13 Credit Cards with No Job Verification

Everyone must be hearing the rising NPAs resulting in losses to the financial institutions in India. Although businesses are biggest contributors to the NPAs, it doesn’t mean that defaults by single individuals are not counted.

Even a small default adds upto the loss. This is the reason banks are taking cautious approach and have become strict when granting any type of credit i.e. personal loan, credit card, car loan, etc to individuals. Here strict means eligibility criteria to avail finance has become strict.

Financial institutions now are using innovative ways to evaluate creditworthiness of each and every credit application and prevent frauds. And one such data analysed by lenders is the online behavior.

This includes (to name a few):

  • What you tweet on Twitter
  • Share or like on Facebook
  • What you buy online
  • Online utility bill payments and others.

In addition to this financial institutions will continue with the traditionally done credit bureau checks which primarily gives scores to individuals based on their credit worthiness.

However one eligibility factor that would always remain crucial is the applicant’s company (i.e. where he/she works) and income whether salaried or self employed. Low income means lower chances of credit card approval and vice-versa. So even if you were employed earlier but are currently unemployed, the chances of getting credit card will be low. This is because card issuers won’t be able to verify the applicant’s job and salary.

So how to get credit card with no job verification?

There are two easy options for such individuals to get credit card:

  • Against FD
  • Add-on card

Against Fixed Deposit

This is one of the best option to get credit card with no job verification. You can open fixed deposit with minimum amount as specified by the banks and get credit card against it. This is nothing but a secured credit card.

Here is the table showing list of credit cards against FD:

Sr. No.Credit Card NameMinimum Fixed Deposit Amount RequiredIssuing Bank
1SignatureRs. 10,000Andhra Bank
2PaylessRs. 15,000Development Credit Bank
3AspireRs. 16,000Central Bank
4CoralRs. 20,000ICICI Bank
5Instant PlatinumRs. 20,000ICICI Bank
6Insta EasyRs. 20,000Axis Bank
7AssureRs. 25,000Bank of Baroda
8UsecureRs. 25,000Union Bank of India
9UnnatiRs. 25,000State Bank of India
10SolarisRs. 25,000Kotak Mahindra Bank
11Aqua GoldRs. 25,000Kotak Mahindra Bank
12Advantage PlusRs. 25,000State Bank of India
13GalaxiaRs. 1,00,000Kotak Mahindra Bank

Some of the advantages of cards against FD are:

  • Banks do not check whether you are employed i.e. no job verification or income proof required. So even retired senior citizens, housewives, students can apply for the card.
  • There is no credit score checked
  • Documents required are minimum
  • User gets insurance cover as well


However with advantages comes disadvantages. Few of them are as follows:

  • Money kept in the account gets locked.
  • In case of payment default, bank will deduct the money from the FD account.

Add-on card or Supplementary Card

Another option to get credit card with no job verification is add-on card. If any of your family member (children, mother, father or spouse) owns a card and has a good repayment history, then he/she can apply for a credit card in your name. In this case too, there is no credit history check done for primary card holder. This is kind of joint account but in this case credit limit given to the primary owner gets shared with supplementary card owner. Benefits such as usage, reward points, etc.

List of financial institutions offering add-on credit card in India:

  • ICICI Bank
  • HDFC Bank
  • Citibank
  • Axis Bank
  • Kotak Mahindra Bank and many others.

Since primary account is used for any dues and credit reporting, it is the responsibility of the add-on card owner to use the card honestly. Any poor usage will impact primary card owner and all the dues and interest rate will have to be paid by him/her. In addition to this, credit score of primary owner will be affected negatively.

Essential Steps to Get Out of Credit Card Debt

Many people find themselves in a very high level of debt with some in a truly desperate situation.

When the problem is already serious, the solution is unfortunately not simple and requires many sacrifices.

But it also allows us to learn, and not fall back into the trap of minimum payments.

Any plan to get out of debt implies that one can pay at least the minimum monthly payment on all of their credit cards, and a little bit more. If you really can’t, then you have to take additional steps, which we’ll discuss below:

The steps to follow are:

Recognize and face:

The first step in solving any problem is to recognize it.

You should gather the last statements of all the credit cards and add up the balances to see what the total debt is.

This way, you will have calculated the size of the debt and have a complete picture of the situation you are in.

Hide cards:

Your primary goal should now be to resolve the debt.

Therefore, you must at all cost avoid using credit cards. Do not carry them with you and do not have them at hand.

