Student Credit Cards in India
Your student years are typically cash-short years! There are few students who are never in need of credit – whether to the tea stall or to the Xerox shop or even to a friend! In order to help students cover their expenses during their college years, banks in India also offer innovative products like Student credit cards to help student manage their expenses on their own during their graduation years. These cards are issued only to students during their course of study.
For instance, SBI offers SBI Plus Advantage Card, which is an exclusive credit card, given only to the education loan customers of State Bank of India. It can also be availed against a fixed deposit at any State Bank of India branch. Some of the features of this student credit card offering from SBI are:
• Balance transfer on EMI facility
• Reward points on all transactions; 10X reward points on International spends
• Cash withdrawal up to 80% of the cash limit
• Worldwide Acceptance—international credit card
• Utility Bill Payment Facility
• Convert transactions of Rs. 2,500 and more in easy monthly installments.
ICICI Bank also offers a student card that can be used for paying the university application fee as well as regular university fee. Students can manage living expenses and the card is accepted online, at merchant outlets, and ATMs.
Secured credit cards
There are other ways that a student can own a credit card as well. Students can avail a secured credit card if they have a fixed deposit account in their name. The student should be over 18 years to avail a credit card. Also, there is a minimum fixed deposit amount requirement. Approval is quick since you are securing a credit card against an FD. In case of default, the bank will recover the amount from your FD account.
Credit history
Students can also avail a credit card if they have got a strong savings history. Those having a savings account in their name, and having a long savings history can more easily secure a credit card with their bank.
Eligibility for availing a Student credit card in India:
• Must be a student pursuing graduation/post-graduation course
• Must be over 18 years of age
Documents needed for student credit card:
Securing a student credit card is easy, provided you have all the documents in place and you fulfil the eligibility criteria. The minimum documentation that would be required for a student credit card is as follows:
• Proof of age, birth certificate
• ID proof, poof of residential address,
• Students I-card issued by the college/ institution
• Passport size photographs
• Any other KYC documents as mandated by the bank