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(LE = [PLA x R x
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(TIP = LE * T)
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(TP = LA + TIP + P)
Personal Loan
Unlock Your Dreams with Our Personal Loan Services
Are you dreaming of a new car, a dream vacation, home renovation, or simply need funds to manage unexpected expenses? Look no further! Our Personal Loan offering services are designed to help you turn your dreams into reality. With flexible terms, competitive interest rates, and a seamless application process, we are here to support you every step of the way.
Why Choose Our Personal Loan Services?
1. Flexibility: Our range of loan options allows you to choose the terms that suit your financial situation. Whether you need a short-term boost or a longer repayment period, we have you covered.
2. Competitive Interest Rates: We understand that the interest rate plays a crucial role in your decision-making process. That’s why we offer competitive rates, ensuring that you get the best value for your money.
3. Quick and Easy Application: Say goodbye to lengthy and complicated application processes. Our user-friendly online application makes it simple and convenient to apply for a personal loan from the comfort of your home.
4. Fast Approval: We know that your time is valuable. Our streamlined approval process means you can receive a decision on your loan application quickly, helping you get the funds you need when you need them.
5. Transparent Terms: No hidden surprises! We believe in transparent communication, and our loan terms are clear and easy to understand. You’ll know exactly what you’re getting into before you comm.
How It Works:
1. Apply Online: Fill out our secure online application form. It’s simple and takes just a few minutes.
2. Get Approved: Our team will review your application and provide you with a prompt decision on your loan approval.
3. Choose Your Terms: Once approved, you can choose the loan amount and repayment terms that align with your financial goals.
4. Receive Funds: As soon as you accept the terms, the funds will be deposited into your account. It’s that easy!
Eligibility Criteria
Our Personal Loan services are designed to cater to a wide range of individuals. To be eligible, you typically need to meet the following criteria:
- Be of legal age in your jurisdiction
- Have a steady source of income
- Meet any credit score requirements (credit score standards may vary)
Eligibility Criteria
- Be of legal age in your jurisdiction
- Have a steady source of income
- Meet any credit score requirements (credit score standards may vary)
Ready to Get Started?
- Be of legal age in your jurisdiction
- Have a steady source of income
- Meet any credit score requirements (credit score standards may vary)
Have Questions? Contact Our Support Team:
Don’t wait – turn your dreams into reality with our Personal Loan services! Apply now and experience the convenience and flexibility we have to offer.
Marfo Strategies Pvt Ltd acts as an intermediary that specializes in providing customized solutions to the customer seeking any type of Credit Card according to the needs.
The company is represented by highly energetic, passionate professionals who understand the requirement of each person/individual and work closely with banks in order to provide the best and suitable credit card options to the client for their specific use.
A credit card is, in simple words, a type of payment card issued to a customer that allows the customer to use his credit limit on the go. The credit card may either be a plastic or metal card issued by any bank or financial institution in view of the customer’s eligibility. It helps customers pay with no added interest through a credit limit against buying the products online or offline (in-store) if the customer repays the credit used by the due date.
Credit cards also help the customer to boost their credit score, which becomes very useful in the future if one wants to apply for any loan/lender product.
The majority of business houses accept the credit card, so it’s one of the popular methods of payment for purchasing consumer goods or services.
