Let us understand how your CIBIL score defines the credit card approval process and meet the credit card eligibility criteria:
- Applicants with high CIBIL scores are considered credit-responsible and have higher chances of getting their credit applications approved.
- To be eligible for a credit card, the applicant should have a good credit score.
- Usually, any credit score above 750 and closer to 900 is considered good by financial institutions.
- Several banks do accept a credit score between the range of 700-750 for credit card approval.
- Few banks also consider the approval of credit cards for applicants with even low credit scores.
- Applicants, however, also need to meet other eligibility criteria defined by the lender in terms of age, income, occupation, residence, credit history, etc., to avail new credit.
- Generally, banks and NBFCs do check CIBIL scores before the approvals of credit card applications.
- Applicants who are New to Credit or with No Credit History may apply for secured credit cards (credit cards against fixed deposits) and start building their CIBIL score.
- While applying for credit cards, applicants need to submit their valid PAN card and other KYC documents for processing.
- A PAN card is considered an essential document by banks and financial institutions to check the applicant’s credit score and report.
Suggested Read: Best Credit Cards for Beginners in India
