Get Rs.10000 Personal Loan for 45 Days @ZERO Interest from ICICI Bank

The money earned through interest income makes your bank rich be it through credit card, personal loan, home loan, car loan, etc. And the most painful is the interest paid on personal loan, which is a money minting machine for all the lenders, irrespective of the amount of credit granted. Because the interest rate charged by the bank is huge, especially when the loan is taken without any collateral. And if the borrower takes credit against collateral then the rate charged is on a lesser side. In any case, personal loan is the most expensive.

Understanding the pain caused, ICICI bank (India’s largest private sector bank) in partnership with Paytm (India’s largest mobile payment app) is offering digital credit (i.e. personal loan), which is interest free, to its customers using Paytm app. This is basically a short term small loan.

The product is called Paytm-ICICI Bank Postpaid

Loan is not granted to everyone. Real time credit behavior i.e. financial and digital behavior is assessed based on which credit is approved within seconds. Here are more details on the digital personal loan (or credit):

  • Minimum loan amount: Rs. 3,000
  • Maximum loan amount (digital credit): Rs. 10,000
  • Interest rate: ZERO interest for 45 days
  • No documentation
  • Instant approval
  • No processing, pre-closure charges

What if repayment is not done within 45 days?

The penalty is very small i.e. a late fee of Rs. 50 will be charged and interest rate of 3% will be applied. Repayment can be done through Paytm wallet, debit card, or internet banking of third party bank.

Eligibility criteria but not limited to:

  • He/she should be ICICI Bank Customer
  • Must be using Paytm App for shopping
  • Paytm app should be linked to ICICI Bank account
  • Should have good credit score

Where can you use the money?

There is no condition on the using the credit money. Borrower is free to use money for any purpose such as making bill payments, flight booking, buying movie ticket, and so on.

Who should use such credit facility, if eligible?

  • First time applicants with no credit history
  • This is best recommended for individuals (especially salaried) who want to pay their utility bill in the first 5 days of the month but are receiving salary late. Once they receive the salary, repay the loan.
  • Small business owner or self-employed: There are many businesses in India which still run on credit mode i.e. date of receiving money is not fixed. However such individuals have to pay various bills in the first week of the month in order to keep the business running. So for such individuals, this zero interest loan is worth recommended.
  • It is also ideal for shoppers who want to earn cashbacks

How to avail more credit?

It’s simple. Make repayment on time and fully and you can avail loan amount of upto Rs. 20, 000.
In case of default, the loss would be for the ICICI bank and not Paytm.

9 Types of Collateral to Get Personal Loan: FD, Shares, MF, Gold, NSC, KVP & more

Financial emergencies can strike anytime. And not everytime your own savings or friends can come to fulfill your requirement. In such cases, personal loan is the best and the only solution.

When any individuals want to take personal loan from any financial institution for his/her financial requirement, there are two options:

  • Against Collateral
  • Without Collateral

Collateral means pledging your assets/belongings as a security with the lender and get finance against them. Getting a personal loan without collateral is expensive for the borrower because of high interest as the risk is high for the lender.

Opposite is the case when taking loan against collateral. The interest rate is low and so is the risk to the lender. Most importantly, the credit score is not an eligibility criteria in most cases and the processing is quick compared to overdraft without collateral.

There are many types of collateral’s lenders accept in India. And here is the list of collateral’s borrower can pledge and get personal loan against them:

Fixed Deposit: If an individual has fixed deposit account in his/her name, then you can get personal loan against FD. The loan amount is around 80%-85% of the FD amount kept with the bank. Important point to note is, you cannot get loan whose tenure is greater than the FD tenure. The interest rate charged by the bank is higher than the FD interest rate offered but lower than the traditionally bought personal loan.

Shares: These are also called as loan against securities. If you are an equity investor then you can pledge your shares with the bank and get overdraft loan against it. The loan amount depends on which scrip it is, the previous day’s market value of the shares and the quantity held. Interest is typically charged on the amount utilized and for the time span utilized. You can take loan against a single scrip although most banks ask for shares from two different companies. Every bank has pre-approved scrips against which loan is given. Also loan is not granted if the applicant has shares in physical form, in the name of minor, locked-in, partly paid-up shares.