Features and Benefits of a credit card
Â
| Feature/Benefit | Description |
|---|---|
| Credit Limit | Maximum amount lent to using the credit card, based on your income and creditworthiness |
| Interest-Free Period | The period during which some cards wait for no interest to be accumulated—mostly between 20-50 days—provided the whole balance is paid by the due date |
| Rewards Program | Accumulating points, cashback, or miles when making a purchase, redeemable in buying products, services, or booking trips |
| EMI Conversion | Under this plan, big purchases can be converted to monthly installments, which reduces the pressure on repaying the amount under a single swipe. |
| Minimum Due Payment | This is the minimum amount that must be paid by the due date in order to avoid a late fee, usually a very small percentage of the balance. |
| Interest Charges | Only the interest must be paid, and interest tends to be charged on quite high outstanding balance amounts if not paid in full by the due date. |
| Fees and Charges | These include annual fees, late fees for payment, cash advance fees, and excess/over-limit fees. Such charges will vary with the type of card and issuer |
| Security Features | Comes with an EMV chip, there is also PIN protection, and policies on fraud protection against unauthorized use to some extent. |
| Contactless Payments | Tap-and-go transactions for small purchases—convenient and quick. |
| Worldwide Acceptance | Credit cards are widely accepted. Convenient in case of international transactions. |
| Credit Score Impact | Responsible usage improves your credit score; missing a payment can hurt it. |
| Add-On Cards | These are secondary cards issued to family members that have the same account as the primary cardholder, and therefore, they enjoy the same credit limit. |
| Airport Lounge Access | Many cards are offered with an appendix of free access to airport lounges, which offers one some comfort in travel. |
| Fuel Surcharge Waiver | Most cards offer to waive fuel surcharge at gas service stations, reducing the expenses incurred in buying fuel. |
| Dining and Shopping Discounts | Some special discounts and offers on Dining, Shopping, and Entertainment at partner merchants. |
| Balance Transfer Facility | A credit card holder can transfer the outstanding balance from another credit card to a new one and take advantage of the lower interest rates or better repayment terms from a different credit card. |
Â
(ii)
Â
| Feature/Benefit | Description |
|---|---|
| Welcome Gift | Banks offer new credit card holders a welcome gift bestowed on bonus reward points, vouchers, discounts, and other benefits given to new credit card holders. |
| Rewards Program | There is a cross-selling offer on the rewards program, through which cardholders earn the reward points on every purchase made through the card. |
| Fuel Surcharge Waiver | Banks waive off fuel surcharge for their cardholders on spending a specific amount of money on fuel every month |
| Cashback Benefits | Mostly all credit cards offer cash back on daily spends. It helps in saving money for the cardholder. |
| Lifestyle Benefits | Cardholders can enjoy diverse lifestyle experiences on their credit cards for instance, the offers that a credit card can provide for you include dining, shopping, wellness, entertainment, and many other benefits. |
| Travel Benefits | Travel benefits of these cards include Air miles, Airport lounge access, travel insurance, airline offers, hotel offers, and other benefits. |
| Airport Lounge Access | Some cards provide free airport lounge access to the cardholders. The offer varies from bank to bank. |
| Add-on Cards | Cardholders can take add-on cards for their immediate family members and extend the benefits of their card to them. |
| Insurance Coverage | Some signature credit cards come with quite broad insurance policy including air accident insurance, life insurance, lost baggage or card insurance, etc. |
| Balance Transfer | The outstanding amount in the existing card issued by one bank can be transferred to the account of the card of another bank to be paid either in full or in instalment basis at lower interest. |
| Global Acceptance | Today, almost all credit cards issued in India are international credit cards and are universally accepted by diverse merchants worldwide. |
| EMI Conversion | This facility makes sure that all transactions done are offered an option to convert it into easy monthly installment (EMI) payable amounts. |
| Credit Score | A credit card would help one generate a healthy credit score or a CIBIL score. While you build the habit of paying your card charges on time and in full, you could end up building your credit history and improving your credit score. |
Below table summarizing different types of credit cards available for all customer, along with their key features:
Basic Credit Cards
- Fees charged are low or nil.
- Minimum rewards and benefits.
- Suitable for entry-level credit cards.
- Basic benefits would be fuel surcharge waiver or cashback on particular categories.
Reward Credit Cards
- You earn some reward point on your spends.
- You can redeem these points against gifts, vouchers, travel bookings, etc.
- Some extra reward points are offered on category spending like that in groceries, dining, etc.
- Comes with some annual fee, which might be waived off in some cases based on spending.
Cashback Credit Cards
- A particular percentage of the amount is credited back to the card amount against the stipulated transaction done.
- Give more cashback in categories like grocery, fuel, dining, and utility payments.
- Capping on cashback earning per month in some cards.
- An annual fee might be there but has the option to be waived on the basis of spending.
Travel Credit Cards
- Earn air miles or travel points on spending.
- Free airport lounge access.
- Other travel benefits like insurance, discounts on hotel booking, and renting a car.
- May offer unique discounts on partner airlines or travel portals.
Fuel Credit Cards
- Mainly used for purchasing of fuel only.
- Cashback offers or reward points accrue on purchase of fuel.
- Get free from fuel surcharge.
- Additional benefits on purchase of more fuel at the petrol pump aligned with the issuer.
Premium Credit Cards
- Premium credit cards are high-range cards that have very exclusive amenities.
