Syndicate Bank Classic & Gold Credit for Low Income Earners
Who doesn’t want free money in this world. Everyone, isn’t it?
And especially individuals from low income category typically are in need of credit to meet their ends meet. And that’s what credit card offers – free money and free credit period. And because of these two main reasons, credit card is the most loved financial product in the whole world.
However credit card is not easy to get, as it comes with strict eligibility criteria, most importantly the income. Higher the income of the applicant, higher are the chances of card approval. But type of income also plays a key role during the approval evaluation process.
Syndicate Bank offers credit card for low income earning persons who are:
- Senior citizens
Here’s the table showing list of credit cards offered by Syndicate bank. The income clearly indicates that, even poor income earners can apply and are more likely to get credit card.
|Credit Card Name||Annual Income Required||Monthly Income Required||Free Credit Period|
|Classic Card for Salaried||Rs. 60,000||Rs.5,000||20 days to 50 days|
|Gold Card for Salaried||Rs.1,50,000||Rs.12,500||20 days to 50 days|
|Classic Card for Self-Employed||Rs.1,00,000||Rs.8,334||20 days to 50 days|
|Gold Card for Self-Employed||Rs.2,00,000||Rs.16,668||20 days to 50 days|
|Classic Card for Senior Citizens||Rs. 60,000||Rs.5,000||20 days to 50 days|
Annual income indicates net income earned after tax and other deductions.
Salaried: Professionals working in MNC or consulting, public sector or government firms, companies listed in stock exchange, private, proprietor and partnership companies fall in this category. Documents required are:
- Salary slip of latest month
- Salary certificate
- Form 16 of previous financial year
- Income tax return acknowledgement form
Self Employed or Businessmen:
- Income tax return
- Form 16 A
- Form No. 10 CCAC
- There is no joining fee.
- Free credit period of 20 days to 50 days
- Card user earns one point on spending Rs.400
- Cash can be withdrawn from ATM and the limit is 15% of credit limit for Classic card and 25% for Gold cards.
- Even NRIs who hold account with Syndicate bank can get the card.
- Renewal fee is Rs. 300 for classic card and Rs. 500 for gold card.
- Interest charged is 2% per month (24% p.a.) when minimum payment due is paid. This is calculated on monthly basis on revolving credit facility.
- 2.50% (30% p.a.) interest is charged when no repayment is done before last payment date.
Isn’t credit cards from Syndicate bank a excellent way to start building credit history? Provided the applicant meets all the required eligibility criteria in addition to the income.