- Want a credit card but do not have income proof? Read the way out here
- Fixed deposit, photocopy of salary cheque can do the job for you.
Lenders often keep a close watch on the income of an applicant before approving his/her credit card application. The exact income requirement can, however, vary from one lender to another. It’s the income that forms the basis of one’s repayment capability. After all, a credit card is an unsecured debt and the lenders want to be absolutely sure of your repayment ability before going ahead with the deal. However, it is possible for an individual to not have an income proof, isn’t it? Income proof, in a broader sense, means one must have salary slips. But even without the same, a card application can be approved by the banks on the fulfillment of certain conditions. So, what are those conditions that can make lenders say ‘Yes’ to your application? Check that out in this article.
Table of Contents
Bank Account Statement in Case of Salary Slip
A few companies do not provide the customary salary slips that many get in their organization. If you are one of those, you have a recourse in the form of a bank statement clearly showing the credit of salary to your account. The said transaction would also bear the name of your employer, attesting a proof of your income and workplace.
Keep a Photocopy of the Issued Cheque
There are companies that provide salary by issuing a cheque in favour of the employees. The cheque must have the name of the employer, stamp and signature of the competent official. If your company is providing you a salary cheque, make sure to get a photocopy of it. The cheque when get deposited in a bank account can be seen in a statement, which can be submitted to the concerned lender for an approval. The lender will check the cheque and statement carefully before giving a nod to the application.
You do receive several employment letters on getting a job. These include the offer letter, joining letter, etc, mentioning the salary on which you are employed at. Further, the confirmation letter and appraisal letter can also be issued to you on working for a specified period of time as deemed fit by the company. All these can then act as a proof of your employment and thus lead to a card approval.
Banks do offer add-on cards on behalf of a primary card. So, a primary cardholder can have a supplementary credit card for any of his/her family members such as father, mother, spouse, kids, etc. Supplementary cardholders do not need any income proof.
Credit Card Against Fixed Deposit
Credit cards can be issued against fixed deposit requiring no salary slip or a bank statement as an income proof. Actually, it’s a type of secured credit card wherein a lien is marked on the fixed deposit. Now, the credit limit of such cards would be around 80%-90% of the fixed deposit. FD-backed credit cards also give you the chance to earn interest while letting you shop for your favourite stuff.