It is better to keep them in a safe place, to avoid any temptation, and get used to paying everything in cash for the moment.

Prepare a plan of action:

First, you must write down on paper the total amount of net monthly income you receive, i.e. tax-free.

Next, your fixed expenses: Rent or mortgage payment, telephone, gas, electricity, schools, cable television, etc.

Now, you have to estimate other expenses, such as: supermarket, transportation, and so on.

With this, you will be able to see what expenses can be cut, for example, pay television, cell phones or the telephone line of the house, among other things. If your problem is very serious then you need to cut back on everything that possible and won’t impact day to day living.

Remember that in order to get out of debt problem as soon as possible, you must allocate as much money as possible for the debt payment.

Finally, one should subtract one’s expenses from one’s income to see how much money is available for the creditors. This amount should be enough to cover the minimum payment on all of your cards and an amount to make additional payments. Otherwise, it is very clear that you live outside your possibilities. So you must remedy this situation as soon as possible to avoid further problems.

Read more: Know your rights when facing debt collectors.

List and order:

Make a list of what you owe on the credit cards, as follows: Name of the Card, Total Balance (Debt), Interest Rate, Minimum Payment and Payment Date.

Then, sort them taking the criteria of putting first the one with the highest interest rate, and so on.

Prioritize payments:

You should pay the minimum balance on all the cards, to avoid falling into arrears, and all the additional amount left for this purpose, you should assign it to the card that charges you the highest interest rate. This allows to pay the most expensive debt first.

What if you don’t have enough for the minimum?

If such a condition arise, then the problem is severe, which usually requires solutions that are usually very hard. What can be done in such cases, to implement the above plan, is:

Selling an asset: For example, car, or some family jewel.

Pawning is not an option in this case because it is usually a short-term loan, with high interest rates (sometimes similar to those charged by credit cards), and where you are given a fraction of the cost of an item that could be lost, if this loan can’t be repaid.

Additional money:

If you have savings, you will probably have to use them to repay a portion of your loans, since the interest rate on these loans is much higher than the rate you receive anywhere for your investments.

Or, perhaps get a second job that provides an additional source of income.

As a last resort, you may be able to get a loan from your family or the company where you work that will help you pay off your debts to financial institutions in full, so that you can keep only one loan at a much lower interest rate.

Credit Card for Pensioners: 4 Ways to Get – Low Income Cards, Against FD

In the golden days of life i.e. after retirement, as the individual moves from working life to a new life, the biggest challenge is meeting the day to day need as it was before retirement. Although pensioners get money every month in the form of pension, the amount may not be always sufficient to meet day to day expenses, especially when they have dependent.

Personal loan for pensioner (central or state government or defense personnel) is a good option but the interest rate is very high. So other solution to arrange money is credit card.

But can a pensioner get credit card in India?

The answer is YES.

There are four ways, a pensioner can get credit card as follows:

  1. Especially designed for pensioners
  2. Normal card – If pensioner continues to work after retirement, then they can apply for such cards.
  3. Card against securities i.e. fixed deposit
  4. Supplementary card

We’ll explore each of the above options:

Credit Card for Pensioners

At present, there is only one card for pensioners in India offered by Bank of India. This credit card exclusively designed for pensioners has credit limit which is three times the monthly pension earned. For e.g. if the pension is Rs. 25,000 per month, then the credit limit offered would be between Rs. 70,000 – Rs. 75,000.

There is no joining fee on the card and the billing cycle is from the 16th of current month to the 15th of next month.

Credit Card for Low Salaried Pensioners

Every one wants to continue working after retirement and keep earning money and also keep themselves busy. If after retirement, the pensioner continues to work or is self employed offering consulting service or does small business, then they can apply for cards at various banks in India. However if the income is low, then they can apply at following banks offering cards to low income earners.

Sr. NoCredit Card NameMinimum Monthly Income RequiredIssuing Bank
1Visa Classic for Self EmployedRs. 4,166Vijaya Bank
2Visa Classic for SalariedRs. 5,000Vijaya Bank
3Classic for SalariedRs. 5,000Syndicate Bank
4Classic for Senior CitizenRs. 5,000Syndicate Bank
5BharatRs. 6,000Indian Bank
6India CardRs. 6,250Bank of India
7Empowerment for SalariedRs. 6,666Jammu and Kashmir Bank
8Canara Visa Classic / MasterCard StandardRs. 8,333Canara Bank
9Visa Global for Self EmployedRs. 8,333Vijaya Bank
10Classic for Self EmployedRs. 8,333Syndicate Bank
11Gold for Senior CitizenRs. 10,000Corporation Bank
12Visa Global for SalariedRs. 10,000Vijaya Bank

The reason card issuers ask for income is to evaluate the credit worthiness of the applicant in order to prevent defaults. However if the pensioner is not using the card for the first time and has used the card earlier and has good track record then chances of getting a card increases.

