SBI Credit Minimum Income & 11 Alternate Cards with Rs.10000 Salary Requirement

State Bank of India is the largest commercial bank in India in terms of assets under management, customer deposits, number of branches, customers and employees, etc. In addition to various services, it is the second largest credit card issuer in India.

However the income required for credit card approval is very high which is Rs. 18,000 (minimum) per month.

What are the eligibility criteria other than monthly or annual income?

Applicant should have a good credit score, must be a regular income earner, and 21+ years old. Other criteria such as type of job (full-time, part-time, freelancer), income type (salaried or self employed), employer, etc. varies for each card. And the approval is at the sole discretion of the bank.

What if SBI rejects card because of lack of sufficient income?

SBI offers two types of cards – secured and unsecured. The one offered without collateral is called unsecured (requiring minimum income and other eligibility criteria), whereas secured one is offered against security (fixed deposit, in case of credit card). The biggest advantage of card against FD is that SBI won’t ask for income or related documents. All you have to do is open a FD or use existing FD and apply for card against the deposited amount. And the documents required are minimal, since SBI already has most of the details of the card applicant.

What is the minimum deposit amount required by SBI to get credit card against FD?

Listed below are the two cards offered by SBI against fixed deposit:

  1. Unnati: Requires minimum FD amount of Rs. 25,000.
  2. Advantage Plus: Requires minimum FD amount of Rs. 25,000.

Why does SBI ask for salary?

Your income is the only way for any lender to judge the credit worthiness when it comes to unsecured card (i.e. applicant is not required to produce any collateral to get card approved). Meaning, higher income indicates that individual is able enough to repay monthly bills. And based on the salary, SBI decides the credit limit. So in order to qualify for a card, your income should be sufficient enough to repay the monthly bills.

If SBI rejects card because of poor salary, at what other banks can I apply for unsecured card and what is the minimum income required?

There are many card issuing banks in India where minimum salary or income required is less than what SBI asks for as follows:

Sr. NoCredit Card NameMinimum Annual Income Required (INR)Equivalent Minimum Monthly Income (INR)Issuing Bank
1Visa Classic for Self Employed50,0004,166Vijaya Bank
2Visa Classic for Salaried60,0005,000Vijaya Bank
3Classic for Senior Citizen60,0005,000Syndicate Bank
4Bharat72,0006,000Indian Bank
5India Card75,0006,250Bank of India
6Empowerment for Salaried80,0006,667Jammu and Kashmir Bank
7Canara Visa Classic1,00,0008,333Canara Bank
8Canara MasterCard Standard1,00,0008,333Canara Bank
9Visa Global for Self Employed1,00,0008,333Vijaya Bank
10Classic for Self Employed1,00,0008,333Syndicate Bank
11Visa Global for Salaried1,20,00010,000Vijaya Bank

So as you see, even if your income is less than Rs.10,000 you are eligible to get card.

What are the benefits and disadvantages when low income earner gets credit card approved?

Benefits: Since there are very few banks offering cards to low income earners, user can start building credit history. This will help in getting access to higher credit limit in the future and other types of credit – personal loan, home loan, car loan, etc. They can also apply for unsecured card at other banks after successful repayment history and good usage of the card.

Disadvantages: Since repayment capacity of the card customer is poor because of low income, the credit limit offered is less. Features offered on the card are less compared to premium cards.

Does SBI approach credit rating agency before approving card application?

Yes. Infact most of the card issuers in India approach agencies such as CIBIL/Experian/TransUnion and get financial record of the applicant. This is done in order to check credit history of the applicant which mainly involves – number of credit applications made, repayment history, defaults, ongoing credit, etc.

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