Mutual Fund: Similar to personal loan against equities, you can pledge mutual fund units and get finance against it. You cannot get loan against every fund you own and every bank has pre-approved funds against which overdraft is given. Applicant can have shares and MF units held in NSDL or CDSL. The loan amount is higher for Equity/ Hybrid/ ETF funds and lower for debt or FMP funds. The net asset value (NAV) is used for calculating the loan amount.

Property: Although taking a loan against property is not recommended, but those who are seeking to get it must know that – loan can be taken by mortgaging residential, commercial property (office or plots), or residential plots, schools, hospitals, etc or industrial property. Loan amount (typically 60%-70% of the value of the property) depends on the net present value of the mentioned property. If the said property is jointly held, then all the co-owners are required to become co-applicants of the loan. Mortgaging your property doesn’t mean, you cannot continue using it. You have full rights to use the property.

LIC Policy: The loan amount depends on the surrender value of the policy and is typically 85% – 90% of the surrender value. Most importantly, the borrower should have paid three premiums at the time of loan application. If the loan repayment is not done before the maturity of the policy, then LIC has the rights to get their money back from the maturity amount.

Gold: These are also called as gold loan and the borrower has to deposit gold ornaments with the lender and get finance against it. However the gold remains in the custody of the lender until the loan amount is paid fully. Which means, you cannot enjoy wearing your ornaments. In return, bank guarantees safety for your gold jewelry. The loan amount mainly depends on the carat (18 to 24) and weight of the gold jewelry in grams, tenure of the loan. You can also get loan against gold coin.

Credit Card: Another option to save money on higher interest rate charged and get instant cash, is personal loan against credit card. There is no application required as this type of loan is already pre-approved and typically existing card holders are offered this type of loan. The loan amount in this pre-qualified loan is within the credit limit. However the applicants must have a good repayment history and credit score.

Other types of assets against which you can get personal loan are:

National Savings Certificate and Kisan Vikas Patra: For meeting financial requirements, you can also get loan against NSC or Kisan Vikas Patra (KVP). The loan amount depends on the age of NSC/KVP. Note that NSC/KVP should be on the name of the borrower.

Almost all leading banks in India – SBI, ICICI Bank, HDFC Bank, Axis Bank, etc. and other financial services provider such as Bajaj Finserv, Tata Capital and others offer loan against above mentioned collaterals. And all credit is granted at the sole discretion of the respective Bank or financial services provider and eligibility criteria is different for each lender which mainly include age, income, past financial transaction history, and number of dependents.

4 Ways to Get COLLATERAL FREE Loan for Salaried, Self Employed Business

In India, there are two types of loans – secured and unsecured.

The key differences between the two are – secured loan requires some form of collateral to be kept under possession of the lender (car, land, fixed deposit, etc.) and interest rate is low and risk to lender is high. Whereas in case of unsecured loan, there is no need of collateral or guarantor, interest rate is high and risk of lender is also high. Collateral free loans are given on the basis of TRUST. Borrower is trustworthy or not is decided on the basis of previous borrowing history and current financial status.

Whenever any individual applies for personal loan, guarantor/collateral is typically requested by the lender. In either case, credit score and employment or business status will determine whether loan would be approved or rejected.

Not everyone has collateral to keep in the custody of the lender. So in case of urgency, how to get loans with no collateral in India?

There are four ways to get collateral free loan as follows:

Direct application with the financial institution

Individual can visit the lender directly or apply online. Borrower will have to apply for multiple documents such as income proof, IT returns, employment documents such as salary slip, etc. And based on statistical calculations and credit score, the application will be either rejected or approved. Although individuals with higher income get loan easily, there are loans for low income earners as well, offered by few banks. In such cases, the finance offered is on a lower side.

On the other hand secured loans are easy to get and interest rate is also low. This is because the risk is low since your valuables are in the possession of the lender. And in case of default, lender has rights to take possession of the assets – car, home, land, gold, equities, mutual fund, etc.