Read more: Keep working try these best jobs after retirement.

Against Fixed Deposit

Fixed deposit is one the safest investment product for risk averse investors. If pensioner has any ongoing FD account with the bank, then they can get credit card against fixed deposit or they can open a new FD account and apply for the card. The credit limit offered is 80% – 85% of the FD amount kept with the bank.

For e.g. if an individual keeps Rs. 1,00,000 in FD and takes card against it, then the monthly credit limit offered would be in the range of Rs. 80,000 – Rs 85,000.

The table below shows cards offered by various banks against FD:

Sr. NoCredit Card NameMinimum Fixed Deposit Amount RequiredCard Issuer
1SignatureRs. 10,000Andhra Bank
2PaylessRs. 15,000Development Credit Bank
3AspireRs. 16,000Central Bank
4CoralRs. 20,000ICICI Bank
5Instant PlatinumRs. 20,000ICICI Bank
6Insta EasyRs. 20,000Axis Bank
7AssureRs. 25,000Bank of Baroda
8UsecureRs. 25,000Union Bank of India
9UnnatiRs. 25,000State Bank of India
10SolarisRs. 25,000Kotak Mahindra Bank
11Aqua GoldRs. 25,000Kotak Mahindra Bank
12Advantage PlusRs. 25,000State Bank of India
13GalaxiaRs. 1,00,000Kotak Mahindra Bank

There are many advantages of taking card against FD and few of the key benefits are:

  1. No credit history check
  2. Low interest rate
  3. Very minimal documentation
  4. No income criteria so no need to provide income related documents such as salary slip, IT returns, etc.

Check out ways to earn extra income after retirement.

Supplementary Card

Also called as add-on card, if any family member (pensioner’s wife/husband, son, daughter) owns a credit card then they can apply for a add-on card. However the criteria to apply for such card is that, the credit score of the primary card owner should be good and he/she should not have taken add-on card already. But make sure, to make repayment on-time and fully against the secondary card. Otherwise, credit score of both primary and secondary card owner gets affected negatively.

Although a pensioner continues to receive money in the form of pension the money may not always be sufficient to meet their financial objectives such as foreign trip, buying electronic accessories, etc. Although this can be achieved through their personal savings but this money should ideally be reserved for emergency medical expenses, marriage of children, or others.

Owning credit card after retirement has many benefits:

  1. Pensioner can build credit history
  2. Not rely on personal savings or others for money
  3. By making regular payments and using the card honestly, they can avail card with higher limit or loan in the future.

Tips for pensioners to achieve good credit score

Getting any type of credit after retirement is difficult compared to when you are earning. But if pensioner succeeds to get any type of credit (e.g. personal loan, car loan, credit card, etc.) then he/she should take this as an opportunity to build a good credit score. Here are some of the basic tips to achieve a good credit score:

  1. Never miss any payment. Always pay before the due date.
  2. Pay the bills fully
  3. Never spend above the credit limit
  4. Never use your credit card for cash withdrawal at ATMs
  5. Do not frequently apply at too many banks for the credit
  6. Make sure to ask your lender, whether repayment and other financial transaction data is updated at credit rating agencies. This is extremely important when you apply for any other type of credit in the future with the same or different bank.

Instant Credit Card with No Income from ICICI Bank

The never ending need of money can either be fulfilled through own savings or applying for personal loan or credit card at financial institutions. However for a low income earner, getting personal loan and credit card is very difficult. And adding to the pain, is no credit score which is a important eligibility criteria. And especially when you are in the need of urgent money, the situation becomes very difficult.

To overcome this problem, ICICI Bank offers Instant Platinum Credit Card.

Here are the features

Main objective: The main objective behind instant credit card is to help build or repair credit score.

Secured card: It is actually a card against fixed deposit. Meaning, applicant should keep minimum Rs. 20,000 in FD account and against this deposit, ICICI bank will offer credit card.

No credit history check: Bank will not check credit score of the applicant. This is very important, because when someone applies for credit card in a traditional way, card issuer will do a thorough background check of the applicant’s past credit history by contacting credit agencies such as CIBIL and generate credit score. So a person with poor credit score can also apply for this card and improve his/her credit score.

