A. A Credit Card is a plastic card issued
by a financial institution which offers a line of credit to the customer to purchase
goods/services. This line of credit comes with a limit which allows a customer to
consume up to a specific amount, set by the financial institution which has offered
the card.
Q. How is a Credit Card different from a Debit
Card?
A. A Debit Card allows you to withdraw money
deposited in your bank account. Hence, the money that is being used is deducted
from your bank account. However, a Credit Card is a form of Credit which is not
related to your Personal bank accounts.
Q. What are the features of a Credit Card?
A. The features of a Credit Card are:
Credit Cards have universal acceptability.
For using a Credit Card, a customer has to pay a fixed sum as annual fees. However,
financial institutions generally waive off the charges if the customer meet a certain
criteria in terms of his expenditure behaviour.
Credit Cards also come with a Balance Transfer option, allowing the customer to
transfer its balance to another card and avail the benefits of cheaper interest
rates.
Customers can settle the balance with Monthly EMIs.
Credit Cards come with a 24/7 service, unlike other card forms.
Customers can easily pay off their utility bills using Credit Cards.
Q. What are the benefits of using a Credit
Card?
A. Using a Credit Card comes with a lot
of benefits:
Ease in payments while shopping, dining, travelling and settling bills.
Timely repayments on Credit Cards help in improving your Credit Score.
Access to premium services offered by the financial institution which issued the
card.
Amazing discounts and cashbacks upon the purchases made using the card.
Access to more funds in times of immediate need
Expenditure tracking and monitoring using the modules offered.
Q. What is EMI? How is it calculated?
A. An equated monthly instalment (EMI) is
the amount of money that is paid back to the lender on a monthly basis. It is essentially
made up of two parts, the principal amount and the interest on the principal amount
equally divided across each month in pre-decided tenure. The EMI is always paid
up to the bank or lender on a fixed date each month until the total amount due is
paid up during the tenure.
Q. Why will my Credit Card application be
rejected?
A. If you have a bad Credit Score, have
defaulted on repayments or don’t meet the basic criteria, you are likely to get
rejected. If you do not meet the bank’s eligibility, you are likely to get rejected
as well.
Credit Card Eligibility Questions
Q. What is the eligibility criteria for Credit
Cards?
A. Anyone - whether self-employed or salaried
professionals — with a regular source of income can apply for a Credit Card. One
must be 21 years old at the time of applying. One must also have a good credit history
to be eligible for a Credit Card. If you are interested in checking your credit
history and learning about your credit worthiness before applying for a Credit Card,
click
here.
Q. What are the documents required for applying
for a Credit Card?
A. Financial Institutions generally request
for the following documents as identity and address proof. of Credit which is not
related to your Personal bank accounts.
PAN Card
Passport
Driving License/Voter ID
Passport
Ration Card
Credit Card Application Process and Fee Questions
Q. What are the other charges included in
the Credit Cards process?
A. IndiaLends does not charge its customers
any fees for applying for Credit Cards on its platform. However, financial institutions
can charge the following fees along with interest payments:
Add on Card Fee --The fee charged for applying for another card which can
be like its primary credit card (which is owned by the card holder).
Extended Credit Charges -- It is a fee charged by financial institutions
for extending the customer’s credit limit.
Cash Withdrawal Charges –- The charges paid by the customer to the financial
institution for withdrawal of money.
Q. What are the modes available for Credit
Card bill payments?
A. Net Banking, NEFT/RTGS Transfers, Debit
Cards, Visa Money Transfer, Cash, Cheques, Demand Drafts are some of the ways of
making Credit Card Bill Payments.
PAN Card
Passport
Driving License/Voter ID
Passport
Ration Card
Q. What factors should I consider while taking
a Card?
A. You need to consider the following factors
when you take a Credit Card:
Purpose of the Credit Card
Expense behaviour to select the best Reward Scheme
Number of Credit Cards you’re currently holding. Ideally, a customer should hold
not more than 3 Credit Cards
Any active loan/heavy EMI payment
Interest Rate on the card
Customer Service
IndiaLends - Specific Questions
Q. Will I be charged by IndiaLends for services
offered?
A. No. The services offered by IndiaLends
are completely free of charge.
Q. After I submit my application to IndiaLends,
what next?
A. Once you fill-up our application form,
your application will be matched with the best financial institution based on your
credit profile, and will be securely sent to them. You will soon be contacted by
the lender directly for disbursal.
Q. How do I apply for a Credit Card with IndiaLends?
A. You can fill-up our short application form
and get a status update within minutes of applying.
Q. Can I deactivate my Credit Card?
A. Yes, you can deactivate your card by
contacting the Customer Care Service or your home branch.