Mudra Loan

Micro Units Development & Refinance Agency Ltd. (MUDRA) is a scheme run by government of India. Under Pradhan Mantri Mudra Yojana (PMMY), individual who wants to set up/run micro units – manufacturing, trading and service sector business is eligible to get upto Rs. 10 lakh credit. This loan cannot be granted to a salaried individual and only those who want to setup or run business can be offered the credit. As the name suggests, Mudra loan can be availed only if the borrower is having micro business i.e. where capital requirement is small.

The objective of PMMY is to promote entrepreneurship in India. Under this scheme, there are three categories of loans:

  • SHISHU – Maximum credit of Rs. 50, 000
  • KISHORE – Maximum loan of Rs. 5 lakh
  • TARUN – Maximum loan of Rs. 10 lakh

Peer to Peer Lending

These are online loan marketplaces connects borrowers with multiple lenders. Compared to banks, the eligibility criteria are not very strict and there is no requirement for guarantor or any type of collateral. And borrower has options to choose from various lenders and bargain on interest rates. Until August 2017, they were not regulated by RBI but from September 2017 onwards, RBI decided to regulate it.

P2P platforms check eligibility of the borrowers via credit score check, income, social media activities, and others.

Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE)

Businessmen owning micro / small manufacturing, service company, or wanting to setup micro small enterprise (MSE) are offered collateral free loans. The loan amount is upto Rs. 1 Crore. The cash credit can be used by the borrower for working capital, buying assets or expanding the business. In order to be eligible to get loan under CGTMSE scheme, the entity should be either of these – Sole Proprietorship, Partnership Firms, Private or public limited Companies.

May 2018 Job Search in USA: 5 Tips for Indian Students

At this time of year, college students are returning to campus, buying books and selecting classes. It is also the time when Indian students should start thinking seriously about getting a job in May. Afterall most of the students have to think of education loan repayment once they get their degree.

By starting your job search from February 2018 itself, you can be sure that you’ll get a job that will help you kick start your career and earn you degree.

Here are five things that students should do now, to give them a chance to embark on a new adventure in May.

Update your resume

When you start a new job search in USA, the first step should always be to update your resume. Indian students should add the most recent and relevant information, including subject matter and research projects. You must make sure your resume is up to date. This does not mean to include only internships, they must also incorporate class work, and other relevant projects or experiences of the semester. Experiences such as professional follow-up with a teacher or working on campus can be excellent conversation points to demonstrate your strengths, especially if you don’t have years of professional experience.

Make contacts

This is the ideal time to start making contacts. Start by contacting your classmates who graduated last year or the year before.

Once you’ve established that contact with your closest acquaintances, be sure to take advantage of the college’s vocational counseling services. Career centers often have extensive information about alumni, conduct mock job interviews, and can help you in polishing your resume. Especially Indian students should use their service. This is because the language style in USA is different than in India.

Ask them for a list of alumni who work in the company or industry that interests you. Also take advantage of this opportunity to sign up for a mock job interview, because while you’re making contacts, it’s also important to perfect your skills. Mock interviews also help in evaluating your English speaking skills, which is undoubtedly the most important thing employer will look for, after your job specific skills set.

Job alerts

One of the most underestimated tricks when looking for a job is setting up alerts to notify you about the opportunities that may interest you. Monster, LinkedIn and Google offer services that will send you e-mails or notifications to let you know that a job opening has been opened.

Once you receive notice of a job, submit your application without any delay.

When the alerts arrive in your inbox, post immediately, don’t wait. If you see a job, you should apply that same day. Never assume that the job advert will be available too long. There are thousands of applicants for one job post. So be first to apply.

Go after your ideal company

If you have searched the jobs page of the company you would like to work for, but there are no vacancies, you should not to be discouraged.

If the company doesn’t have vacancies available, contact them anyway, because you never know when a vacancy will open and your application remains in their mind.

By contacting the company at the beginning of the semester, you make sure your name is the first thing that comes to mind when a new job is opened.

Post your social skills

Strengthening your social skills will help you prepare for a job in May and it can also be fun. Students can “refine these skills by moving away from their comfort zone. It’s about making small talk, introducing yourself.

This is an entertaining way for young people to have face-to-face conversations with people outside their usual social circles. In the course graduating all students are digitalexperts, and it is more important than ever that they are able to interact in real time and be able to hold a conversation.

