How can Self Employed Can Get Credit Card in India-Eligibility, Features, Documents
As all of us known that India is a developing country with lot of potential. Now in India entrepreneurship is growing at an exponential rate, due to this a large group of new entrepreneurs are leaving their jobs and starting their own business. To start any new business by entrepreneur they need fund. To fulfill the requirement of fund to the self-employed person now in India there are many banks and credit card agencies that are to providing credit card to those new entrepreneur for the initial stage of their business development.
Eligibility for Self-employed to Credit Card
- His/ her age must be 18 year or above.
- Address proof (Landline telephone bill, ration card, passport)
- Identification Document proof (PAN card, Election card)
- You should have good credit card history.
- A active account where trading is done for actively for one year.
- There should not be no payment or credit default history.
- There should be good annual income like for HSBC gold card your annual income must be above five lakhs (Rs 5,00,000/-)
Process to apply credit Card
The first step to get the credit card is to fill the form and submit the required documents. The documents which are required to submit are listed below.
- Pan card
- Address & Id Proof
- Business card.
- Latest Income tax return
- Form 16A
- Age proof
- Two colored photo.
List of Agencies offering credit card for Self-employed person
- Axis bank
- American Express
Check List before Taking Credit card
Below is the list of items to think before taking any credit card by self employed
- Annual Fee
- Joining Fee
- Card cancellation fee
- Credit limit
- Billing cycle
- Late fee
- Bill payment methods
- 24*7 customer support
Benefits of Credit cards
- You can make payment at any time if you don’t have enough cash.
- For every purchase at retail shop or at other places by credit cards you will be getting free reward points
- You can make payments of Mobile, landline, electricity etc. bills.
- You will be getting holidays or entertainment voucher.
Originally published at yoyomoneysingh.in on April 20, 2015.