SBI Credit Card Eligibility: Factors That Can Affect Your Application Approval

SBI Credit Card Eligibility: Factors That Can Affect Your Application Approval

SBI Credit Cards have fast emerged as one of the most popular plastic cards in the highly competitive Credit Card market of India. Particularly in the last few years, the popularity of SBI cards has impressively mushroom in size. Thanks to numerous benefits it bestows upon the customers-

  • Wide range of card options in different categories.
  • Free-Airport Lounge access globally (against select cards).
  • Fuel Surcharge Waiver
  • Exclusive rewards and benefits on lifestyle, travel, and dining expenses.
  • Excellent rewards program offering attractive reward point redemption options.
  • Maximum interest-free period of up to 55 days.
  • Instant Personal Loans available in the form of Encash facility (with select cards)
  • Lower foreign-exchange mark-up fees
  • Bundled travel and life insurance benefits with select cards.
  • Exclusive discounts at partner stores, both online and offline.
  • Multiple online and offline payment options.

With such an extensive range of benefits on offer, it is not surprising that a large number of applicants apply for an SBI Credit Card every month. All these applications are assessed as per the SBI Card eligibility criteria, and only those who meet the specified thresholds are accepted.

 

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SBI Credit Cards: Eligibility Criteria

Following are the key parameters that determine the SBI Credit Card eligibility for an applicant:

S.No. Parameter Required Value

1

Minimum age of the applicant

21 years

2

Maximum age of the applicant

60 years

3

CIBIL Score

750+

4

Monthly Income

(varies across different credit cards)

Min. Rs. 20,000 per month

5

Work Experience

Min. 2 years

6

Nature of Employment

Salaried and Self-Employed

Factors affecting your SBI Credit Card eligibility

When you apply for an SBI Credit Card, various factors are taken into consideration by the bank while assessing your application. Your SBI Credit Card limit, SBI Credit Card interest rates, SBI Credit Card type, and all other essential features depend on how your profile fares against the SBI Cards internal credit policy. Here are the major factors that can affect your application approval for an SBI Credit Card: –

1. CIBIL Score:

Your Credit Score is a direct indicator of your creditworthiness in the eyes of the financial institutions. To be approved for an SBI Credit Card, you must have a CIBIL score of 750+. If you have a CIBIL Score of between 700-749, your application has lesser chances of being approved. Therefore, you must check your CIBIL Score before applying for the SBI Credit Card, and if it is lower than the specified threshold, you must first work towards improving it.

2. High Income to Debt Ratio:

Your income-to-debt ratio is a good indicator of your repayment capacity as well as your propensity to use debt for financial expenses. If you have a debt-to-income ratio higher than 50%, i.e., you are using 50% of your monthly income for the payment of EMIs; the chances of your application being approved get reduced. You need to ensure that your D/I ratio is below 40% when you apply for your SBI Credit Card. 

3. Default or write-offs:

If you have any history of defaults in repayment or write-offs in your Credit Report, your SBI Credit Card eligibility will be affected negatively. It increases the risk factor for SBI as there are chances of you not paying the dues on time. Therefore, make sure that you pay all of your EMIs on time and close the loans by paying the dues in full only.

4. Not meeting the eligibility criteria:

If your profile does not meet the eligibility criteria specified by SBI, your Credit Card application will not be approved. You must, therefore, check your profile against the eligibility criteria of SBI Credit Cards before submitting an application. You may also apply for another SBI Card which has relaxed eligibility criteria.

5. Unapproved location:

There are many locations which are blacklisted by SBI for issuing Credit Cards. If you reside in any of these areas/ locations, your Credit Card application will be rejected. You can check this information on the official website of SBI Credit Cards.

6. Negative verification report:

When you apply for an SBI Credit Card, the bank sends a representative to your office as well as a residence for verification purpose. If the information you have provided in the application form is different from what the representative finds out, a negative report will be generated. This will lead to rejection of your application. You must, therefore, take due caution while completing the verification process and share only the correct information.

7. Lack of work experience:

SBI wants you to have a stable job history and some work experience as it is directly related to your repayment capacity. You must be working in your current job for at least last one year and should have a work experience of more than two years for your application to be approved. If you change your jobs frequently, then it is a red flag for the bank.

The benefits that you stand to get from having an SBI Credit Card are really incredible and are entirely worth the effort. Though, you need to ensure that your profile meets the eligibility criteria of the bank, so that your SBI Credit Card application is approved without any hassles.

 

Also Read: How to Convert HDFC, SBI & ICICI Credit Card Purchases to EMI?

 

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