria to avail Credit Card

  • You need to be at least 18 years of age. You will not be able to avail a credit card if you are over 65 years of age.
  • You require having a minimum salary of INR 3 lakhs.
  • You need to have a minimum CIBIL score of 700 for the final sanctioning of your loan.
  • You must not be in debt or be paying EMI’s on too many loans.
  • If you are a student, you can avail a credit card against your fixed deposit. A certain minimum fixed deposit would be specified.
  • If you have a savings bank account or a fixed deposit with a bank, you can easily avail a credit card.
  • If you are working in a non listed or not too popular company, then you might face a problem while availing a credit card.

Credit card?

Credit cards are also known as plastic money. It is one of the most convenient ways of making payments while shopping. The major advantage of plastic money/credit card is that you don’t have to carry cash and you can get reward points on each purchase made. Only banks are permitted to issue credit cards.


Benefits of Credit Card

Credit cards are at their most convenient when it comes to travel. Credit cards are also essential while shopping online. A person can shop online by his credit card. Credit card also allows 24-hour instant cash access from an ATM.


Caution while using a Credit Card

It is always advisable to pay your credit card dues on time, in order to maintain a good credit score in CLBIL. Whenever anyone applies for any kind of loans in future, a bad history or credit score can be a cause for rejection. If due to poor credit history one is not able to get a credit card, then one can apply for a secured credit card. These are issued against their term deposit in the bank.