No Fixed Paycheck? Here's How You Can Get A Credit Card Without A Fixed Salary

As India witnesses a surge in self-employment driven by freelancers, entrepreneurs, and gig workers, the demand for access to formal financial services is growing. One area where self-employed individuals have traditionally faced hurdles is getting a credit card. However, with changing market dynamics and increasing credit penetration, lenders are gradually extending services to this growing segment of the workforce.

The shift away from conventional employment structures has provided millions of Indians with the freedom to work on their terms, but it has also created challenges in providing consistent income, a key requirement for accessing credit facilities like credit cards.

Self-Employed Professionals Can Qualify

Self-employed individuals can obtain credit cards in India, though approval often hinges on multiple factors. These include submitting verifiable income through tax returns or bank statements, maintaining a healthy credit score, and demonstrating business stability.

Card issuers assess professionals such as consultants, doctors, traders, architects, and small business owners using different parameters compared to salaried applicants.

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Eligibility

While eligibility criteria may vary slightly across banks, most require applicants to meet the following benchmarks:

  • Age: Between 21 and 65
  • Annual income: Typically Rs 2 lakh to Rs 5 lakh, verified via ITR
  • Business continuity: 1 to 3 years of operations
  • Credit score: A score of 700 or more is generally preferred
  • Citizenship: Indian nationals only

Essential documents include Aadhaar and PAN cards, recent ITRs, six months of bank statements, business registration proof or a professional license, and identity and address proofs.

Homemakers Have Options Too

Interestingly, even housewives with no income can get credit cards. Options include:

  • Secured credit cards backed by fixed deposits
  • Add-on cards linked to a family member’s account
  • Joint credit cards with the spouse as primary holder
  • Basic cards based on strong savings history

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