- This card consists of concierge services, premium airport lounges, personal assistants, other facilities, etc.
- Contains travel and health insurance, dinning and shopping benefits.
- Higher joining and annual fees, but are always full with compensations facilities.
Secured Credit Cards
- These cards are secured against a fixed deposit given.
- Ideal for those with no or little Credit history.
- Low Credit limit: generally, about 80-90% of the FD value.
- Useful for additions or enhancements to Credit score.
Business Credit Cards
- Designed purposefully for business expenditures and requirements.
- Higher Credit limit, according to business requirements.
- Added features, such as expenditure tracking, and rewards on business-related purchases
- Perks like travel insurance, lounge access, and dining offers.
Lifestyle Credit Cards
- Tailored Rewards and features related to lifestyle choices such as dining and wines, Grocery and Fuel, Travel and Hotels, Shopping, and Entertainment.
- Comprise discounts and other brand partner offerings
- Includes typical lifestyle benefits such as free movie tickets, and dine out offers, invitations for exclusive lifestyle events.
- Higher joining and annual fees, but are always full with compensations facilities.
Co-branded Credit Cards
- Co-branded with a specific brand, whether it airlines, retail chains or fuel stations.
- Unique benefits and discounts with the co-brand.
- Miles or cashback which are specifically redeemable with the co-brand.
- Often, most other benefits are given like accelerated rewards on co-brand purchase.
| ELIGIBILITY CRITERIA | SALARIED INDIVIDUALS | SELF-EMPLOYED INDIVIDUALS |
|---|---|---|
| Age | 21 to 60 years | 21 to 65 years |
| Income | Net monthly income – Rs. 15,000/- | Net monthly income – Rs. 25,000/- |
| Employment Status | Permanent or contractual employment | Sole proprietorship, partnership, or private limited company |
| Credit Score | Above 700 | Above 700 |
| Employment Stability | At least 1-2 years in the current job | At least 2-3 years of business operation or self-employment |
| Existing Liabilities | Consideration of existing loans or debts | Consideration of existing loans or debts |
| Nationality | Indian citizens | Indian citizens |
| Loan Tenure | 1 to 5 years | 1 to 5 years |
| Document Type | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Identity Proof | PAN Card, Aadhaar Card, Passport, Voter ID, Driving License | PAN Card, Aadhaar Card, Passport, Voter ID, Driving License |
| Address Proof | Aadhaar Card, Passport, Utility Bill, Rental Agreement | Aadhaar Card, Passport, Utility Bill, Rental Agreement |
| Income Proof | Latest Salary Slips (Last 3-6 Months), Form 16, Bank Statements (Last 3-6 Months) | Income Tax Returns (Last 2-3 Years), Bank Statements (Last 6-12 Months), Profit & Loss Account |
| Employment Proof/Business Proof | Employment Certificate, Employee ID Card | Business Registration Certificate, GST Registration, Business Address Proof |
| Photograph | Recent Passport Size Photograph | Recent Passport Size Photograph |
| Other Documents | Loan Application Form, Signature Verification Proof (if required) | Loan Application Form, Signature Verification Proof (if required) |
Fill the form
Fill out the application form. It takes only 3 minutes!
Answer your phone
Have a quick chat with our representative to learn about your Credit cards
Get a Loan From best lender
Sit back and relax! You are on your way to secure a Credit cardsMarfo Strategies Pvt Ltd acts as an intermediary that specializes in providing customized solutions to the customer seeking any type of Credit Card according to the needs.
The company is represented by highly energetic, passionate professionals who understand the requirement of each person/individual and work closely with banks in order to provide the best and suitable credit card options to the client for their specific use.
A credit card is, in simple words, a type of payment card issued to a customer that allows the customer to use his credit limit on the go. The credit card may either be a plastic or metal card issued by any bank or financial institution in view of the customer’s eligibility. It helps customers pay with no added interest through a credit limit against buying the products online or offline (in-store) if the customer repays the credit used by the due date.
Credit cards also help the customer to boost their credit score, which becomes very useful in the future if one wants to apply for any loan/lender product.
The majority of business houses accept the credit card, so it’s one of the popular methods of payment for purchasing consumer goods or services.