Meeting new people and trying new things is also a great way to spend your last few months as a student.

How to Avoid Frauds When Choosing School Abroad

There are scammers who take advantage of the good faith of people who seek to realize their dreams and literally’ tumble’ them with their curriculum abroad. However there are ways to avoid falling into the trap.

Never trust what is too cheap. That is a signal that should help students and their parents and alert them to possible fraud. But it has happened in terms of studies abroad, that some individuals set up those illegal colleges that end up promising this life and the other to dreamers who go after their intention to improve their knowledge or learn languages.

Ask for legal documents

A school must have permits and authorizations in the country to operate. Don’t be afraid to ask about the registration in the Chamber of Commerce, its registration with the government, among others.

Better if it is referenced

Many centers live from the good reviews left by other people who already know their services. In this, it is important that you ask, research, and have someone you know tell you about your relationship with the school. That creates more credibility. Try to connect with multiple people who have given reviews, over Facebook or Linkedin. By doing this, you will come to know the real inside picture of the said school. Do not blindly trust reviews, as anyone can create fake profiles and start writing positive reviews.

Is the school affiliated?

Another key is to check whether the school is affiliated or has recognized partnerships. For example, support from LSI (Languages Studies International) is a bonus for the school that offers programs in the UK, USA, Canada, Australia, New Zealand, Switzerland and France. This ILS manages agreements with the British Council, ETsS, Cambridge English Language Assesment, among other entities, with which it goes more’ fixed’.

Get more information from embassy

It is a good practice to ask directly at the embassy whether the institution that is working with you or where you plan to study has any recognition at the embassy in the destination country.

Remember it’s your career and money is involved. So it’s your duty to choose the best school and make career.

6 ETHICAL Ways Low Income Earners Can Earn Extra Money from Home

By now everyone must be aware of Rs. 11,300 crore loan scam. Although it was a fraud committed between multiple entities, one thing to note is income is the most important criteria in availing any type of credit.

Higher the income, higher would be the sanctioned loan amount. Income of businessmen, salaried, or self-employed basically helps in evaluating the credit worthiness of the applicant in addition to other factors such as credit score, years in job, and others which are also taken into consideration whenever loan application is processed.

However the process of getting any type of credit is very easy for higher income earner but is equally difficult for a poor income earning person. So even if a low income earner wants to invest money in something new for e.g. starting a business, chances of getting a loan are extremely difficult. Although there are banks offering loan to low income individuals, the money may not always be sufficient to meet the demand.

So the other alternative is to earn second income in addition to your existing job/business. And there are many ways to generate additional income that too from home requiring bare minimum investments.

And here’s the list especially for low income earners to earn side income sitting at home.

Sell Unused Items

Open any closet in your home, and I bet most of what you’ll find are things you haven’t used in the last 6 months. Don’t you think it’s time to clean up and get rid of what you don’t use and it’s just sitting there collecting dust?

Selling your clothes, gadgets, or other items that you no longer use is a good way to earn few extra rupee.

You could sell anything:

  • Furniture
  • Mobile phone, Laptops
  • Clothing and accessories
  • Books and CDs
  • Bikes, Bicycle
  • Small household appliances
  • Crockery
  • Toys your children no longer use
  • Musical instruments

You have several options where you can sell them online in India on websites of Ebay India, Quikr, EazySeller, Olx, Koove.

This is one of the best ways to earn extra money, because you can go around your house right now, look for these things you don’t use anymore, take one or two photos, upload them to one of these websites listed above… and you can sell it off in fast depending on the requirement, condition of the product, etc.

Sell Your Talent and Earn Extra Money

Talent is everything. If you are good at something, then you will definitely earn good money. Having multiple talents is always a boon. For e.g. if you are a software developer and at the same time have a good writing skills, then you can earn extra money in your free time by writing for companies located across the globe. There are many freelancing websites which let you work from anywhere and pay money.

List of top websites where you can find work as a freelancer are:



A good flair for writing is another option to start making money from home or anywhere. Once you gain good traffic and meet other requirements, you can start earning money through advertising (adsense/affiliate).

Take Care of Neighbor’s Children

Babysitting is one of the best source to earn extra money. In fact some individuals make a living of it. However you should be a pro in dealing with children. Any misdoing will land you in legal trouble. So be extra careful while putting your hands in babysitting.


