The RBL Credit Card is in high demand for widespread variation, high credit limits, and manifold benefits. One of the best parts about the RBL Credit Card is that it offers you a longer free-interest period. It deserves special mention that it comes with a higher cash withdrawal limit to support your exigent cash needs. You can easily complete the RBL credit card apply online and continue your online purchase regime with a few clicks. Considering all these points, the huge upsurge inits demand seems to be obvious. Here are the key points to know before you apply for the RBL Credit Card.
What is so exciting about the RBL Credit Card?
RBL offers a host of options as per your most frequent usage. There are dedicated credit cards for individuals who shop online frequently. Likewise, there are dedicated options for individuals focusing mainly on lifestyle transactions. Even there are special cards for businesses. You can avail of their cash-back card and consequently incur significant savings through huge cash-back offers.
RBL credit card fetches higher credit limits than other credit cards, and they offer a 50-day credit-free span, which is the highest in India. It deserves a special mention that they charge the lowest interest on cash withdrawals made through a credit card. You should look for a lifetime free credit card that spares you from paying preliminary or renewal charges on the credit card. RBL issues credit cards to residents as well as NRIs.
What are the key eligibility criteria to get an RBL Credit card?
Bajaj Finserv RBL Credit card approval is subjected to a few basic eligibility criteria. You should be an individual in the age group between 18 and 65 years at the time of applying for the credit card. If you are an existing car holder aspiring to get an add-on card, the add-on cardholder should also comply with the age criteria. RBL Credit Card is available for salaried, professional, and self-employed applicants with a steady monthly income and stable repayment capacity. Based on the card you apply for, you should meet the minimum income eligibility criteria for the application approval. The bank will likely ask for income-proof documents while applying for a credit card.
Besides, you have to have to match the minimum credit score requirement for the card approval. However, your minimum CIBIL Score must be 750 or above for the RBL credit card.
However, if you are marginally short of the minimum income or the credit score requirement, you will likely receive an offer for a secured credit card. In this case, you will need to open a fixed deposit with the bank, and consequently, the bank will get you a credit card with a credit limit of up to 90% of the FD. It is an excellent choice for individuals with bad credit to avail of a credit card and enjoy various benefits.
What are the major factors that impact the application?
Debt to income ratio: It is a proportion between your net income and your existing liabilities towards debt repayment at the time you apply for the credit card. In case the debt-to-income ratio is high, the financial institution is likely to decline the application, no matter what significant credit score you hold. You should not hold too many outstanding loans and active credit cards when you apply for a credit card.
Credit Hungriness: these are the customers who are frequently applying for credit cards and loans. It gives the credit bureau the impression that you are always looking for credit, which will negatively impact your credit score. Eventually, credit rating agencies cut down your credit score sharply. Therefore, you should not apply for credit cards and loans frequently unless it is really exigent. However, checking the credit score does not impact it.
Negative Verification: The bank will likely verify your credentials and contact information before approving your application. If discrepancies come up in this regard, your application is likely to get cancelled. It gives the bank the impression that you will not be available for communication in case you default on the repayment.
Bad credit history: Banks and NBFCs will check your credit history for a year from applying for any credit product. What if you had missed a payment in the recent past? It will categorize you as a bad credit history customer, and the bank will likely get skeptical about approving the credit product application. It will inevitably result in the rejection of your credit card application. Therefore, please check your credit history with the credit bureau online before you apply for any credit product.
You can visit the Bajaj Finserv website and complete the RBL credit cards apply process easily. It requires you to furnish the minimum details, and you can complete the application process with a few clicks.
