Credit card is a great financial tool almost everyone has or desires to have. There are many options available in the market for credit cards. And even different financial institutions have a variety of options available with them falling in every category. SBI bank is one the major financial institution and has a very versatile range of cards for everyone.
SBI has great credit cards for beginners and basic users, and super premium credit cards for high-end individuals as well. Covering every person’s needs from a person living a luxurious lifestyle to a normal man. But every credit card comes with eligibility criteria that needs to be fulfilled to get a credit card. This means to get a hold of your credit card; you will have to match the bank’s requirements.
The eligibility criteria we are talking about here is the one which a bank follows to markup the competent applicant as a potential user. This criterion is basically to check whether or not you are a potential borrower. A potential borrower is someone with a not-bad credit history and can be trusted with the money.
Meeting the required criteria is a crucial part and needs to be fulfilled if you do not want your request to get rejected. The SBI Bank is no different regarding these criteria. Eligibility criteria is a mandatory and set clear parameters on who cannot get the credit cards issued under their names. Here are the important SBI credit card eligibility criteria which you will need to fulfill –
Age – You will have to be a minimum of 21 years old or a maximum of 70 years old while applying for a credit card.
Credit Score – The credit score you hold should be around 700 or above with a great payment history.
Income – The minimum requirements for the salary or income change as per the variant you are using.
Address – You will have to submit the KYC documents such as your residence proof, and ID proof along with your income proof (it is mandatory).
Salary – You need to show your salary slips in case you are an employee and in case you are a self-employed person, income proof is needed.
While a 700 score can fetch the card, a score of 750 can help you get quickly approved.
Not only the eligibility criteria but you will also have to present a few documents required by the bank. These documents are to be presented at the time of application submission such as identity proof, residence proof, income source proof, etc.
Credit card is something that everyone wishes to have these days because it can increase purchasing power. But getting this credit card needs a few documents and criteria to match. And every criterion holds great value. To get the credit card issued from SBI Bank, you will have to meet the above-mentioned criteria and provide valid documents for the same.