Being a poor earner, getting a credit card becomes difficult similar to a loan. However there are cards for low income earners and if you manage to get any of these card then cashback is the best way to earn money by spending money. Cashback is nothing but the reimbursement (part of purchased amount) you receive on the purchase made online. Although in order to earn more cashbacks, you have to spend more, but finally money is money – whether small or big.

Youtube Channel

If you have an excellent skill/s, create educational videos and earn money by adding adsense. And this is possible through Youtube. By launching your own channel on any topic (makeup, hairstyle, cooking, etc.) and then growing the traffic, you can create good side income.

6 Money Making Scams You Should Know But Always Ignore

This article is on a funny side but with a serious message. And should give you a smile in the end or will atleast stop you from falling into the trap of quick rich schemes.

So here’s a list of money making scams tricks scammers use to entice individuals with an objective of duping money.

You’ve won millions

Commonly spread through E-mail or SMS stating “Congratulations your mobile number has won 1.2 million euros or dollars”. Reply with your name, and E-mail to receive money”. Once someone replies, more communications will take place and the other person will ask for your bank account details. And in order to receive the money, you will be asked to first transfer small amount of money to the sender. And in return, the person will promise to send the award money.

So imagine – if 1 million individuals receive such E-mail or SMS and 10, 000 reply and of that 1000 ultimately end up transferring money hoping to receive the award money. That’s it. Scamster’s objective is achieved and your objective to earn money will turn into ashes.

Here’s one such sample:

Crazy, isn’t it. Look at it this way and ask yourself – is money making so easy? Why the hell would you send money to an unknown individual and why would someone, an unknown person, is trying to give you money?

Inheritance Scams

Wow, you are about to inherit an enormous amount of wealth from someone who’ve never seen. Hahahaha..isn’t that great?

Here’s one such scam promising to make you rich by millions of dollars.


Business Proposal

Give this a try. Open your E-mail box and search for business proposal. You will get a lot of such E-mails with this or related subject line. Here’s one such sample E-mail.

Straightaway sounds fishy, isn’t it? Why an unknown person would want you to handle his/her business? So if anyone replies, string of conversation will happen and the other person will ask you to invest some money.

Earn passive income every month, doing nothing

There is something certainly worth noticing “Doing Nothing”. Ofcourse everyone wants to earn money sitting at home. But always remember there are no shortcuts to success especially earning money. Had they existed, every individual on this planet would’ve become super rich today. First thing to remember is there is no free money on this earth. To earn money, you need to invest money. Although not every trick is suspicious and there could be genuine business opportunities as well. But before even thinking of putting money, do a detailed research on such proposals.

Don’t sell your dreams, be your own boss

No one wants to work in a 9am-5pm job or work under an arrogant, over demanding boss, who doesn’t care about his/her sub-ordinates. So such individuals are the targets of fraudsters, who try to lure you by showing you following catchy stuff:

There is no shortage of such communications sent in various forms, such as – work from home and earn in dollars, become rich instantly. So be careful.

Double your income

You can definitely grow your money twice or thrice the investment amount but only through legit financial products such as stocks, mutual funds, real estate, etc. However if someone claims to double your money by investing in growing businesses, operating in other countries or investing in, then read it, but take no action, straightaway ignore.

Finally two things to remember when it comes to money –

“Work is a surefire money making scheme” and
“Never give money to unknown”.

ELSS Vs. NPS: 26 Differences, Features, Tax Benefits

With financial year coming to end, many individuals must be rushing to invest money in order to get tax benefits under the new Section 80C of Income Tax Act 1961.

Everyone wants to gain as much as return possible through the investments made as all types of investments made to get section 80C benefits has a mandatory lock-in period which is varying. However with range of investment options available in the market; where to invest is the common question amongst tax payers.

There are broadly two categories of investment instruments:

The first option is highly recommended for conservative investors who are ready to earn small but guaranteed returns whereas the second option is for people who are ready to take risk their money with an objective of earning high return along with tax benefits.

In this article we’ll discuss the differences between Equity Linked Savings Scheme (ELSS) and National Pension Scheme (NPS) with both having risks associated due to the equity exposure.