Features and Benefits of a credit card
Â
| Feature/Benefit | Description |
|---|---|
| Credit Limit | Maximum amount lent to using the credit card, based on your income and creditworthiness |
| Interest-Free Period | The period during which some cards wait for no interest to be accumulated—mostly between 20-50 days—provided the whole balance is paid by the due date |
| Rewards Program | Accumulating points, cashback, or miles when making a purchase, redeemable in buying products, services, or booking trips |
| EMI Conversion | Under this plan, big purchases can be converted to monthly installments, which reduces the pressure on repaying the amount under a single swipe. |
| Minimum Due Payment | This is the minimum amount that must be paid by the due date in order to avoid a late fee, usually a very small percentage of the balance. |
| Interest Charges | Only the interest must be paid, and interest tends to be charged on quite high outstanding balance amounts if not paid in full by the due date. |
| Fees and Charges | These include annual fees, late fees for payment, cash advance fees, and excess/over-limit fees. Such charges will vary with the type of card and issuer |
| Security Features | Comes with an EMV chip, there is also PIN protection, and policies on fraud protection against unauthorized use to some extent. |
| Contactless Payments | Tap-and-go transactions for small purchases—convenient and quick. |
| Worldwide Acceptance | Credit cards are widely accepted. Convenient in case of international transactions. |
| Credit Score Impact | Responsible usage improves your credit score; missing a payment can hurt it. |
| Add-On Cards | These are secondary cards issued to family members that have the same account as the primary cardholder, and therefore, they enjoy the same credit limit. |
| Airport Lounge Access | Many cards are offered with an appendix of free access to airport lounges, which offers one some comfort in travel. |
| Fuel Surcharge Waiver | Most cards offer to waive fuel surcharge at gas service stations, reducing the expenses incurred in buying fuel. |
| Dining and Shopping Discounts | Some special discounts and offers on Dining, Shopping, and Entertainment at partner merchants. |
| Balance Transfer Facility | A credit card holder can transfer the outstanding balance from another credit card to a new one and take advantage of the lower interest rates or better repayment terms from a different credit card. |
Â
(ii)
Â
| Feature/Benefit | Description |
|---|---|
| Welcome Gift | Banks offer new credit card holders a welcome gift bestowed on bonus reward points, vouchers, discounts, and other benefits given to new credit card holders. |
| Rewards Program | There is a cross-selling offer on the rewards program, through which cardholders earn the reward points on every purchase made through the card. |
| Fuel Surcharge Waiver | Banks waive off fuel surcharge for their cardholders on spending a specific amount of money on fuel every month |
| Cashback Benefits | Mostly all credit cards offer cash back on daily spends. It helps in saving money for the cardholder. |
| Lifestyle Benefits | Cardholders can enjoy diverse lifestyle experiences on their credit cards for instance, the offers that a credit card can provide for you include dining, shopping, wellness, entertainment, and many other benefits. |
| Travel Benefits | Travel benefits of these cards include Air miles, Airport lounge access, travel insurance, airline offers, hotel offers, and other benefits. |
| Airport Lounge Access | Some cards provide free airport lounge access to the cardholders. The offer varies from bank to bank. |
| Add-on Cards | Cardholders can take add-on cards for their immediate family members and extend the benefits of their card to them. |
| Insurance Coverage | Some signature credit cards come with quite broad insurance policy including air accident insurance, life insurance, lost baggage or card insurance, etc. |
| Balance Transfer | The outstanding amount in the existing card issued by one bank can be transferred to the account of the card of another bank to be paid either in full or in instalment basis at lower interest. |
| Global Acceptance | Today, almost all credit cards issued in India are international credit cards and are universally accepted by diverse merchants worldwide. |
| EMI Conversion | This facility makes sure that all transactions done are offered an option to convert it into easy monthly installment (EMI) payable amounts. |
| Credit Score | A credit card would help one generate a healthy credit score or a CIBIL score. While you build the habit of paying your card charges on time and in full, you could end up building your credit history and improving your credit score. |
Below table summarizing different types of credit cards available for all customer, along with their key features:
Basic Credit Cards
- Fees charged are low or nil.
- Minimum rewards and benefits.
- Suitable for entry-level credit cards.
- Basic benefits would be fuel surcharge waiver or cashback on particular categories.
Reward Credit Cards
- You earn some reward point on your spends.
- You can redeem these points against gifts, vouchers, travel bookings, etc.