Free: This card is completely free i.e. there is a zero joining and annual fee.

No income criteria: There is no need for the applicant to be a working professional or self-employed. Meaning, bank will not ask for the monthly or annual income. So even students, housewives, retired person can get instant credit card.

Free add-on card: Card users with good usage and re-payment history can also apply for supplementary card for no additional fee. This card can be applied for family members such as wife, children, and parents.

High interest rate: The interest rate on the card is very high 29.88% annualized. So make sure to make all the repayment on time and fully.

Minimum documentation: Since the card is issued against fixed deposit the documents required are very less, as the bank already has most of the documents with them required at the time of opening the FD account. There are no income documents such as salary slip or IT returns required.

Secured: It is a PIN based card, which adds additional layer of security.


  • Earn 2 payback points on spending Rs. 100
  • Earn 1 payback point on every Rs. 100 spent on utilities and insurance categories
  • ₹ 100 off on movie tickets booked via bookmyshow on any day of the week
  • 1% fuel surcharge waiver
  • 15% savings at restaurants

Other conditions to get card:

  • FD should be in the name of the applicant.
  • Applicant should not be NRI, minors, and foreign national.
  • FD tenure should be 180 days

How to apply for Instant Credit Card?

There are two ways to get this card:

  1. Visit ICICI bank branch and get the card over the counter.
  2. Apply online and get card delivered to your registered address.

Credit Card: Benefits, Pros & Cons

Credit card also known as plastic money, is a card that allows us to make payments almost everywhere without the need of having cash. It is issued by banks or financial institutions and can be characterized as a means of payment.

We use the credit card for shopping, hotel/airline tickets purchase, restaurant visits and many utilities. But most of all, it’s easy to shop on the internet.

Borrowing Money:

Its biggest difference against the simple bank card is that the card user gets to borrow money immediately instead of withdrawing it from our bank account. What does that mean?

We can use money we don’t have. As the name says, we take a loan from the bank. This credit is later repaid in two ways as follows:

  1. You can pay the full amount at the end of the month. Thus, no interest is applied. You only pay for the money you borrow.
  2. You repay the loan amount in small monthly installments. In this case the banks charge an interest rate.

How do we benefit?

Credit cards are a widely accepted and very useful means of payment, especially abroad. Ordinary credit cards are accepted in limited countries. On the other hand, credit cards are almost everywhere accepted and then very convenient during your travels in America, Europe, or Asia.

In addition, you benefit from several insurances against the damage of your purchases or unforeseen accidents during your travel.

What are the strengths and weaknesses of a credit card?

If you’re wondering what a credit card is for and there are hidden traps, the following list will answer your questions.

The positive sides:

– A credit card offers more convenient payment over cash. You only bring a card which can be used to pay everywhere. Without worrying about withdrawing a sufficient amount and without fear of having to circulate with a large sum. Credit cards are accepted worldwide and in most of the countries.

– Easier and safer online payments. Credit cards are insured against fraud, or non-delivery of your purchases. In case of accident you cancel the payment and everything is paid by your card issuer.

– In case of an urgent purchase, credit cards will give you the money to pay without having it in your bank account. You can then repay once the statement arrives.

– If you pay off your credit card bill at the end of each month in full and stay within the credit limit, there is no interest to pay.

– You benefit from the additional services that you do not find with conventional cards. Insurance and assistance are linked to most credit cards. You are also part of a loyalty programme from which you earn discounts, air miles and other exclusive offers depending on the card chosen.

Points to watch out for:

– Be careful with your expenses. Sometimes if you borrow a lot of money, it is expensive to pay it back. In this case it is better to try a personal loan, with a more favorable interest rate than credit cards.

– Credit cards often charge an annual fee for their use. If you don’t use your card frequently, maybe a regular credit card is enough for you.

– Cash withdrawals are not recommended with your credit card. Additional charges are applied. In this case, prefer to use your credit card.

– In any case, there is still the risk of theft. Be careful, keep your PIN code secret and call your provider’s stop number immediately in case of loss.

In short, credit cards are very profitable and useful in everyday life, if you follow a rule: you only use money that you can repay. There is also a reason, that we are restricted by the limit of the card.

9 SECRETS Credit Card Issuers Never Want You to Know

Credit card company’s main job is to play with weaknesses of the people. Whether it is a line of credit, rewards points that we think are convenient, or grace period.

