Credit Card for Self-Employed: The non-traditional workforce is expanding quickly as more Indians choose self-employment, whether through contract labor, freelancing, or launching their own companies. Although this gives you freedom and flexibility, it can also make it more difficult to obtain financial products like credit cards, particularly if you don’t have a reliable source of income each month. Do you work for yourself in India and would like to apply for a credit card? All the information you want is contained in this handbook.

Credit Card When You Are Self-Employed:
In India, self-employed people can get a credit card. However, the approval process primarily depends on: Need to have confirmed revenue (ITRs or business statements). Moreover, having a good credit score helps the employee. If not presenting evidence of a steady business.

Credit card issuers typically have slightly different requirements for self-employed professionals than for salaried people, including independent contractors, doctors, architects, consultants, traders, and business owners.

Also Read: Best Credit Cards for Daily Spending in India: Here Are Top 3

Credit Card Eligibility Criteria:
Although the eligibility requirements are defined differently by each issuer, the general requirements are:

1. Age range: 21 to 65.
2. Annual income: Minimum ₹2 lakh to ₹5 lakh (verified by ITR).
3. Years of business: 1 to 3 consecutive years.
4. Desirable credit score: 700 or higher.
5. Nationality: Citizen of India.

Documents Required for Self-Employed:
Need to have Aadhaar and PAN card. Apart from that employee should be having Income Tax Returns (ITRs) for atleast one to two years. Apart from that Bank statements for the last six months. There should be a proof of business registration or proof of a professional license. Adding to it person should add one recent passport-sized photo and proof of identity and office address (if applicable).

Also Read: What Are Contactless Credit Cards and Are They Safe?

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