- Some extra reward points are offered on category spending like that in groceries, dining, etc.
- Comes with some annual fee, which might be waived off in some cases based on spending.
Cashback Credit Cards
- A particular percentage of the amount is credited back to the card amount against the stipulated transaction done.
- Give more cashback in categories like grocery, fuel, dining, and utility payments.
- Capping on cashback earning per month in some cards.
- An annual fee might be there but has the option to be waived on the basis of spending.
Travel Credit Cards
- Earn air miles or travel points on spending.
- Free airport lounge access.
- Other travel benefits like insurance, discounts on hotel booking, and renting a car.
- May offer unique discounts on partner airlines or travel portals.
Fuel Credit Cards
- Mainly used for purchasing of fuel only.
- Cashback offers or reward points accrue on purchase of fuel.
- Get free from fuel surcharge.
- Additional benefits on purchase of more fuel at the petrol pump aligned with the issuer.
Premium Credit Cards
- Premium credit cards are high-range cards that have very exclusive amenities.
- This card consists of concierge services, premium airport lounges, personal assistants, other facilities, etc.
- Contains travel and health insurance, dinning and shopping benefits.
- Higher joining and annual fees, but are always full with compensations facilities.
Secured Credit Cards
- These cards are secured against a fixed deposit given.
- Ideal for those with no or little Credit history.
- Low Credit limit: generally, about 80-90% of the FD value.
- Useful for additions or enhancements to Credit score.
Business Credit Cards
- Designed purposefully for business expenditures and requirements.
- Higher Credit limit, according to business requirements.
- Added features, such as expenditure tracking, and rewards on business-related purchases
- Perks like travel insurance, lounge access, and dining offers.
Lifestyle Credit Cards
- Tailored Rewards and features related to lifestyle choices such as dining and wines, Grocery and Fuel, Travel and Hotels, Shopping, and Entertainment.
- Comprise discounts and other brand partner offerings
- Includes typical lifestyle benefits such as free movie tickets, and dine out offers, invitations for exclusive lifestyle events.
- Higher joining and annual fees, but are always full with compensations facilities.
Co-branded Credit Cards
- Co-branded with a specific brand, whether it airlines, retail chains or fuel stations.
- Unique benefits and discounts with the co-brand.
- Miles or cashback which are specifically redeemable with the co-brand.
- Often, most other benefits are given like accelerated rewards on co-brand purchase.
| ELIGIBILITY CRITERIA | SALARIED INDIVIDUALS | SELF-EMPLOYED INDIVIDUALS |
|---|---|---|
| Age | 21 to 60 years | 21 to 65 years |
| Income | Net monthly income – Rs. 15,000/- | Net monthly income – Rs. 25,000/- |
| Employment Status | Permanent or contractual employment | Sole proprietorship, partnership, or private limited company |
| Credit Score | Above 700 | Above 700 |
| Employment Stability | At least 1-2 years in the current job | At least 2-3 years of business operation or self-employment |
| Existing Liabilities | Consideration of existing loans or debts | Consideration of existing loans or debts |
| Nationality | Indian citizens | Indian citizens |
| Loan Tenure | 1 to 5 years | 1 to 5 years |
| Document Type | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Identity Proof | PAN Card, Aadhaar Card, Passport, Voter ID, Driving License | PAN Card, Aadhaar Card, Passport, Voter ID, Driving License |
| Address Proof | Aadhaar Card, Passport, Utility Bill, Rental Agreement | Aadhaar Card, Passport, Utility Bill, Rental Agreement |
| Income Proof | Latest Salary Slips (Last 3-6 Months), Form 16, Bank Statements (Last 3-6 Months) | Income Tax Returns (Last 2-3 Years), Bank Statements (Last 6-12 Months), Profit & Loss Account |
| Employment Proof/Business Proof | Employment Certificate, Employee ID Card | Business Registration Certificate, GST Registration, Business Address Proof |
| Photograph | Recent Passport Size Photograph | Recent Passport Size Photograph |
| Other Documents | Loan Application Form, Signature Verification Proof (if required) | Loan Application Form, Signature Verification Proof (if required) |
Fill the form
Fill out the application form. It takes only 3 minutes!
Answer your phone
Have a quick chat with our representative to learn about your Credit cards
Get a Loan From best lender
Sit back and relax! You are on your way to secure a Credit cardsMarfo Strategies Pvt Ltd acts as an intermediary that specializes in providing customized solutions to the customer seeking any type of Credit Card according to the needs.