While ELSS has been a favorite amongst investors because of highest return in a short period of time, since it has lock-in period of just 3 years with an option to continue further in the same fund. However recently, NPS has also started gaining interest amongst long term investors wanting to safeguard financials during retirement as portion of money is invested in equity, although small, and what option they really choose.

Following table shows the feature comparison of NPS and ELSS:

FeatureNational Pension System (NPS)Equity Linked Savings Scheme (ELSS)
Type of schemePension schemeMutual fund scheme
Primary objectiveProviding security and pension to all Indians after retirementSave tax
Who is the sponsorer?GovernmentMutual fund houses
Section 80C BenefitYesYes
Lock-in PeriodTill retirement. i.e. until investor reaches 60 years of age3 Years
Amount of tax deduction that can be claimed1.5 Lacs1.5 Lacs
Tax TreatmentEET (Exemption on investment, Exemption on return, Taxation on redemption)EEE (Exemption on investment, return, and redemption)
Premature withdrawal possible?Yes. Only upto 25% and only for certain purpose and provided you purchase annuityNo
How many times money can be withdrawn partially?3 times during the tenureWithdrawal not allowed
Additional tax benefit?Yes. Rs. 50000 under Section 80CCD(1B)No
Are the returns guaranteed?NoNo
Are the returns tax free?Only 40% of corpus is tax-freeNo. Entire corpus is tax-free as it is a long term capital gain.
How to invest?Through select fund housesThrough multiple fund houses
Minimum contributionRs. 6000 per year in Tier-I and Rs. 2000 at the end of year in Tier-IIRs. 500 as a lump-sum in a year or every month as SIP
Withdrawn money can be used anywhere?No. 40% should be used to buy annuity, which becomes pension after the retirement and remaining 20% to buy an annuity or withdrawn after paying taxes. 40% of the corpus is tax-free.Yes
Who can invest?Indian citizens above the age of 18 yearsIndian citizens above the age of 18 years
Can NRI invest?Yes. But is useful if NRI settles in India after retirement.Yes
Historically who has offered highest returnAverage 14%Depends on the scheme but average 15%-18%
Who manages the fund?7 pension fund managersFund managers of respective fund house
Best recommended for?RetirementShort term growth
Can you hold investment after lock-in period?Yes. But only Yes
Where is the money invested?Max 50% in equity. And remaining in corporate debt funds (bonds) or government securities.Minimum 80% is invested in equity and remaining in in debt, money market instruments or cash
Can you shift from one fund to another?Yes. But only once a year.No
Can a investor choose where his/her money is invested?YesNo
Can an investor invest in multiple funds?No. Only one NPS account can be opened by a subscriberYes
Does employer also contribute?Yes, under Tier-I accountNo

Loan for Low Income Earners against FD: Min. Amount 10,000

There are multiple ways to get personal loan in India and amongst all the most convenient option is to invest in fixed deposit and get personal loan against the FD.

This option may not be suitable for everyone. But for low income earners, personal loan against fixed deposit is the best solution. Reason is when a poor income earner, applies for an overdraft loan via traditional way i.e. application and then awaiting for the lender’s reply is time consuming and at the same the result in most of the cases is not satisfactory.

This is because the eligibility criteria for loan are very stringent and applicant has to meet following two main conditions:

  • Income – The most important criteria checked worldwide including India. There is a minimum annual income required to get a loan.
  • CIBIL score – In order to evaluate credit worthiness of the borrower, banks do a rigorous verification check via CIBIL, India’s credit rating agency. Banks get access to the borrower’s past financial transaction history and based on that they calculate the CIBIL score (out of 900). If the score is above the minimum threshold, then applicant has a good chance of loan approval otherwise not.

There are many other conditions such as address proof, employer status, type of job etc. However the above two eligibility criteria are always checked.

But in case of poor earning person – salaried or self-employed; getting a loan becomes difficult because of the first condition i.e. income. Although there are banks offering personal loan to low income earners (requiring monthly income starting from a minimum Rs. 5000), there are denial possibilities because of inability of meeting other eligibility criteria.

Other option is to get loan from co-operative banks having less stricter eligibility norms.

