9 Easy Steps To Apply For
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Student Credit Card In India
Introduction
Are you a student looking to build a solid financial foundation for your future? Look no further than a Student Credit Card.
These robust financial tools offer a unique opportunity to learn about money management and build credit while still in college. With rising education costs and the increasing importance of credit scores, having a student credit card is more important than ever. Student Credit Cards offer a range of benefits and perks that can help you save money from cashback rewards to exclusive discounts.
In my Blog Post, I have highlighted 9 easy steps to apply for a Student Credit Card in India. These steps will guide you through the entire process of application including eligibility, documents required, and online application among others. This Blog Post will also share information on key features of Top 10 Student Credit Cards in India .
Table of Contents
Student Credit Card
A Student Credit Card is a credit card specially designed for students. They are It is issued to a student who is 18 years of age and above and enrolled in a college or university. They are customised to meet the financial needs of students who have little or no credit history. They typically have lower credit limits with attractive interest rates besides offering attractive cashback and rewards relevant to student’s lifestyles.
Student Credit Card Eligibility
A student needs to fulfill the following criteria to be eligible to apply for a Credit Card.
- The student should be 18 years of age and above
- The student should be a full-time student of an educational institution
- The student should hold a valid educational institutional identity card
Many banks offer students credit cards with little or no credit history. However, banks such as the State Bank Of India offer credit cards only to students who have an educational loan with the bank. Some banks such as Axis Bank offer student credit cards against fixed deposit only as collateral security.
Note:
- Credit Cards offered to students have lower credit limits as the credit risk is higher
- State Bank Of India offers credit cards only to students who have an educational loan with the bank.
- Axis Bank offers student credit cards against fixed deposit only as collateral security.
Student Credit Card Documents List
The following documents are required to apply for a Student Credit Card :
Student Credit Card Apply
A student can apply online for a credit card by downloading the selected bank’s app on his smartphone or accessing the bank’s web portal. Once the app has been downloaded or the web portal accessed, a student needs to follow the instructions as stated:
- Launch the App or Log on to the respective bank portal and register by providing relevant details
- Generate a login ID and password.
- After Login, enter all credentials and personal details required for the loan application.
- Submit the application along with relevant documents.
If the application and documents submitted are in order, the loan application will be sanctioned. While most banks allow students to apply online, some may require a personal visit to the designated bank branch and submit the loan application directly.
Student Credit Card Interest Rate
Student Credit Card’s interest rate depends on the issuer and the creditworthiness of the student. Students are typically charged higher interest rates compared to regular credit cards because students often have limited or no credit history and may be considered higher risk by lenders.
Interest rates on student credit cards could range anywhere from around 14% to 25% or higher, but this can vary. Some student credit cards offer introductory 0% APR periods for a certain number of months, but after that period ends, the interest rates will revert to the regular rate.
However, there are some exceptions to the rule. To promote higher education, states of West Bengal, Bihar, and Jharkhand offer concessional rates of interest ranging from 1% to 4%.
Note:
- Students need to understand the terms and conditions of any credit card they apply for, including the interest rate, fees, and penalties for late payments.
- Additionally, building good credit habits early on can help students qualify for better interest rates and financial products in the future.
Student Credit Card Pros And Cons
Top Ten Student Credit Cards In India
- SBI Student Plus Advantage Credit Card
- Kotak Silk Inspire Credit Card
- HDFC Bank ISIC Student Forex Plus Card
- HDFC Multicurrency Forex Plus Card
- Bank Of Baroda Financial Prime Card
- ICICI Bank Student Prepaid
- Axis Bank Insta Easy Credit Card
- West Bengal Student Credit Card
- Bihar Student Credit Card
- Jharkhand Student Credit Card
SBI Student Plus Advantage Credit Card
Key Features :
- Joining Fees : Nil
- Credit Card is for education loan customers of SBI only.
- An International card, that can be accessed in over 24 million outlets across the globe, including 3,25,000 outlets in India.
- 1 reward point for every Rs.100 spent redeemable retail spends
Kotak Silk Inspire Credit Card
Key Features :
- Joining Fees : Rs 599 + GST
- Get up to 5x reward points on every Rs.100 spent on clothing.