The company is represented by highly energetic, passionate professionals who understand the requirement of each person/individual and work closely with banks in order to provide the best and suitable credit card options to the client for their specific use.
A credit card is, in simple words, a type of payment card issued to a customer that allows the customer to use his credit limit on the go. The credit card may either be a plastic or metal card issued by any bank or financial institution in view of the customer’s eligibility. It helps customers pay with no added interest through a credit limit against buying the products online or offline (in-store) if the customer repays the credit used by the due date.
Credit cards also help the customer to boost their credit score, which becomes very useful in the future if one wants to apply for any loan/lender product.
The majority of business houses accept the credit card, so it’s one of the popular methods of payment for purchasing consumer goods or services.
Features and Benefits of a credit card
Â
| Feature/Benefit | Description |
|---|---|
| Credit Limit | Maximum amount lent to using the credit card, based on your income and creditworthiness |
| Interest-Free Period | The period during which some cards wait for no interest to be accumulated—mostly between 20-50 days—provided the whole balance is paid by the due date |
| Rewards Program | Accumulating points, cashback, or miles when making a purchase, redeemable in buying products, services, or booking trips |
| EMI Conversion | Under this plan, big purchases can be converted to monthly installments, which reduces the pressure on repaying the amount under a single swipe. |
| Minimum Due Payment | This is the minimum amount that must be paid by the due date in order to avoid a late fee, usually a very small percentage of the balance. |
| Interest Charges | Only the interest must be paid, and interest tends to be charged on quite high outstanding balance amounts if not paid in full by the due date. |
| Fees and Charges | These include annual fees, late fees for payment, cash advance fees, and excess/over-limit fees. Such charges will vary with the type of card and issuer |
| Security Features | Comes with an EMV chip, there is also PIN protection, and policies on fraud protection against unauthorized use to some extent. |
| Contactless Payments | Tap-and-go transactions for small purchases—convenient and quick. |
| Worldwide Acceptance | Credit cards are widely accepted. Convenient in case of international transactions. |
| Credit Score Impact | Responsible usage improves your credit score; missing a payment can hurt it. |
| Add-On Cards | These are secondary cards issued to family members that have the same account as the primary cardholder, and therefore, they enjoy the same credit limit. |
| Airport Lounge Access | Many cards are offered with an appendix of free access to airport lounges, which offers one some comfort in travel. |
| Fuel Surcharge Waiver | Most cards offer to waive fuel surcharge at gas service stations, reducing the expenses incurred in buying fuel. |
| Dining and Shopping Discounts | Some special discounts and offers on Dining, Shopping, and Entertainment at partner merchants. |
| Balance Transfer Facility | A credit card holder can transfer the outstanding balance from another credit card to a new one and take advantage of the lower interest rates or better repayment terms from a different credit card. |
Â
(ii)
Â
| Feature/Benefit | Description |
|---|---|
| Welcome Gift | Banks offer new credit card holders a welcome gift bestowed on bonus reward points, vouchers, discounts, and other benefits given to new credit card holders. |
| Rewards Program | There is a cross-selling offer on the rewards program, through which cardholders earn the reward points on every purchase made through the card. |
| Fuel Surcharge Waiver | Banks waive off fuel surcharge for their cardholders on spending a specific amount of money on fuel every month |
| Cashback Benefits | Mostly all credit cards offer cash back on daily spends. It helps in saving money for the cardholder. |
| Lifestyle Benefits | Cardholders can enjoy diverse lifestyle experiences on their credit cards for instance, the offers that a credit card can provide for you include dining, shopping, wellness, entertainment, and many other benefits. |
| Travel Benefits | Travel benefits of these cards include Air miles, Airport lounge access, travel insurance, airline offers, hotel offers, and other benefits. |
| Airport Lounge Access | Some cards provide free airport lounge access to the cardholders. The offer varies from bank to bank. |
| Add-on Cards | Cardholders can take add-on cards for their immediate family members and extend the benefits of their card to them. |
| Insurance Coverage | Some signature credit cards come with quite broad insurance policy including air accident insurance, life insurance, lost baggage or card insurance, etc. |
| Balance Transfer | The outstanding amount in the existing card issued by one bank can be transferred to the account of the card of another bank to be paid either in full or in instalment basis at lower interest. |
| Global Acceptance | Today, almost all credit cards issued in India are international credit cards and are universally accepted by diverse merchants worldwide. |
| EMI Conversion | This facility makes sure that all transactions done are offered an option to convert it into easy monthly installment (EMI) payable amounts. |
| Credit Score | A credit card would help one generate a healthy credit score or a CIBIL score. While you build the habit of paying your card charges on time and in full, you could end up building your credit history and improving your credit score. |
Below table summarizing different types of credit cards available for all customer, along with their key features:
Basic Credit Cards
- Fees charged are low or nil.