That’s why we’ve put together the 9 secrets that credit card companies certainly don’t want you to know in order to earn more profit.

Frankly, if we all used them, there would no longer be a credit card industry. Because the profits made by banks will reduce to half than they make today.

So start using following strategies today to beat the banks and put the odds on your side!

1. Use Automatic Debit

Banks hate customers who pay their credit cards bill every month, in full, to the point where they call them “free riders” or “profiteers”. And you should be one of them.

One way to stay ahead of banks is to set up a auto debit, which allows you to automatically pay your credit card bill each month from your bank account. You have the choice of paying the minimum payment, the full balance or a fixed amount.

If you pay your credit card bill in full, each month, you’ll never pay interest and have any more debts! It is the safest way to own a credit card and the ultimate way to beat the banks.

2. Negotiate your interest rate

Believe it or not, credit card issuers are so afraid of default that they are willing to reduce your interest rate if you have a balance. Card issuers regularly cut interest rates by 50%, from 19.99% to 11% or less! Just call them, explain your situation and make your request – go ahead, you might be surprised by receiving a gift in the form of lower interest rate.

3. The bank is responsible for all charges of fraud

If there is ever an unauthorized charge on your credit card, your credit card issuer is 100% responsible for the charge – not you. Just call your card issuer, identify the unauthorized charge, and it becomes their responsibility to deal with the merchant and investigate the fraud.

That’s why credit cards are great to use online, or when you travel. Even if your card has been stolen, hacked or used by any person, that’s the card issuer’s problem, not yours.

Make sure you do not write your PIN on your credit card, otherwise your bank will have the right not to cover you for the fraud.

4. Apply for a maximum on your credit limit

It’s weird how banks give you a credit limit, but allow you to increase it, and then charge you a penalty fee of $25 or $30. That is a good example of misleading.

To avoid this situation, call your credit card issuer and ask for a “maximum” on your credit limit. This will stop you on your credit limit (a real limit), so you can avoid unnecessary penalties and will also be forced to stick to your budget!

5. Reduce your credit limit

We all love the flexibility of a large credit limit. But the truth is that people get into trouble/in a difficult position because they exceed their limit, which is usually more money than they can afford to pay back in one or more months.

Don’t be afraid to call your bank and reduce your limit, so it stays in your monthly budget. Of course, make sure you keep a limit sufficient to be able to pay for things like airline tickets for example. But other than that, reduce your limit until you’re comfortable.

6. Transfer your balances at 0%

Banks hate when customers “surf on rates”. If you need to keep a credit card balance, it is more advantageous to transfer your balance to a 0% balance transfer credit card.

All you have to do is request the balance transfer card, provide the bank name, credit card number and the amount of balance you want to transfer in your application and the bank does the rest!

When your promotional rate expires after 6, 10, or 12 months, find another card, and repeat! While banks can charge from 1 to 3% of transfer fees, this remains much better than the high interest rate (11.99% to 29.99%) that most people pay. You could literally save thousands of dollars.

7. Shuffle your credit cards

Banks are aggressively seeking new customers. So much so that, many offer free flights, free hotel nights, and cash back to attract new customers.

The truth is that it is more advantageous to take benefits of the promotion, whether it is for welcome bonus points or 5% cash back in the first 6 months. Then once the promotion is over, move on to the next promotion. You can usually request a new card every 90 days without any problem, this essential means 4 cards per year.

8. Get your annual fee waived

Some of the best credit cards available have annual fees. But did you know that many banks will waive annual fees for their best customers? If you’re not a big spender, you may find this difficult, but if you spend enough, credit card companies will do almost anything to keep doing business with you.

Call your credit card company and ask what they can do for you. At worst, they may will deny any such offers. But remember that you miss 100% of the chances you never take!

9. Don’t keep a balance to improve your credit rating

There is a misconception that to build a credit history, you must maintain a credit card balance and remain in debt. This is absolutely false.

You can easily get an 850 credit score by paying off your monthly credit card balance and you can maintain a small balance. The only difference is that the first choice is much cheaper. Banks have long let this myth grow because it is extremely profitable for them. But don’t be fooled – you are always better off paying your balance sooner than later.

In summary, credit card companies have made debt very easy for cardholders. That said, there are many tools to help you beat the temptations and pitfalls set by banks. Unlike casinos, there really are ways to beat banks, so use them when you can!

