We all acknowledge the fact that credit cards are more like a must-have in the modern era. After all, they offer convenience, security, and rewards. However, to get one from YES Bank or any other specific bank, you need to meet certain criteria. Yes, that’s true. Many of us aren’t aware of the process of credit card eligibility criteria check and hence struggle a lot.
This guide will explain the requirements for YES Bank credit cards and how to improve your chances of getting approved.
Basic YES Bank Credit Cards Eligibility Criteria
YES Bank offers various credit cards for different needs, like travel, shopping, and dining. These cards come with benefits such as reward points, cashback, and discounts. To get these benefits, you need to meet the bank’s eligibility criteria.
#1. Age Requirement:
To apply for a YES Bank credit card, you must be between 21 and 60 years old. Supplementary cardholders can be as young as 18 years old.
#2. Nationality:
You must be an Indian resident. You need to provide proof of residence, like an Aadhaar card, Voter ID, or utility bills.
#3. Income Criteria
The income requirement varies by card type. Entry-level cards need a minimum annual income of ₹2 lakh. Premium cards may require a higher income, around ₹6 lakh or more. Proof of income includes salary slips, income tax returns, or bank statements.
Employment Status and Professional Criteria
#1. Salaried Individuals:
Salaried applicants must have been in their current job for at least six months to one year. Job stability is important for approval.
#2. Self-Employed Individuals:
Self-employed applicants should have been in the same business for two to three years. Financial statements, business registration documents, and tax returns are needed.
Credit Score and History
A. Credit Score: A good credit score is crucial. YES Bank looks for a CIBIL score of 750 or above. A high score shows good financial discipline.
B. Credit History: Your credit history is also important. Any past defaults or late payments can affect your application. Keep a clean credit history by paying dues on time.
Documentation Required
Here are the documents you need to submit:
- Proof of Identity: Aadhaar card, PAN card, Passport, Voter ID, or Driving License.
- Proof of Address: Utility bills, rental agreement, passport, or Aadhaar card.
- Proof of Income: Salary slips, bank statements, income tax returns, or business financial statements.
- Photograph: A recent passport-sized photograph.
Tips to Improve Eligibility
1. Maintain a Good Credit Score:
Check your credit score regularly, and keep it above 750. Pay off any debts and avoid late payments.
2. Stable Employment:
Show stability in your job or business. Frequent job changes or inconsistent business profits can be a risk for the bank.
3. Accurate Documentation:
Make sure all your documents are up-to-date and accurate. Any errors can delay or reject your application.
4. Choose the Right Card:
Select a credit card that matches your income and spending habits. This increases your chances of approval.
Special Eligibility Criteria
1. Student Credit Cards: YES Bank offers student credit cards with relaxed criteria. These are for students above 18 years and may require a co-signer or a fixed deposit as collateral.
2. Secured Credit Cards: For those with low credit scores or no credit history, YES Bank offers secured credit cards against fixed deposits. This helps build or improve your credit score.
Final Thoughts
Getting a YES Bank credit card requires meeting criteria related to age, nationality, income, employment status, and credit history. By understanding and preparing for these requirements, you can improve your chances of approval.
Whether you’re salaried, self-employed, or a student, YES Bank has credit cards to meet different needs. Maintain a good credit score, provide accurate documents, and choose a card that fits your profile for a smooth application process.
With YES Bank credit cards, you can enjoy many financial benefits and rewards. Follow the process of credit card eligibility criteria check in this article to navigate the application process easily and confidently.
Check Other Bank Credit Card Eligibility
FAQs
Q1. What is the minimum age requirement for applying for a YES Bank credit card?
Ans: The minimum age requirement for applying for a YES Bank credit card is 21 years. However, add-on cardholders can be as young as 18 years old.
Q2. What is the maximum age limit to apply for a YES Bank credit card?
Ans: The maximum age limit for applying for a YES Bank credit card is generally 60 years for salaried individuals and 65 years for self-employed individuals.
Q3. What is the minimum income required to be eligible for a YES Bank credit card?
Ans: The minimum income requirement varies depending on the specific credit card. However, a salaried individual typically needs to have a monthly income of at least ₹25,000, while a self-employed person needs to show a minimum annual income of ₹5 lakhs.
4. Do I need a good credit score to apply for a YES Bank credit card?
Ans: Yes, having a good credit score is important. A credit score of 700 or above is usually preferred by YES Bank to approve a credit card application.
5. What documents are required to apply for a YES Bank credit card?
Ans: The essential documents required include proof of identity (such as Aadhar card, passport, or driver’s license), proof of address (such as utility bills or rental agreements), proof of income (such as salary slips or income tax returns), and a recent photograph.
6. Can a student apply for a YES Bank credit card?
Ans: YES Bank typically requires applicants to have a stable income. However, students can apply for a YES Bank credit card as an add-on cardholder if their parent or guardian already has a YES Bank credit card.
7. Are there any special eligibility criteria for self-employed individuals?
Answer: Yes, self-employed individuals need to provide proof of business continuity for at least three years, along with their income tax returns and bank statements. Their business should also be stable and profitable to meet the eligibility criteria.