Therefore taking overdraft against FD is most convenient as there are multiple benefits as follows:

  • No income criteria
  • Fast loan disbursal
  • No CIBIL check
  • Minimum documentation
  • Low interest rate compared to traditionally taken loan and few others
  • No prepayment penalty
  • Low processing fee. Some banks do not even charge this fee.
  • Borrower can use the fund for any purpose

Here is the table showing minimum loan amount offered by various banks against fixed deposit:

Financial InstitutionMinimum Loan Amount (Rs.)
Axis Bank25,000
ICICI Bank10,000
State Bank of India25,000
Bajaj Finserv25,000
Kotak Mahindra Bank25,000
Bank of Baroda1,00,000

Few points to take a note of when thinking of taking overdraft facility against FD:

  • You can borrow after a certain period of opening FD account. Typically 3 months is the minimum period.
  • There is no standard tenure of taking loan. However it should not be more than the FD tenure.
  • You cannot borrow more than the FD amount. Typically 80% – 90% of the deposit amount can be granted.
  • Interest is charged only the amount drawn and not on the entire amount kept in FD.
  • If you fail to repay the dues, bank has authority to recover from the FD.

2018: 74 Credit Cards for Low/High Income Earners

Ever thought of getting free money every month to buy almost anything in the world, from anywhere, in addition to free period to payback the bill, and that too with an option to pay minimum amount only and not the full amount?

That’s what credit card is all about, the most widely used payment method in the world whose usage is now growing steadily in India as well. These are just few benefits offered by the credit card but the most important ones attracting users across the globe.

However the painful thing is not everyone is eligible to get credit card despite of everyone being interested in owning a one.

Card applications are scrutinized in detail and typically are rejected because of:

  • Poor credit score
  • No credit history
  • Low income
  • No income/address proof and few others.

The decision to approve or reject the application is solely dependent on the bank or card issuer and you may never come to know the reason for the rejection. For e.g. If you are able to meet income criteria, the card application can get rejected, if you do not have income proof and so on.

In case of credit card (or loan) the applicant’s income is the most commonly checked eligibility criteria. Income/salary is actually directly proportional to the credit card limit and approval chances. Income and credit history check are the only ways for a card issuer to evaluate credit worthiness of the individual and stop them from investing in a loss making customer.

Higher income will add more weightage to your application and you will have good chance of card approval along with a high credit limit. But at the same time, low income may result in application rejection. And if approved, the limit will be lower. But this doesn’t mean – poor income earners will never get a credit card. Because issuers want to sell more and more cards (but only to individuals who according to them are credit worthy). There are cards for low income individuals offered by various banks in India. Their objective is to tap low income groups in need of credit.

Here is the table showing 74 credit card and the annual/monthly income requirement:

