Credit Cards are basically payment cards issued to a customer as a method of
payment to pay for goods in advance or for immediate payment. These needs to be
paid back to the bank/financial institution, within a fixed period of time,
either in monthly installments or in lump sum.
Types of credit cards
- Standard Credit Card - most commonly used one.
- Premium Credit Card - Includes airline frequent flier credit card, cash back credit card etc
- Prepaid Credit Card - Money is loaded initially itself into the card.
- Limited Purpose Credit Card - Can be used for only particular applications
- Specialty Credit Card - used for business purposes to keep business transactions conveniently separate etc..
Eligibility Criteria for Customer
- The applicant should be above the age of 18 years
- Any Indian citizen in good standing who is salaried, self-employed or business person with regular source of income can apply for a personal loan.
- Should be currently employed with existing organization or been involved in your business for a specific number of years.
- Bad credit history would prove to be a put-off, especially anytime within 3 months prior to applying for personal loan.