Credit cards are not issued to everyone who applies for one, because before issuing credit cards, the bank goes through factors such as type of employment, credit history and loan. This is done to ensure that you will be able to repay the amount used from the credit card.
Banks do provide credit cards for low salaried (Rs 8,000- Rs 15,000) depending on the annual income. Eligibility on the card will be 3 times of the monthly salary.
Here are basic documents required to apply for credit card:
1. Salary slips from the company
2. Income tax return document
3. Pan Card
4. Latest bank statement where the salary credited is for minimum 3 months
Here are 6 best credit cards For low salaried individuals:
1) Bank of India Visa Gold card
Customers whose gross annual income is Rs 1.50 lacs & above are eligible to apply for this card. The fee charged is Rs 600 per annum. One can also avail add on credit card for Rs 350 p.a.
2) ICICI Bank HPCL Coral Visa Credit Card
The ICICI Bank HPCL Coral Credit Card help you keep fuel costs under check with powerful cashback and fuel surcharge waiver programs.
The applicant should earn a monthly salary of Rs 20,000 (if salaried) or have an annual income of Rs 3 lakhs as per ITR (if self-employed). The fee charged for first year is Rs 199.
3) Axis Bank Insta Credit card
There is a very easy and minimal documentation and guaranteed approval and host of benefits, attractive rewards and exciting offers every month. No need to submit income proof.
The minimum fixed deposit requirement for issuance of Insta Easy Credit Card is Rs 20,000 and maximum of Rs 25,00,000.
4) HSBC Classic Credit Card
To avail credit card from HSBC, the minimum salary income should be Rs 1.44 Lac or more per annum.
HSBC credit cardholders have nil lost-credit card liability after the loss of the credit card has been reported to the Bank in writing or to the VISA or MasterCard Global Emergency Assistance Helplines.
5) Canara Bank VISA Classic Credit Card
This is a card designed to meet moderate lifestyle. The card is brought to you in association with VISA. You need a minimum of Rs 1 lakh to be eligible. It brings comfort and convenience to your everyday life.
6) Vijaya Bank Classic Visa Card
The minimum limit of a Vijaya Bank Visa Classic Credit Card is Rs 5,000 and the maximum limit is Rs.75,000. The credit card provides cash withdrawal facility to its customers, which is 50 percent or Rs 25,000 of the card limit. To avail this card, one should be the account holder of the bank.
Vijaya Bank Mastercard Global Credit Card
To avail this card, the salaried individual must have gross income of at least Rs 1,20,000 per annum and a self-employed individual must earn at least Rs 10,00,00 per month in order to be eligible.