Credit cards are not issued to people like debit cards. In order to acquire a credit card, the customer should possess or fulfill a few requirements/eligibility. This will include the employment type, loan payback, credit history etc. One of the key reasons for such a measure is to ensure that the credit once if issued to a customer he/she would be able to repay the money spend on credit with the interest rate if any.
This doesn’t mean that low salaried people are not eligible to receive a credit card; it simply means that a customer can apply for a credit card if he/she can fulfill the eligibility factors set by the bank/institution that issued the card.
The documents required for applying for credit are basically the same, however, there are few banks and credit cards that need other documents.
Here is the list of few basic documents required to avail a credit card
- Income proof or salary slip from the institution/company you work for
- Pan card copy
- Aadhaar card
- Income tax return document
- A detailed bank statement that mentions at least past 3 months bank transactions and salary credit.
There are several banks and institutions that provide credit cards for people with low annual or monthly income. However, there will be some eligibility criteria that should be fulfilled. Here is the list of 7 best credit cards that a low-income person is eligible to get.
- Bank of India Visa Gold Credit card
- Axis Bank Insta Credit card
- ICICI Bank HPCL Coral Visa Credit card
- Canara Bank Visa Classic Credit card
- Vijaya Bank Classic Visa credit card
- Canara Bank Global Credit Card
- PNB Classic credit card
All these cards mentioned above require an annual income between 1.5 to 2.5 lakh. However, the documents required may vary with each card. Now, let us look deep into each card.
Best Credit Cards for Low-Income People:
1. Bank of India Visa Gold Credit Card
This card is one of the top credit cards that you can apply for if you have an annual income of INR 1.5 lakh or above. The credit card comes with several features like 51 days interest free credit, facility to convert purchase of over INR 5000 to EMI, concession in mediclaim insurance policy and many more.
- Services – Free of charges
- Annual fee –INR 600 per annum
- Credit limit – 20% of annual income
- Late payment charges – INR 100 + financial charges if the minimum payment due is greater than INR 1000
Eligibility criteria
- Applicant should have minimum gross annual income of INR 1.50 lakh or above
- Should not have pending dues or do have defaulted any type of payments in any banks
- Applicant should be of an Indian origin or NRI’s and people currently residing in India with a foreign origin can also apply.
- Should have a steady income
https://www.bankofindia.co.in/english/VisaGoldCard.aspx
2. Axis Bank Insta Credit card
This is one of the best credit cards that you can apply if you have a fixed deposit of INR 20,000 or above in Axis bank. This bank has a reputation for the best quality of services provided. The credit cards from this bank has some extra added features like platinum chip for enhanced security, zero liability feature, extra security on each transaction etc.
- Services – Amount charged
- Annual fee –No annual fee
- Credit limit – 80% of the fixed deposits principle value
- Late payment charges –INR 300 if the due is below INR 2000, INR 400 if the due amount between INR 2000 and 5000, INR 600 if the due is above INR 5000
Eligibility criteria
- Applicant should have a fixed deposit in this bank for an amount of INR 20000 or above.
- Minors are not eligible
- The Fixed Deposit should not be a tax saver or Auto sweep and neither should it be in the name of a trust or HUF
https://www.axisbank.com/retail/cards/credit-card/insta-easy-credit-card/eligibility-documentations
3. ICICI Bank HPCL Coral Visa Credit card
This is one of the best credit cards that you can apply if you have a monthly income equal to INR 20000 or an annual income of INR 3 lakh. ICICI is one of the largest banks in India with millions of customers availing the services daily. Credit cards from this bank always stand up to cater the needs of users at all walks of life. This credit card is designed to help users deal with the issue of rising fuel prices.
- Services – Amount charged
- Annual fee – No annual fee for the first year
- Credit limit – Depends on the customer’s income
- Late payment charges –40% of the due amount (subject to change)
Eligibility criteria
- Applicant should be of age greater than 23 years
- Should have a monthly income of INR20000 or annual income of INR 3 lakh
https://www.icicibank.com/Personal-Banking/cards/Consumer-Cards/Credit-Card/hpcl-coral-more-benefits.page?#toptitle
4. Canara Bank Visa Classic Credit card
This is one of the best credit cards for low-income people, which you can apply for if you have an annual income of minimum INR 1 lakh. This credit card is an entry-level card that is designed to cater the needs of people with moderate lifestyle and needs. This card comes with a complimentary insurance and purchases protection. The bank also provides a 50-day interest-free feature.
- Services – Amount charged
- Annual fee – No annual fee
- Credit limit – 30% of annual income
- Late payment charges –2% of the due amount (subject to change)
Eligibility criteria
- Applicant should have a minimum wage of INR 1 lakh
- Applicant should have a PAN card
- Applicant should have a good CIBIL score.
https://canarabank.com/english/bank-services/personal-banking/card-services/canara-visa-classic-mastercard-standard-global-card/
5. Vijaya Bank Classic Visa credit card
This one of the credit cards that you can apply if you have an annual gross income of INR 60000 or above. The credit cards from this bank are popular for its features and services provided and this card is no different. However, this card is valid only in Indian and Nepal.
- Services – Not available
- Annual fee – INR 400 per annum
- Credit limit – INR 75000
Eligibility criteria
- Applicant should be Vijaya bank customer with an account in the bank
- Applicant should have a minimum annual income of INR 60000
- Should have an SB account with minimum balance of INR 50000 maintained for at least 6 months
https://www.vijayabank.com/Card-Services/Credit-Cards/VISA-Classic-Chip-Credit-Card
6. Canara Bank Global Credit Card
This credit card is one of the best credit cards you can apply if you have a minimum income of INR 2 lakh annually. This credit card is designed for customers who lead a high-end lifestyle. The cards offer purchase protection and add-on cards for the family members for an enhanced experience.
- Services – Amount charged
- Annual fee – No annual fee
- Credit limit – 50% of annual income
- Late payment charges –5% of the due amount (subject to change)
Eligibility criteria
- Applicant should have a minimum annual income of 2 lakhs
- Should have good CIBIL score
- Applicant should have a PAN card
- Should have good dealing with the bank
https://canarabank.com/english/bank-services/personal-banking/card-services/canara-global-gold-credit-cards/
7. PNB Classic credit card
This card is a multipurpose credit card that can be applied if you have a minimum annual income of INR 1 lakh. This can be used for several purposes like dining, vacationing, booking transport reservations etc. The bank also offers many other features like 10% discount on Kairali-Ayurvedic treatments, Add-on cards for family etc. This credit card provides an interest free credit for 50 days.
- Services – Amount charged
- Annual fee – No annual fee
Eligibility criteria
- Applicant should be 10th class pass
- Should have an annual income of minimum INR 1 lakh
- The applicant should be a resident of India
- Applicant should be minimum 21-years old
https://www.pnbcard.in/login/types2.html
All the information mentioned below each bank was collected from the official websites of the banks and other sources. The list is not ranked. Hope this article helped you
Thank you
https://www.goodreturns.in/personal-finance/spending/2016/05/6-best-credit-cards-low-salaried-individual/articlecontent-pf3109-455426.html
