I am from low income group can I have a credit card? What is the minimum salary limit for getting a credit card? These are the most common questions asked by individual now a day. So, today let’s try to get an answer to this question.
Annual income and the credit score is a crucial factor in getting the credit card. If your income level is low or if you have defaulted in making payment of a loan, your chances of getting a credit card is less. A credit card company evaluates your application based on your repayment capacity. It is quite simple if your monthly salary is Rs 50,000 you will easily get a credit card. However, if your monthly salary is Rs. 10,000 Credit Card Company might refuse your credit card application.
However, a person with low income group can also get a credit card in India. In India credit card is available with a minimum salary limit of Rs 6250 per month. A credit limit of such credit card is very less. It is usually 3 times of the monthly salary. If you are working with a good company or the government your chance of getting a credit card is high.
So, here is 10 Credit Card option for Low income group.
10 Credit Cards for Low Income Group
1. India Card by Bank of India – Gross income 0.75 Lac per annum.
2. Canara Visa Classic – Minimum Income 1 Lac per annum. Maximum card usage limit is 3 Lac.
3. ICICI bank HPCL Coral Visa Credit Card – Minimum income 2.4 Lac per annum.
4. Kotak Fortune Gold Card – Minimum income should be 3 Lac per annum.
5. Andhra Bank Credit Card – Minimum Income 1.8 Lac per annum.
6. Bank of Baroda Titanium Card – Minimum Income 2 Lac per annum.
7. Corporation Bank Gold Card – Minimum Salary Income 1.8 Lac per annum.
8. Vijaya Bank Gold Credit card – Minimum Salary Income 1.2 Lac per annum.
9. HSBC Classic Credit Card – Minimum Salary Income 1.44 Lac per annum.
10. Axis Bank Insta Easy Credit Card – No Income Proof. Only fixed deposit of Rs 20,000 is required.
Documents required along with Credit Card application
1. Salary Slips for last 3 months
2. Income tax returns document
3. Latest bank statement or passbook showing salary credit entry
4. Address proof and ID proof
5. Photograph
If you are already using a credit card or planning to take one make sure you never default on your payment. Making a payment on the due date will help you in two way you can save on interest and also build your good credit history. A good credit history helps you while applying for loan or credit card.
