No regular income? Here’s how self-employed professionals in India can still get a credit card
With more Indians choosing self-employment, whether through freelancing, contract work, or starting their own businesses, the non-traditional workforce is growing rapidly. While this offers flexibility and independence, it can also make it harder to get financial instruments such as credit cards, especially without a steady monthly income.
Are you self-employed in India and want to get a credit card? This guide has everything you need to know.
Can you get a credit card when you are self-employed?
Self-employed persons can certainly be issued a credit card in India. But the process of getting approved mostly depends on:
- Verified income (business statement or ITRs).
- Having a good credit score.
- Providing proof of stable business.
When it comes to self-employed professionals, such as independent contractors, doctors, architects, consultants, traders, and business owners, credit card issuers usually have a slightly different set of criteria than salaried individuals.
Credit card eligibility criteria for the self-employed
Even though each issuer defines different eligibility standards, the general criteria are:
Credit card documents required for the self-employed
For self-employed individuals, the following are required:
Can a housewife get a credit card in India?
Indeed, homemakers without a job and no income can get a credit card.
In conclusion, those days when only salaried people could apply for plastic money are over. All across India, credit cards with flexible eligibility are becoming available for people from all professions. The right credit card can give you convenience and financial freedom, whether operating a small business, running a home bakery or doing freelance work.
Disclaimer: Mint has a tie-up with fin-techs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit, as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
