Age is one of the primary deciding factor when bank/FI consider a credit card application. The age criteria varies depending accordingly the work profile or if the applicant is a earning member of the society.
Age Criteria for Salaried - Since the salaried applicant includes employees of private companies as well as government and public sector employees where retirement age of the applicant affects the credit liability of the employee, the age criteria is kept different than self-employed or student.
A salaried applicant must be at least 21 years old at the time of credit card application whereas the maximum age of the applicant should not be above 60 days.
Age Criteria for Self-Employed - Unlike salaried employee whose age criteria gets affected due to the retirement age, the eligibility criteria for self-employed have no such boundation. Hence, the maximum age limit for Self-Employed applicants is higher than salaried. The maximum age of a self-employed applicant should not be above 65 years whereas the minimum age should not be less than 21 years.
Age Criteria for Students/Non-Incomers - Unlike salaried and self-employed applicants, the age criteria for a student credit card or a secured credit card is pretty lower. Currently, SBI offers only one student credit card named SBI Plus Advantage Credit Card, for which the applicant should be at least 18 years at the time of application.
Income is the second and most important factor which helps SBI decide if a certain applicant is able to pay off the debt and charges of their credit card. Based on the the income criteria, SBI also define the credit limit for a credit card offered to the cardholder.
Income Criteria usually depends upon the type of credit card you are applying for such as unsecured and secured credit card, and sometimes upon the card itself if it’s an exclusive credit card like SBI Elite Credit Card.
Income Criteria for Salaried Applicants - If you are a salaried applicant, working in either a government sector or in a private company, the minimum salary of the applicant should be at least Rs. 20,000 per month. Apart from it, the applicant should also have a reliable source of income and must be able to show the proof for the same.
Income Criteria for Self-Employed Applicants - If you are a self-employed business man or a self-employed professional, then you must know that the income criteria for you is higher than what is applicable for salaried applicants. A self-employed applicant must be earning at least Rs. 4.50 Lacs per annum.
Income Criteria for Non-Income Applicants - If you are non-income applicant like an student, housewife or a pensioner, then you can avail a secured credit card on the basis of a bankable security which will be guaranteed against the credit limit available on the card. This can include a fixed deposit account or a pension provident fund (PPF). The minimum amount of the fixed deposit or PPF should be least Rs. 25,000 in order to be eligible for the card.
When it comes to credit card eligibility, how you receive your income/salary also play a major role.
Receive Salary in Salary Account - If you are a salaried applicant who receive his/her monthly salary or pension in a salary/pension account especially if it’s held with SBI, then not only your chances to be approved increases but it also helps the bank to process your credit card application faster due to less documentation as compared to other salary disbursement methods.
Receive Salary by Cheque - If you receive your monthly salary by cheque and put it in your saving bank account of SBI or any other bank, then you will have to provide a proof to SBI showing regular deposit of the cheque into your saving account.
Receive Salary by Cash - If you receive your salary by cash, then it is important to have the salary receipt to show as a income proof or you must be at least able to provide the salary certificate to the SBI signed by the employer/HR. In case, if you fail to provide a reliable proof then your credit card application would get rejected.
Stability at the Current Job - If you are a salaried applicant who wants to avail an SBI credit card, then you must be stable at your current organisation for at least 1 year. This means that the applicant must have a one year experience at his/her current job whereas the total working experience should be above 2 years.
Stability of the Business - If you are a self-employed business or professional, then you must be stable at your current business/profession for a minimum of 2 years at least. It means that the cardholder must be running his/her current business or profession for at least two years in continuity.
When it comes to credit card, especially if it a unsecured credit card then the credit score matters the most. Your credit score not only tells about your credit lending capability but also show the banks/FIs how efficiently you have been paying off your debt. It also represents your spending behaviour.
To be eligible for an SBI credit card, you must have a credit score of minimum 750 points. The higher your credit score is above 750 points, the more option you’ll have for credit card since some credit card such as lifestyle credit card demands high credit score rating. Whereas, not be able to fulfill the minimum credit score criteria would result in rejection of your credit card application even if your salary/income is way above the minimum benchmark for income criteria.