Personal Loan

All You Need To Know About Student Credit Cards In India


Many students nowadays study far from their homes. As a result, they must learn how to handle their day-to-day costs on their own. Many students prefer to make money transfers using e-wallets or digitally.

The issue with e-wallets is that they must be recharged on a regular basis There is also an implicit limit on e-wallet transactions for persons who are not KYC-certified. All of this makes e-wallet transactions complex.

A credit card in India is often aimed specifically at students to make payments fast and more simple. These are given to students who do not have a credit history.

This article will provide you with all the information about student credit cards in India.

Features And Perks Of A Credit Card In India

Here are the features and perks of the best credit card in India:

  • Credit Limits

Student cards have a lower credit limit than other credit and debit cards. A student credit card in India typically has a credit limit of Rs. 15,000. This is done to prevent users from incurring debt due to free spending.

  • Validity of the Card

Student credit cards can be used for 5 years from the date of issue, unlike standard credit cards, which have a three-year validity term.

  • Costless Duplicate Card

If a student misplaces or loses their credit card, a copy card will be provided for free or at a very low fee.

  • Fee Exemption

Student credit cards sometimes do not have a joining fee and have relatively low annual fees, making it simpler for students to keep the cards active.

  • Paperwork

Unlike many other credit cards, student credit cards do not need extensive proof. When applying for a card, there is minimal paperwork involved.

  • Special Offers and Perks
  1. The student cards include rewards and loyalty schemes that provide cashback or cash points after a certain amount is spent. The cards also provide unique deals and discounts on services and purchases made all around the globe.
  2. The student credit card may be upgraded to a regular credit card during the validity period if the user desires.

Eligibility For Student Credit Cards In India

Here are the factors required to apply for a student credit card in India:

  • You must be at least 18 years old.
  • To receive a student credit card, you must be a student at a college or university.
  • A student ID card would be necessary.
  • Certain student credit card issuers may ask students or their parents to create a fixed deposit account for a certain sum. Since these credit cards are unsecured types of credit, fixed deposits would serve as security.
  • To get a student credit card in India, certain banks may need a Savings Bank Account with a minimum quarterly amount.
  • Some banks only issue student credit cards to people who have got an education loan from them.

Documents Needed for Student Credit Card in India

The documents required to apply for a student credit card in India are:

  • Identity Document
  • Birth Certificate
  • Proof of Address
  • Student Identity Card
  • Passport sized photos
  • PAN Number
  • In some cases, data about a parent’s or guardian’s account and identity papers may be needed.

Ways To Apply For A Student Credit Card In India

Since most of these credit card users are students, banks do not ask for credit card eligibility criteria, such as credit score and solid income. A credit card in India for students may therefore be acquired through any of the following methods:

  • Apply with a Fixed Deposit

You may apply for student credit online or in person if you have a fixed deposit (FD) in your name. Yet, the minimum level acceptable for a credit card via fixed deposit varies per bank.

  • Apply as an Add-on Card

If your family member has a credit card in India, you may receive a credit card for students as an add-on card. Yet, the main user must have a strong credit history for the add-on card to be authorised.

  • Apply with a Savings Account or a Loan

You may apply for a student credit card in India online if you have a savings account with a consistent monthly average amount as stipulated by the issuing bank. Some banks, like the State Bank of India, also provide similar cards to persons who have taken out an education loan with them.

  • Benefit from State Programs

Many Indian state nations have launched credit card schemes for students. Some public services that provide such cards are the West Bengal Student Credit Card Program, the Bihar Student Credit Card Scheme, the Jharkhand Student Credit Card Scheme, and others.

How Can A Student Apply For A Credit Card in India?

  • A student credit card in India is the newest entrant within the credit card sector, assisting college students with managing their finances. Yet, not all students qualify for a student credit card.
  • Various banks and banking firms have developed unique qualifying rules for issuing a student credit card in India. Only those who satisfy the requirements can apply for a credit card.
  • Some banks, such as the State Bank of India, solely provide credit cards to education loan users.
  • What is the method? If a student over 18 wants to apply for a student credit card in India, they must first know what bank offers the finest student credit cards and how to apply for them.
  • If you match the bank’s qualifying conditions, you may inquire with the bank about the formation process.
  • Not all banks adhere to the same procedure. As a result, speaking with a bank about its unique procedure for applying for student credit cards is essential.
  • While some banks enable you to apply online, others may need you to visit the bank location in person and complete a form.

Summing Up

A student credit card is a form of credit card available to college students. If you are 18 or older, you may apply for a student credit card in India.

If you still need more information, you can visit Piramal Finance and explore other blogs on the same topic.