Rs.5000 Income: Credit Card @2% Interest from Syndicate Bank for Poor Earners

Credit is needed by almost everyone especially at the time of need. And such individuals either meet their requirement from their own savings, ask their friends/relatives, or take financing from lenders such as banks, private money lenders, peer to peer lending companies, and others.

However there is one financial product known as “credit card” loved by people across the world. And the main reason for its attraction is the free money which the card issuer (mostly banks) provides every month and time frame to pay back the credit used. In fact, it is the widely accepted payment method worldwide and you can buy whatever you want. Be it – expensive clothing, jewelry, etc.

But there is a myth amongst people especially low income group individuals that credit cards are offered only to high income earning people. And this myth is false. There are many banks in India requiring very minimum income for the credit card.

Syndicate bank offers 3 credit cards for low income earners having income less than Rs. 10,000 per month. For income less than Rs. 15,000 per month there are 4 credit cards.

Here is the table showing list of such cards and the minimum income required:

Sr. NoCredit Card NameMinimum Annual Income RequiredEquivalent Minimum Monthly Income
1Classic for SalariedRs. 60,000Rs. 5,000
2Classic for Senior CitizenRs. 60,000Rs. 5,000
3Classic for Self EmployedRs. 1,00,000Rs. 8,333
4Gold for SalariedRs. 1,50,000Rs. 12,500
5Gold for Self EmployedRs. 2,00,000Rs. 16,666

Features of Credit Card

  • Since the product is targeted towards low income earning individuals, there is no annual fee or joining fee.
  • For a security point of view, card has photo of the owner.
  • Interest charged is just 2% per month.
  • Minimum free credit period is 20 days and maximum is 50 days.
  • Card owner can get a supplementary card (also called as add-on card) for his/her family member. Add-on cards is one of the best way to build credit history for a beginner (especially housewife, student, and others). And most importantly there is no credit history check for the secondary card owner. However such cards are issued only when primary card owner has good repayment history and has used the card satisfactorily i.e. within the credit limit, no payment default, has done full repayment before the due date and so on.
  • Like other credit cards in the market, these cards can also be used for cash withdrawal at ATMs and online/offline purchases. But remember that using the card for withdrawing money from ATM carries a charge and also affects credit score. So try to stay away from frequent withdrawals, as it indicates being credit hungry.
  • Non-Resident Indians and Persons of Indian Origin are also eligible for this card provided they hold account with the bank.

Check out credit card for NRI.

Documents Required

  • For Salaried – computerized pay slip, salary certificate, form 16 and IT return acknowledgement form
  • For Self Employed or Businessmen –  Form 16 A, IT return, Form No. 10 CCAC
  • For Senior Citizens – They have to be pensioners of the bank.

In addition to credit cards, Syndicate bank offers various types of personal loan for low income earning individuals. The table below shows two loan products along with the minimum income required:

Sr. NoName of Loan ProductPurposeAnnual Income RequiredEquivalent Monthly Income
1Synd VahanPurchase of New Two WheelerRs. 50,000Rs. 4,166
2Synd KuteerPurchase and construction of residential plot, buying new or old dwelling units, Construction of house on already owned site/plotRs. 1,00,000Rs. 8,333

There are many other personal loan products offered by Syndicate bank but minimum income requirement is not available as follows:

  1. Synd Senior – For pensioners from government establishments who pension is routed through Syndicate bank. Minimum loan amount provided is Rs. 50,000. For such quantum of loan, the income required is typically low.
  2. Synd Swarna – For any genuine credit requirement for salaried and non-salaried person. Applicant can get minimum loan amount of Rs. 10,000. Since it is a gold loan, applicant has to deposit gold or gold ornaments as a security with the bank. Interest rate on secured personal loan are low compared to traditional personal loan without security.
  3. Synd Connect – This is for employees of government/public sector unit and, blue chip companies. 15 times of gross salary, loan amount is provided.


Vijaya Bank: Credit Card for Low Income (Rs. 4,167) Earners

Post demonetization, usage of digital payment methods has increased tremendously in India and hopefully citizens help making India a “less-cash” society. Digital payments include net banking, mobile wallets, debit cards, credit card and others.

Of these options, credit card is most sought payment method used. This is due to multiple reasons as follows:

  1. Card owner gets free money (called as credit) to use every month.
  2. There is a time frame (usually 20 days) given to make the repayment each month after the monthly bill is generated.
  3. Merchants offer rewards and cash backs on the card usage.
  4. Most importantly, it helps in building credit score and many others.

