| Category | Salaried | Self Employed |
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| Proof Of Identity (Any One) |
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| Proof Of Residence (Any One) |
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| Proof Of Income |
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| Other Documents |
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Credit Card
A credit card is a payment card issued to users to enable the cardholder to pay a merchant for goods and services based on the cardholder’s promise to the card issuer to pay them for the amounts plus the other agreed charges.
Documents Required For Salaried & Self Employed
Features & Benefits of Credit Card
- Convenience: Why carry wads of cash around when you can pay with a simple swipe of your card? A Credit Card is one of the simplest ways to pay for anything – no more counting out change or writing cheques, just present the plastic!
- Recurring payments : While Credit Cards are great for one-time payments, you can also set it up to automatically make recurring payments such as your phone, electricity or gas bills. No more will there be a chance of forgetting to pay bills on time and facing penalties or disconnection.
- Recharges and tickets : One of the biggest Credit Card benefits over cash is the ability to pay for a wider range of online services. For example, you can’t buy flight tickets or recharge your mobile phone with cash on delivery. You can easily pay for them through a Credit Card.
- Rewards : Every time you pay using a Credit Card, you earn Rewards. You can redeem these rewards for exciting gifts and vouchers such as free shopping trips or even free flight tickets.
- To build your credit score : Disciplined swiping of a credit card can help improve your credit score. Reason being, credit issuer companies will report your payment activity to the credit bureaus. Moreover, unlike other credit facilities, using a credit card doesn't involve interest cost as long as total bills are paid by the due date. Hence, frequent and timely repayment of your due monthly bills will help improve and build your credit score faster.
- To avail instant loan : Loan against credit cards are pre-approved loans offered to the existing cardholders with a good credit score. Credit Cards offer the option to convert your purchases in Credit Card EMIs which can be paid during a pre-agreed loan tenure. The advantage of pre-approved loans is that they have the fastest time when compared to other loans. You do not need any additional documents, like that in a personal loan where some of the level of documentation is required. The interest rates of loans against these cards usually start from 11.50% per annum onwards and their tenure can go up to five years.
- Cash backs and discounts : From fuel surcharge waivers to great online shopping deals, your Credit Card opens the doors to a host of cash backs offers and Reward points.
- Expense tracker : Credit Card statements are a great way to track your expenses every month since it provides you with an itemized account of your expenditure.
- Safer : One of the benefits of Credit Card in India is that it’s much safer than carrying large amounts of cash around. You don’t have to worry about dropping the money somewhere or having your pocket picked. If you lose the card, you can get a replacement after you notify your bank.
- Extra Benefits : There are other benefits of having a Credit Card. For instance, if you have a HDFC Bank Credit Card, you can get accidental death cover, and fire and burglary protection on items that you have purchased. So you will be getting insurance cover without any premium! All you need to do is meet some minimum spending requirements.
- To plan an international trip : If you are planning an overseas trip, using a credit card has multiple benefits. Nowadays, international credit cards offer a low or no foreign currency transaction fee. Also, some cards offer international customer assistance which is helpful during your much-awaited trip. Plus, a lot of travel-oriented cards offer special discounts on flight tickets, car rentals, hotel bookings, etc.
- Helps to save time : A credit card eliminates the need for you to carry cash everywhere. It also avoids the trouble of searching for ATMs and in turn, saves your time of visiting them.
- Interest-free days : The final benefit you can get from using a credit card is the number of interest-free days on offer. The majority of credit cards offer 55 days interest-free, with some as high as 62. This means that you can have up to 62 days where you are not charged interest on any purchases. To obtain the full amount of interest-free days, you need to pay off your balance for the current and previous month’s statement. You can learn more about how interest-free days work by reading the article below.
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