Sr. NoCredit Card NameMinimum Annual Income Required (Rs.)Equivalent Minimum Monthly Income (Rs.)Card Issuing Bank
1India Card75,0006,250Bank of India
2Visa Gold1,50,00012,500Bank of India
3Visa Gold International1,50,00012,500Bank of India
4Axis Bank Gold1,80,00015,000Axis Bank
5Select9,00,00075,000Axis Bank
6Vistara Infinite6,00,00050,000Axis Bank
7Vistara Signature6,00,00050,000Axis Bank
8Vistara6,00,00050,000Axis Bank
9Privelege Credit Card6,00,00050,000Axis Bank
10Freedom Card1,44,00012,000HDFC Bank
11Bharat CashBack1,44,00012,000HDFC Bank
12Diners Club Premium7,20,00060,000HDFC Bank
13Diners Club Rewardz3,60,00030,000HDFC Bank
14Business Regalia First7,20,00060,000HDFC Bank
15Canara Visa Classic / MasterCard Standard1,00,0008,333Canara Bank
16Canara Gold2,00,00016,666Canara Bank
17RuPay Platinum1,80,00015,000Andhra Bank
18VISA Classic3,00,00025,000Andhra Bank
19VISA Platinum5,00,00041,666Andhra Bank
20VISA Signature10,00,00083,333Andhra Bank
21RuPay Select5,00,00041,666Andhra Bank
22Titanium2,00,00016,666Bank of Baroda
23Signature12,00,0001,00,000Bank of Baroda
24Platinum4,00,00033,333Bank of Baroda
25Bombay Bullion (Co-branded)3,00,00025,000Bank of Baroda
26Gold for Salaried1,80,00015,000Corporation Bank
27Gold for Professional1,80,00015,000Corporation Bank
28Gold for Senior Citizen1,20,00010,000Corporation Bank
29Gold for Self Employed2,00,00016,667Corporation Bank
30Platinum for Salaried2,50,00020,833Corporation Bank
31Platinum for Professional3,00,00025,000Corporation Bank
32Platinum for Senior Citizen2,50,00020,833Corporation Bank
33Platinum for Self Employed3,00,00025,000Corporation Bank
34Signature Card for Salaried10,50,00087,500Corporation Bank
35Signature Card for Professional10,50,00087,500Corporation Bank
36Signature Card for Senior Citizen10,50,00087,500Corporation Bank
37Signature Card for Self Employed10,50,00087,500Corporation Bank
38Visa Classic for Salaried60,0005,000Vijaya Bank
39Visa Classic for Self Employed50,0004,166Vijaya Bank
40Visa Global for Salaried1,20,00010,000Vijaya Bank
41Visa Global for Self Employed1,00,0008,333Vijaya Bank
42Vijay RuPay Credit CardNANAVijaya Bank
43MasterCard Titanium1,50,00012,500Central Bank of India
44Visa Gold1,50,00012,500Central Bank of India
45RuPay Platinum1,50,00012,500Central Bank of India
46MasterCard World5,00,00041,666Central Bank of India
47Visa Platinum5,00,00041,666Central Bank of India
48Aspire (Against Fixed Deposit)20,000 (Minimum Deposit)-Central Bank of India
49Rupay PlatinumApplicant should be account holder-Central Bank of India
50RuPay SelectApplicant should be account holder-Central Bank of India
51Gold1,50,00012,500Indian Bank
52Classic1,50,00012,500Indian Bank
53Bharat72,0006,000Indian Bank
54Platinum1,50,00012,500Indian Bank
55Gold for Salaried1,50,00012,500Syndicate Bank
56Gold for Self Employed2,00,00016,666Syndicate Bank
57Classic for Salaried60,0005,000Syndicate Bank
58Classic for Self Employed1,00,0008,333Syndicate Bank
59Classic for Senior Citizen60,0005,000Syndicate Bank
60Empowerment for Salaried80,0006,666Jammu and Kashmir Bank
61Empowerment for Self Employed1,50,00012,500Jammu and Kashmir Bank
62Visa Platinum5,00,00041,666HSBC Bank
63Gold5,00,00041,666HSBC Bank
64Platinum Chip2,50,00020,833ICICI Bank
65Coral5,00,00041,666ICICI Bank
66Rubyx10,00,00083,333ICICI Bank
67Sapphiro15,00,0001,25,000ICICI Bank
68Ferrari Signature15,00,0001,25,000ICICI Bank
69Jet Sapphiro15,00,0001,25,000ICICI Bank
70Jet Rubyx10,00,00083,333ICICI Bank
71Jet Coral5,00,00041,666ICICI Bank
72Ferrari Platinum5,00,00041,666ICICI Bank
73Instant Platinum (Against Fixed Deposit)20,000 (Minimum Deposit)-ICICI Bank
74Coral 20,000 (Minimum Deposit)-ICICI Bank

Few cards (RuPay) and against fixed deposit, as mentioned above, are offered only to the account holders of the respective bank with income being the least important criteria. For cards against FD, income is not the eligibility criteria. Only a minimum deposit amount is required to get a credit card against FD.

As you can see, low monthly income earners can also get credit card provided they meet other eligibility criteria of the issuing bank. There are many other cards offered by various banks in India but income criteria could not be retrieved. So if you are approaching any bank for credit card, ask for list of all the cards.

Note: As mentioned above there are many reasons for card application rejection and income is one of them. The decision is solely on the bank to approve or reject.

And in your spare time, do mention the card name, income criteria and name of the bank in the comment section of this page. We will add the card to the above list, so that it will help other readers of the site.