- Earn 1 reward point on every Rs.200 spent on any other categories.
- 2.5% Fuel surcharge waiver
- 8 free PVR tickets every year.
HDFC Bank ISIC Student Forex Credit Card
Key Features :
- Card issue charges : Rs 300 + GST
- The Credit Card is a complimentary globally recognised ISIC Identity Card.
- Internationally recognised Student identity card by global universities, and financial institutions around the world.
HDFC Multicurrency Forex Plus Card
Key Features :
- Card Issue Fees : Rs 500 + GST
- Road/Rail Accident Insurance (Death cover only) coverage up to INR 200,000/-
- Air Accident Insurance (Death cover only) coverage up to INR 5,00,000/-
- Loss of checked-in baggage cover coverage up to INR 20,000
Bank of Baroda Financial Prime Credit Card
Key Features :
- Joining Fees : Nil
- Annual Fees : Nil
- Guaranteed issuance against FD of Rs 15,000 or more without any income proof
- 1 reward point for every Rs.100 spent redeemable as cashback
- 1% Fuel Surcharge waiver on Fuel spends between Rs 400 and Rs 5000
ICICI Bank Student Prepaid Forex Card
Key Features :
- Joining Fees : Rs 499 + GST
- Annual Fees : Rs 199 from 2nd Year onwards.
- Annual Benefits like ISIC Membership voucher
- Card protection plus insurance
- Lost card/ counterfeit card liability coverage up to Rs 5,00.000
Axis Bank Insta Easy Credit Card
Key Features :
- Joining Fees : Rs 500 + GST
- Annual Fees : Nil
- 1% Fuel Surcharge waiver on Fuel spends between Rs 400 and Rs 4000
- 15% Dining Discounts at selected partner restaurants in India
- Conversion of Purchases into EMI on transactions above Rs 2500
Key Features :
- Joining Fees : Nil
- Eligible for students residing in West Bengal only
- Loan provided against credit card for academic and non-academic purposes
- Nominal Rate of Interest @ 4%
- Sanctioned Loan amount up to 10 Lakhs
Key Features :
- Joining Fees : Nil
- Eligible for students residing in Bihar only
- Loan provided against credit card for academic and non-academic purposes
- Sanctioned Loan amount up to 4 lakhs
- Nominal Rate of interest @4% for boys and @1% for girls/persons with disabilities and transgenders
Jharkhand Guruji Student Credit Card
Key Features :
- Eligible for students residing in Jharkhand only
- Joining Fees is Nil
- Loan provided against credit card for academic and non-academic purposes
- Sanctioned Loan amount up to 15 lakhs
- Nominal Rate of Interest @ 4%
Conclusion
In Conclusion, a Student Credit Card can be a valuable tool for learning financial discipline and building a credit history. However, these credit cards come with certain riders such as high interest rates and potential debt at an early stage of life. Therefore, a student needs to be judicial and mature to handle these credit cards.
Remember, Credit cards are not free money. One needs to keep credit utilization low and pay bills on time to avoid pitfalls. They need to be used wisely and responsibly.
FAQ
I am a student. Am I eligible for a student credit card?
Yes. you can get a credit card as a student. If you are 18 years old or above, you can apply for a student credit card
Can I get a student credit card without income ?
Yes. You can get a credit card without income. However, some banks offer credit cards against fixed deposits or a savings account only.
Do I need a co-signer to get a student credit card?
Yes. A student needs a co-signer to get a credit card. The co-signer is someone with a good credit score and income who guarantees that credit card dues will be paid if a student defaults.
Is student credit card beneficial ?
Student credit cards are beneficial as they offer a range of rewards and perks that can help students save money and make the most of their college years. They also provide a world of opportunities, from cashback to exclusive discounts and fraud protection.
What is the credit limit on a student credit card?
Student Credit Cards offer lower credit limits due to limited or no credit history. Typically, these credit cards come with credit limits of 15000/- only.
Are there any fees associated with student credit cards?
Most Student Credit Cards do not charge any annual fees .