What is The SBI Credit Card Eligibility Criteria For The Self-Employed?

The State Bank of India is the oldest public sector bank and is known for its dedicated service to its customers. It has been offering credit to people in order to help them achieve their financial goals. People have developed a homely relationship with SBI and trust it completely with all the products that they offer. Credit cards are a popular product by SBI that people are widely using. In recent times people are working really hard to increase their standards of living. SBI credit card is an instrument which lets people afford the luxury at very low processing rates. These credit cards can be availed by meeting the easy-to-follow eligibility criteria. However, the SBI Credit Card Eligibility Criteria is different for salaried and self-employed individuals. Let’s first list the eligibility criteria for salaried employees to understand how different it is from the criteria that needs to be adhered by self-employed individuals:

SBI Credit Card Eligibility Criteria for Salaried Individuals:

• Citizenship: The applicant must be an Indian national.
• Age: Age plays a dominant role in the credit card approval process. SBI has mandates set in terms of minimum age and maximum age while granting approval for credit card. To meet the SBI credit card eligibility, the salaried employee should be between 21 years to 60 years. A person beyond this limit won’t be offered any credit card.   
• Regular Income: There should be a consistent flow of net monthly income in the case of salaried employees. They will have to present in front of SBI the proof of their present employment and salary slips of at least 3 months. They should also meet the minimum net monthly income standard set by SBI in order to avail the credit card. Some other document like Bank Account Statements and ITR documents also needs to be produced.
• Credit History & Score: This is one of the mandatory checkpoints that bank keeps in mind before granting credit card approval to individuals. RBI has made it mandatory to only give access to debt to people by checking their CIBIL score. A decent credit track record translates into a good CIBIL score. If you’ve a CIBIL score of 750 and above, SBI offers you the credit card without any difficulty.

Now let’s check out the SBI Eligibility Criteria for Self-Employed Individuals:

SBI Credit Card Eligibility Criteria for Self-Employed Individuals:

• Citizenship: The applicant should definitely be a citizen of India.
• Income Details: The self employed individual should have a regular income flowing into their bank accounts. This can be backed by submitting bank account statements or any contract with your current employer. Also, the individual should meet the minimum net monthly income stipulated by the State Bank of India.
• Credit Score: State Bank expects the self-employed individual to maintain an above average credit score. They should have a clean credit history in terms of loan (if any) payment or any other debt servicing.
• Age: Like there is an age bracket for salaried individuals, there is a minimum and maximum age cap for self-employed individuals, too. The self employed individuals should have a minimum age of 21 years and maximum age should be 60 years.