However the minimum income eligibility criteria for credit card keeps it out of reach of individuals earning low income. The reason is the repayment capacity. Non-payment of the credit is loss making for the issuer.

This is the reason, most of the banks in India, prefer giving credit cards to individuals earning high income. However there are many banks in India providing credit cards to low income earners (working or self-employed). And Vijaya bank is one such bank. The minimum salary/income asked by Vijaya bank are actually lowest and poor income earning individuals can easily apply and get approved.

Credit Cards from Vijaya Bank for Low Income Individuals

Vijaya Bank offers 3 credit cards – Visa Classic, Visa Global and RuPay. The card can also be taken against fixed deposit. Having a credit card against the fixed deposit offers many benefits and most important one being the credit history of the applicant is not checked.

Here is the table showing credit card along with the minimum income required:

Sr. NoCredit Card NameMinimum Annual Income RequiredEquivalent Minimum Monthly Income
1Visa Classic for Self EmployedRs. 50,000Rs. 4,167
2Visa Classic for SalariedRs. 60,000Rs. 5,000
3Visa Global for Self EmployedRs. 1,00,000Rs. 8,333
4Visa Global for SalariedRs. 1,20,000Rs. 10,000
5Vijay RuPay Credit CardNANA

But remember that income is the most important criteria for any type of credit approval (loan or credit card). But it is not the only criteria. In addition to the income; banks also check for employer, city you live in, your credit score, document proof. Salary slip is required for working professional and income tax return statement for self-employed. Depending on the case, bank may ask for additional documents as well.

Features of Credit Card

  • Cards from Vijaya bank are highly secured and chip enabled and offered to the account holders of the bank.
  • Cards are accepted by both national and international merchants and can be used for almost any type of payment.
  • Can be used outside of India as well.
  • Card user is protected through insurance for any fraudulent use.
  • Upon successful usage of card by the primary card holder, add-on card is also offered.

The above listed are just the few features. For more features and benefits of the card, you may visit their website: https://www.vijayabank.com/

Card Support

For more details on credit card, you many reach following:

Toll Free Number: 1800 425 5885 / 1800 425 9992 / 1800 425 4066
E-Mail: [email protected]

Canara Bank: Credit Card, Loan for Low Income (Rs 8,333) Earners

Amongst many banks owned by Indian government, Canara Bank is one of them. The bank has been in existence for over 100 years and was founded in the year 1906.

They have various financial products catered to the common people such as personal loan, vehicle loan, credit card, etc. However there is often a myth that financial products are targeted for high to medium ranged income earners. Of course, the primary target of any bank is such category of individuals only due to their high repayment capacity since the income is good.

But this does not mean that poor earners are not eligible for much needed financial products especially personal loan. In fact, these categories of individuals are in need of money more. And products such as credit card and personal loan are the only solution to their problem.

Canara bank has many retail products having a very low income eligibility criteria.

Listed in the table below are the credit cards and personal loan from Canara Bank along with their minimum income criteria.

Sr. NoCredit Card NameMinimum Annual Income Required (in Rs.)Equivalent Minimum Monthly Income (in Rs.)
1Canara Visa Classic1,00,0008,333
2Canara MasterCard Standard1,00,0008,333
3Canara Global Gold2,00,00016,667
Sr. NoName of Loan ProductPurposeMinimum Net Take Home Salary (Monthly) after installment
1BudgetPersonal or domestic need10,000
2Pension - General PublicMedical expenses and other genuine personal needsMust be a pension drawer from Canara Bank
3Teachers LoanPersonal or domestic need10,000
4Swarna Loan (Gold Loan)Medical expenses and any other contigencyDepends on the value and quality of the gold ornaments
5Canara CashInstant CashDepends on the value of the shares
6Consumer LoanPurchase of consumer durable items6,000
7Home ImprovementFurnish house/flat2,000
8Home ImprovementFurnish house/flatMinimum annual income of Rs. 50,000 (for self employed i.e. non-salaried)

There are many benefits of owning a credit card as follows:

  1. Helps in building credit history especially for the beginners. In fact, credit card and loan are the only options to build credit history. Debit card or a normal bank account will never help in building a credit history. Not having a credit history has its own negatives. Most importantly, a person with no credit score has higher chance of credit application rejection. This is because, lender has no way to evaluate credit worthiness of such applicants.
  2. A good credit score further helps in getting loan at a lower interest or increase credit limit in the future at no extra charge.
  3. Convenience offered by cards are many since it is accepted by most of the merchants today.
  4. Rewards and cash backs received help in saving money.
  5. They come with high level of security which is not possible in case of cash.
  6. Many cards come with insurance as well. Although there are insurance for low income earners in India, having additional insurance does no harm and that too with no premium to be paid.
  7. There is a 20 days (or more) grace period offered to make the repayment. So especially poor salaried or self-employed individuals have sufficient time to make repayment.