- Minimum rewards and benefits.
- Suitable for entry-level credit cards.
- Basic benefits would be fuel surcharge waiver or cashback on particular categories.
Reward Credit Cards
- You earn some reward point on your spends.
- You can redeem these points against gifts, vouchers, travel bookings, etc.
- Some extra reward points are offered on category spending like that in groceries, dining, etc.
- Comes with some annual fee, which might be waived off in some cases based on spending.
Cashback Credit Cards
- A particular percentage of the amount is credited back to the card amount against the stipulated transaction done.
- Give more cashback in categories like grocery, fuel, dining, and utility payments.
- Capping on cashback earning per month in some cards.
- An annual fee might be there but has the option to be waived on the basis of spending.
Travel Credit Cards
- Earn air miles or travel points on spending.
- Free airport lounge access.
- Other travel benefits like insurance, discounts on hotel booking, and renting a car.
- May offer unique discounts on partner airlines or travel portals.
Fuel Credit Cards
- Mainly used for purchasing of fuel only.
- Cashback offers or reward points accrue on purchase of fuel.
- Get free from fuel surcharge.
- Additional benefits on purchase of more fuel at the petrol pump aligned with the issuer.
Premium Credit Cards
- Premium credit cards are high-range cards that have very exclusive amenities.
- This card consists of concierge services, premium airport lounges, personal assistants, other facilities, etc.
- Contains travel and health insurance, dinning and shopping benefits.
- Higher joining and annual fees, but are always full with compensations facilities.
Secured Credit Cards
- These cards are secured against a fixed deposit given.
- Ideal for those with no or little Credit history.
- Low Credit limit: generally, about 80-90% of the FD value.
- Useful for additions or enhancements to Credit score.
Business Credit Cards
- Designed purposefully for business expenditures and requirements.
- Higher Credit limit, according to business requirements.
- Added features, such as expenditure tracking, and rewards on business-related purchases
- Perks like travel insurance, lounge access, and dining offers.
Lifestyle Credit Cards
- Tailored Rewards and features related to lifestyle choices such as dining and wines, Grocery and Fuel, Travel and Hotels, Shopping, and Entertainment.
- Comprise discounts and other brand partner offerings
- Includes typical lifestyle benefits such as free movie tickets, and dine out offers, invitations for exclusive lifestyle events.
- Higher joining and annual fees, but are always full with compensations facilities.
Co-branded Credit Cards
- Co-branded with a specific brand, whether it airlines, retail chains or fuel stations.
- Unique benefits and discounts with the co-brand.
- Miles or cashback which are specifically redeemable with the co-brand.
- Often, most other benefits are given like accelerated rewards on co-brand purchase.
