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What is the minimum credit score needed for IndusInd Bank Credit Cards?

IndusInd Bank refers to credit scores issued by CIBIL™ while considering any credit card application. If the credit score issued by CIBIL™ is closer to 300, it is not considered to be good or favourable. A credit score closer to 900 is preferred by the lenders while reviewing a credit card or a loan application.

IndusInd Bank requires the applicants to have a minimum credit score of 750 to be eligible for the credit cards of the bank. An applicant having a credit score lower than that is considered to be of high risk as the risk of delay or default in payment of credit card dues may be higher in such cases.

The bank may issue credit cards even if the credit score is lower, at its discretion. There is no guarantee that your credit card application will be approved you have a low credit score as it depends on several variables and your prior relationship with the bank. To be eligible for an IndusInd Bank credit card with a low credit score, the applicant has to meet other guidelines and prove their eligibility and higher income for repaying the credit card dues.

  • The bank usually requires the applicants to have a minimum age of 21 years to be eligible for the credit cards and maximum age of 65 years.

Applicants can contact the bank for details regarding other eligibility parameters required for the credit cards of the bank.

What is a credit score?

A credit score is the rating issued to any individual or businesses by a competent or certified credit rating agency to determine their financial health. There are four credit rating agencies in India. These agencies are,

  • CIBIL™
  • Equifax
  • Experian
  • CRIF Highmark

Among these agencies mentioned above, the credit score issued by CIBIL™ is referred by IndusInd bank while determining the eligibility of an applicant for its credit cards. The credit score issued by IndusInd bank is a three-digit number that is in the range of 300 to 900.

The credit score of an applicant has to be duly maintained to ensure that they can get easy access to loans or credit cards as and when needed. Lenders look at the credit score as the first point of reference for the issue of credit cards or loans. Hence, it is essential to ensure that the credit score of the applicant is not damaged.

How can I improve my credit score to be eligible for IndusInd credit cards?

There are many ways to improve a person’s credit score in order to be eligible for the credit cards of the bank. Some of the most common measures to improve the credit score of a person are mentioned below.

  • Paying credit card dues or loan EMIs on time
  • Paying the past credit card dues or loan EMIs to reduce outstanding liabilities
  • Not applying for loans or credit cards through multiple lenders at the same time
  • Keeping the credit utilization ratio in check and not utilizing it beyond 30% of the total credit limit
  • Reporting any errors or fraudulent entries in the credit report of the applicant.

About IndusInd Bank

IndusInd Bank is a renowned name in the private banking sector of our country. The bank commenced operations in the year 1994 with the aim to cater mainly to the NRI customers. The bank today has multiple products and services that are centred around retail banking, corporate banking, credit cards, insurance, wealth management, investment banking and more. IndusInd Bank has a huge customer base that is catered by its branches across the country as well as by representative offices overseas.

The credit cards of the bank are available in multiple variants for eligible applicants. The credit limit for such credit cards as well as the other features and benefits offered along with the card is dependent on many factors as per the guidelines of the bank. One of the crucial factors influencing such credit card eligibility is the credit score of the applicant.

FAQs

1. Can I check my credit score for free?

A. Yes. As per the latest rules and guidelines of the RBI, credit rating agencies have to provide the credit score of a person at least once per year and such information should be free at such time. Alternatively, you can check your credit score any number of times on CreditMantri for free.

2. What are the documents needed for checking the credit score of a person through CIBIL™?

A. A person can check their credit score through CIBIL™ by using any of the following documents.

  • Passport
  • Driver’s License
  • PAN Card
  • Voter ID
  • Ration Card

3. Can I get an IndusInd Bank credit card even if my credit score is low?

A. Yes. The bank may sanction the credit card application of a person having a low credit score if the applicant meets the other requirements set by the bank with regards to credit card eligibility. However, note that the issue of the credit card for an applicant with a low credit score is at the sole discretion of the bank.

4. Why is it crucial to maintain a healthy credit score?

A. A healthy credit score will ensure that the person will be able to get loans or credit cards easily from any lender. Such a person may also be eligible for loans at a lower rate of interest or low to zero processing charges.

5. Can a person get multiple credit cards from IndusInd Bank?

A. Yes. A person can get multiple credit cards from IndusInd Bank provided they are eligible for the same.

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