But remember that income (high or low) is just one of the factor (but the most important one) taken into consideration by the lenders. Even if your income meets the eligibility criteria, there is always a possibility of credit application rejection either because of poor or no credit score, insufficient or fake documentation such as salary slip or IT return, company where you work for, city you live in, and so on. It’s upto the bank to decide whether credit card or personal loan application should be approved or denied.

Despite of carrying highest interest rate (but less than a credit card) since it is mostly a unsecured loan, personal loan also has many benefits as follows:

  1. Is the second option to meet emergency money requirement after the credit card. Of course you can ask your friends/relatives for money at the time of need. But if all options fail, personal loan is the only solution left.
  2. Money is disbursed in a speedy manner.
  3. Can be used for almost any purpose such as medical expenses, house improvement, buying a vehicle and so on.
  4. As mentioned above, helps in building credit score.
  5. There is no mandatory requirement of collateral. Although you can also get a secured personal loan by pledging property, shares, gold, LIC policy, mutual fund and few others. This type of secured personal loan has low interest rate compared to traditional loan.
  6. Very minimal documents are required compared to other types of loan e.g. home loan.

Irrespective of the credit taken, make a habit of making complete payment before the due date. Never utilize your credit limit fully, and use it wisely and do not let lender know that you are credit hungry.

Credit Card Insurance: Types, Making It Valid & more

The benefits and features offered by credit card are many and insurance cover is one of them. However many of the card users are unaware of the conditions under which they operate. When you buy a card, you get different types of insurance at the same time, some of them at an additional cost and others as part of the card services included in the annual fee.

In many cases, insurance benefits are included as part of the basic features such as travel cards that highlight protection abroad. In others, the benefits and conditions for validating the insurance are found in the contract, however, customers do not pay due attention to them. This causes the conditions to be unknown and in many cases a benefit that is already part of the credit card is missed.

What types of credit card insurance are there?

Each credit card offers different insurance policy. This depends on the profile of each user and the needs they consider indispensable for this. The insurance cover typically appearing with credit cards are as follows.

  • Insurance against theft, loss or cloning of cards: Prevents the cardholder from paying unrealized charges for any of the above reasons. At the same time it protects against misuse of banking information.
  • ATM Theft Protection: Covers losses around the ATM, before, during, or after a transaction.
  • Protected purchase insurance: It is used for purchase of long-life items. It covers the loss of products purchased with the card.
  • Travel medical and accident insurance: Protects the cardholder, spouse and minor children from unforeseen events that may arise while they are out of the country.
  • Baggage loss or delay insurance: Luggage cover for flights paid for with the card.
  • Car rental insurance: It works when card user is travelling and is applicable when the car rental was paid for with the card.

Depending on the type of card you have, it will be the insurance coverage you have. As an example, classic cards often offer services that protect the customer from theft or loss, while travel cards focus more on services outside the country. If you are not sure what your card includes, contact your bank.

How to make credit card insurance valid?

Each bank/card issuer establishes the conditions under which it will make the insurance valid. It is important to be clear about the requirements for applying. It is frequent that the client wants to make his insurance effective but does not know the mechanisms to make it effective.

The reasons for this are as follows:

No compliance with documentation

To make insurance valid, the bank sets conditions. Among them are the documents that allow validating the application of the insurance. If the documents are not in order, the petition does not proceed and the benefit is lost.

Unaware of the procedures

This can be from the way it should be requested or the frequency with which it is allowed to be used. In many cases the insurance works on limited occasions and if the user requests it more than once it will be rejected. Also, if any steps in the process is skipped there is a higher chance of losing the right.

Not Claiming Before the Time Limit

Many insurances give you a time limit to claim the benefits. This is the most commonly the case with death insurance that has a limit from the date of death of the user. And if the beneficiaries are unaware of the existence such insurance cover which is part of the card, then there could be delay in applying for the benefit and the application may get rejected.

In order to validate credit card insurance, it is important that you are clear about the benefits it offers, as well as the application process. Carefully review the conditions mentioned in the contract and if you have any questions contact your bank.

Finally, it is your right to take advantage of insurance that is part of your credit card.