| ELIGIBILITY CRITERIA | SALARIED INDIVIDUALS | SELF-EMPLOYED INDIVIDUALS |
|---|---|---|
| Age | 21 to 60 years | 21 to 65 years |
| Income | Net monthly income – Rs. 15,000/- | Net monthly income – Rs. 25,000/- |
| Employment Status | Permanent or contractual employment | Sole proprietorship, partnership, or private limited company |
| Credit Score | Above 700 | Above 700 |
| Employment Stability | At least 1-2 years in the current job | At least 2-3 years of business operation or self-employment |
| Existing Liabilities | Consideration of existing loans or debts | Consideration of existing loans or debts |
| Nationality | Indian citizens | Indian citizens |
| Loan Tenure | 1 to 5 years | 1 to 5 years |
| Document Type | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Identity Proof | PAN Card, Aadhaar Card, Passport, Voter ID, Driving License | PAN Card, Aadhaar Card, Passport, Voter ID, Driving License |
| Address Proof | Aadhaar Card, Passport, Utility Bill, Rental Agreement | Aadhaar Card, Passport, Utility Bill, Rental Agreement |
| Income Proof | Latest Salary Slips (Last 3-6 Months), Form 16, Bank Statements (Last 3-6 Months) | Income Tax Returns (Last 2-3 Years), Bank Statements (Last 6-12 Months), Profit & Loss Account |
| Employment Proof/Business Proof | Employment Certificate, Employee ID Card | Business Registration Certificate, GST Registration, Business Address Proof |
| Photograph | Recent Passport Size Photograph | Recent Passport Size Photograph |
| Other Documents | Loan Application Form, Signature Verification Proof (if required) | Loan Application Form, Signature Verification Proof (if required) |
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Credit Card FAQs
A credit card is a financial instrument provided by banks and other financial institutions that can be availed to borrow funds for making purchases or paying bills or withdrawing cash in lieu of cash in the pocket up to certain credit limit. The amount so borrowed has to be returned on due date, failing which you are levied an interest thereon.
Generally speaking, every credit card company has its different eligibility criteria depending on factors such as age, income, employment status, and credit history. Typically, any salaried employee, self-employed professional, or business owner with a fixed income and good credit rating can apply for credit cards.
When you purchase through a credit card, it is the credit card-issuing company that pays the merchant on your behalf. It adds such an amount to your credit card bill. You are obliged to return the entire bill amount on or before the due date. If you fail to pay the entire bill amount, the balance amount payable will attract interest charges.
A credit limit is the maximum amount that one can charge on their credit card. The limit is set by the card issuer, depending on the level of income of the cardholder and their credit score, among other factors. If you exceed the credit limit, you will be charged an additional fee or your transactions will be declined.
Interest-free period: It is the period between the date of purchase and the due date of payment. During this period, no interest is charged on the borrowed amount, if the total outstanding balance is paid before the due date. It usually ranges from 20 to 50 days.
Credit Card FAQs
A credit card is a financial instrument provided by banks and other financial institutions that can be availed to borrow funds for making purchases or paying bills or withdrawing cash in lieu of cash in the pocket up to certain credit limit. The amount so borrowed has to be returned on due date, failing which you are levied an interest thereon.
Generally speaking, every credit card company has its different eligibility criteria depending on factors such as age, income, employment status, and credit history. Typically, any salaried employee, self-employed professional, or business owner with a fixed income and good credit rating can apply for credit cards.
When you purchase through a credit card, it is the credit card-issuing company that pays the merchant on your behalf. It adds such an amount to your credit card bill. You are obliged to return the entire bill amount on or before the due date. If you fail to pay the entire bill amount, the balance amount payable will attract interest charges.
A credit limit is the maximum amount that one can charge on their credit card. The limit is set by the card issuer, depending on the level of income of the cardholder and their credit score, among other factors. If you exceed the credit limit, you will be charged an additional fee or your transactions will be declined.
Interest-free period: It is the period between the date of purchase and the due date of payment. During this period, no interest is charged on the borrowed amount, if the total outstanding balance is paid before the due date. It usually ranges from 20 to 50 days.
Credit Card FAQs
A credit card is a financial instrument provided by banks and other financial institutions that can be availed to borrow funds for making purchases or paying bills or withdrawing cash in lieu of cash in the pocket up to certain credit limit. The amount so borrowed has to be returned on due date, failing which you are levied an interest thereon.
Generally speaking, every credit card company has its different eligibility criteria depending on factors such as age, income, employment status, and credit history. Typically, any salaried employee, self-employed professional, or business owner with a fixed income and good credit rating can apply for credit cards.
When you purchase through a credit card, it is the credit card-issuing company that pays the merchant on your behalf. It adds such an amount to your credit card bill. You are obliged to return the entire bill amount on or before the due date. If you fail to pay the entire bill amount, the balance amount payable will attract interest charges.
A credit limit is the maximum amount that one can charge on their credit card. The limit is set by the card issuer, depending on the level of income of the cardholder and their credit score, among other factors. If you exceed the credit limit, you will be charged an additional fee or your transactions will be declined.
Interest-free period: It is the period between the date of purchase and the due date of payment. During this period, no interest is charged on the borrowed amount, if the total outstanding balance is paid before the due date. It usually ranges from 20 to 50 days.