State Bank Of India is one of the giants in the Indian Banking Sector. According to an analysis, SBI
issued 19% of credit cards out of the total issued credit cards in the year 2022. However, it is not easy to get an SBI Credit Card. Not impossible, but the applicant needs to provide a series of
documentation and certification in order to get the card.
Mostly, people are not eligible for the credit card. When we say not eligible, it means they are unable to provide the basic required documents to get a credit card. There can be other reasons which can impact the decisions of the bank rather than just the documents. These reasons can include a variety of criteria which can follow up such as –
Low credit score – This is one of the major reasons why a bank denies your application. When you have a credit score lower than 720 (preferred by most banks), you cannot build confidence in front of the issuer. Hence, issuers or lenders do not take the risk to lend you money or issue you a credit card.
Not stable employment – Having unstable employment includes your history of not working for a continuous time period. This means that your employment or salary has been unstable and the earnings are questionable.
Insufficient income – Some people do not earn a very high amount, at least at the beginning of their careers. This means that the applicant is unable to fulfill the basic criteria of having the minimum salary limit.
Employment in a delisted company – When you work for a delisted company, that means your employment is not secured. When a company gets delisted that means the removal of the company from the stock exchange. Basically, means the company is no longer being traded on the stock market. This can also mean that the company can also become bankrupt or is under the defaulter’s list for fraud (unable to pay the loans they have taken). This makes
your chances of getting a credit card under such type of employment revoked.
Age limit – There is usually a criterion of age limit which is that the applicant must be of minimum either 18 or 21 years old depending on the type of credit card you are applying for. When it comes to the maximum, the applicant cannot be over 60 years old while applying for the card. This criterion is one of the basic and crucial ones, if the card you are applying for demands that you should at least be of 21 years old and you are 20, your application has a
very high chance of getting rejected.
Living at an address that is on the defaulters’ list –
The bank verifies your address on the application and if by anyhow the address is under the defaulter’s list (can be either of the bank’s list or the credit card processing companies’ list such as CIBIL), you will lose the chances to qualify for the credit card.
From your personal details to your credit history and even your residency, everything should be clear. Only then the bank proceeds further with the application and issues you a credit card.
Credit cards are not impossible to get, but sometimes, some people do not qualify for the same. It can be due to any of the above-mentioned reasons. Depending on your credit card, there are different eligibility criteria that the applicants have to meet. It is necessary to provide the correct details to the bank in order to be able to get a credit card.