Yes, Axis Bank may increase a cardholder’s credit card limit but it depends on various factors including income, credit score, etc. Based on their risk policy, Axis Bank identifies eligible cardholders and offers them a pre-approved credit limit increment. In such cases, the bank sends an offer to eligible customers on their mobile number or email. You do not need to show any additional documents if you receive a pre-approved limit increase by the bank.
These are the factors affecting Axis Bank credit card limit –
Income or Salary – Generally, an individual’s credit limit is around 2-3 times his monthly income and this applies to salaried people. The previous year’s balance sheet income applies for self-employed people. Those who have a better financial history get a higher credit limit in most cases.
Credit Score – The credit limit of an individual depends a lot on the credit history of the customers. A CIBIL score of over 750 is accepted by most banks and financial institutions. Those who have a lower credit score than this are less likely to be approved for credit cards and loans. Even if a person with a low credit score gets a credit card, his credit limit will be quite low.
Ongoing EMIs and Loans – The credit limit of an individual is negatively affected if he has to pay additional EMIs and loan payments from his monthly income.
Relationship with Axis Bank – Banks prefer customers who maintain a positive relationship with them over the long-term. If someone already has a current account, savings account, salary account, etc. with Axis Bank, he is more likely to get a higher credit limit. The bank goes through the customer history thoroughly before deciding his credit limit.
If you have had the same credit limit for a long time or if you just got a salary raise, you can apply for a credit limit increase with Axis Bank. Here is how you can check if you are eligible for limit increase –
- Visit the official Axis Bank website
- Login to your account with your Customer ID
- Open Accounts and then open ‘My Credit Cards’
- Click on the ‘Check for Limit Enhancement’ button
It takes 3-4 working days to process the limit increase request and rejection or approval of the request depends solely on the bank. Axis Bank runs internal checks based on their risk policies while processing the limit increase request. Also, there are no extra fees for increasing the credit card limit for an individual.