In India, you can either apply for an independent credit card or an add-on card with the support of your parent. A credit card might make it easier for you to fulfill your financial obligations when your parents are not around. In India, student credit cards are not uncommon, and many students use them to fulfill their demands.
These cards are designed for students who are away from the family and would like to spend on their own. Low-interest student credit cards are available with a five-year validity period. These cards are simple to obtain because no income-related documents are required.
A significant number of banks now provide student EMI cards. State Bank of India, HDFC, Axis Bank, and ICICI Bank are the leading banks that provide student credit cards. International students can also get credit cards from select banks.
Different options for Student Credit Card
For the purpose of offering student credit cards, banks do not evaluate the individual's income or tax returns. The banks offer student credit cards based on the following options:
An add-on card is a credit card that will be added to an existing credit card. Most people choose add-on cards for their spouse, parents, or children. Unless the parent cardholder selects a sub-limit, the add-on card shares the credit limit with the primary card. An add-on card works well as a student credit card since it gives you access to all of the parent card's advantages, rewards, and discounts.
Credit card against the education loan
Students can also apply for credit cards against the education loan if they have applied.
Secured credit card
A secured credit card is one that is backed by a payment that serves as security. A secured credit card is typically issued to persons who don't have or have a limited credit history but nonetheless need a credit card. In consideration for a specified amount of money to deposit as collateral, the bank issues a secured card to a customer. The credit limit of the given card is determined by the deposit made. The credit limit can be expanded by depositing sufficient funds into the account.
Savings account with sufficient balance
If you have a decent savings account, you can easily obtain a student credit card using that account. To get a Students' Credit Card, you don't need to keep track of your monthly income. If you have a savings account with the bank, you can apply for an Instant Credit Card. The decision is purely dependent on your banking relationship.
Documents for Student Credit Card
Documents required for applying the student credit cards are as follow:
1. Birth certificate
2. PAN Card
3. Identity card issued by the college
4. Address Proof such as passport, Aadhar card, driving license, etc.
5. Passport size photograph
6. Student credit card application form
How Students can Apply for a Credit Card?
If you are a student above the age of 18 and want to apply for a student credit card, you must first determine which bank offers the finest student credit cards and the application process.
If you match the bank's eligibility requirements, you can inquire about the procedure for applying for the loan. All the banks follow different procedures. Keep your documents ready before you approach a bank.
While some banks will let you apply online, others may need you to go to a branch and fill out an application in person.
Best Student Credit Cards in India
Axis Bank Insta Easy Credit Card
SBI Student plus Advantage Credit Card
ICICI Bank Student Travel Credit Card
HDFC Student Add-on Card
HDFC Bank ForexPlus Credit Card
Bihar Student Credit Card
If you're considering applying for your first credit card, look at interest rates, late payment fees, conversion costs, and the grace period, among other things.