Indian Overseas Bank Credit Card Eligibility

Age – Customers of Indian Overseas Bank must be above 21 years but below 65 years of age.

Income – Applicant’s must be self-employed or salaried. The income criterion varies from one credit card to another.

Credit Score – Credit score is quite important as it show how financially responsible an applicant is. Customers who have better credit scores have a higher chance of getting their application approved.

Prior Relationship – Customers who have an account with the bank have a higher chance of card approval. Card approval also depends on the amount of money the applicant has deposited with the bank. Customers who deposit a higher amount have a better chance of card approval.

Please Note: Indian Overseas Bank is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only. 

The documents that the applicant must submit at the time of credit card application are given below:

Proof of Identity	PAN Card, Aadhaar card, Driver’s License, Passport, Voter’s ID, Overseas Citizen of India Card, Person of Indian Origin Card, Job card issued by NREGA, Letters issued by the UIDAI, etc.
Proof of Address	Aadhaar card, Driver’s License, Passport, Utility Bill not more than 3 month’s old, Ration Card, Property Registration Document, Person of Indian Origin Card, Job card issued by NREGA, Bank Account Statement, etc.
Proof of Income	Last 3 months’ salary slip or bank statement, ITR, Form 16, etc.

Factors that affect Indian Overseas Bank credit card eligibility criteria are:

Credit Score – Credit score lets the bank know whether the customer can repay the amount or not. Also it shows how financially responsible the applicant is and whether they have ever defaulted on the payments or not. Customers who have a good credit score have a better chance of securing IOB credit card.

Job Stability – Banks provide credit cards to only those customers who have a regular source of income. So customers who have a lot of work experience will find it quite easy to get their application approved. Also applicants who have a continuous employment will have a better chance of getting card approval over those who do not.

Credit Enquiries – Every time a customer applies for a loan or credit card the bank makes a hard enquiry on their credit report. A hard enquiry leads to a drop in credit score. So customers who apply for a lot of credit cards or loans will find it harder to avail a credit card. This is because banks see such people as credit hungry or in urgent need of cash.

Debt to Income Ratio (DTI) Banks extend credit card to those customers who haven’t got a lot of debt to pay off. DTI is the amount of gross monthly income that goes towards monthly debt payment. Customers who have DTI of 50% might be rejected by the bank. So, customers who have a low Debt to Income ratio will have a better chance of securing a credit card.

How can I change my PIN in IOB credit card?
Changing PIN for Indian Overseas Bank is quite easy. Simply follow the steps given below:

• Login to your IOB net banking portal
• Click on credit card
• Then click on change PIN
• Provide the old PIN and New PIN
• Enter the OTP shared to confirm the changes

How can I activate my Indian Overseas Bank credit card?
Activating Indian Overseas Bank is quite easy, just call on the IOB credit card customer care number, 1800 425 7744. Afterwards, follow the IVR instructions to activate your Indian Overseas Bank credit card.

Does a prior relationship with the bank help user’s eligibility for credit card?
Yes definitely, applicants who have maintained a relationship with the bank prior to credit card application find it easier to get a credit card. Also, such customer’s won’t have to submit their Know Your Customer (KYC) documents again.

How can one better their chances of approval when applying for Indian Overseas Bank credit card?
Try the tips given below to better your chances of credit card application approval:

• Never default on any loan related payments
• Try and settle your credit card bill before statement generation date
• Utilize only 30% of your credit limit

How can one apply for Indian Overseas Bank Credit Card?
Indian Overseas Bank credit card can be applied through Indian Overseas Bank Branch.