Need A Credit Card When You're Self Employed? Here's All You Need To Know

Since more and more Indians have been choosing self-employment lately, whether it is through freelancing, contract work, or even if it is with starting their own business, the non-traditional workforce is growing as a faster pace.

While this does offer flexibility as well as independence, it can also make it harder to get financial instruments like credit cards, especially without a steady monthly income.

So if you are self-employed in India and wish to get a credit card, this guide tells you everything you need to know.

Can Self-Employed People Get A Credit Card?

Absolutely! It is possible for self-employed people to get a credit card in India provided they are willing to prove the following:

* Verified Income (business statement or ITRs)
* Having a good credit score
* Providing proof of stable business

The criteria for issuing credit cards to self-employed individuals like independent contractors, doctors, architects, consultants, traders, and business owners.

Eligibility Criteria For Self-Employed Individuals

Though each issuer defines different eligibility standards, the general criteria includes:

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

What Documents Do You Need?

Here is a list of documents that self-employed individuals will need when they are applying for a credit card:

1. Aadhaar and PAN cards
2. Income Tax Returns (ITRs) for one to two years.
3. Bank statements for the last six months.
4. Proof of business registration or proof of a professional license.
5. One recent passport-sized photo.
6. Proof of identity and office address (if applicable).

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