FAQs - Credit Card

A.A Credit Card is a plastic card issued by a financial institution which offers a line of credit to the customer to purchase goods/services. This line of credit comes with a limit which allows a customer to consume up to a specific amount, set by the financial institution which has offered the card.

A.The features of a Credit Card are:

1. Credit Cards have universal acceptability.
2. For using a Credit Card, a customer has to pay a fixed sum as annual fees. However, financial institutions generally waive off the charges if the customer meet a certain criteria in terms of his expenditure behaviour.
3. credit Cards also come with a Balance Transfer option, allowing the customer to transfer its balance to another card and avail the benefits of cheaper interest rates.
4. Customers can settle the balance with Monthly EMIs.
5. Credit Cards come with a 24/7 service, unlike other card forms.
6. Customers can easily pay off their utility bills using Credit Cards.

A. Using a Credit Card comes with a lot of benefits:

1. Ease in payments while shopping, dining, travelling and settling bills.
2. Timely repayments on Credit Cards help in improving your Credit Score.
3. Access to premium services offered by the financial institution which issued the card.
4. Amazing discounts and cashbacks upon the purchases made using the card.
5. Access to more funds in times of immediate need
6. Expenditure tracking and monitoring using the modules offered.

A.An equated monthly instalment (EMI) is the amount of money that is paid back to the lender on a monthly basis. It is essentially made up of two parts, the principal amount and the interest on the principal amount equally divided across each month in pre-decided tenure. The EMI is always paid up to the bank or lender on a fixed date each month until the total amount due is paid up during the tenure.

A.If you have a bad Credit Score, have defaulted on repayments or don’t meet the basic criteria, you are likely to get rejected. If you do not meet the bank’s eligibility, you are likely to get rejected as well.

A. Anyone - whether self-employed or salaried professionals — with a regular source of income can apply for a Credit Card. One must be 21 years old at the time of applying. One must also have a good credit history to be eligible for a Credit Card. If you are interested in checking your credit history and learning about your credit worthiness before applying for a Credit Card, click here

A. IndiaLends does not charge its customers any fees for applying for Credit Cards on its platform.However, financial institutions can charge the following fees along with interest payments:

1. Add on Card Fee - The fee charged for applying for another card which can be like its primary credit card (which is owned by the card holder).
2. Extended Credit Charges - It is a fee charged by financial institutions for extending the customer’s credit limit.
3. Cash Withdrawal Charges – The charges paid by the customer to the financial institution for withdrawal of money.

A.You need to consider the following factors when you take a Credit Card:

1. Purpose of the Credit Card
2. Expense behaviour to select the best Reward Scheme
3. Number of Credit Cards you’re currently holding. Ideally, a customer should hold not more than 3 Credit Cards
4. Any active loan/heavy EMI payment
5. Interest Rate on the card
6. Customer Service

A. No. The services offered by IndiaLends are completely free of charge.

A. Once you fill-up our application form, your application will be matched with the best financial institution based on your credit profile, and will be securely sent to them. You will soon be contacted by the lender directly for disbursal.

A.You can fill-up our short application form and get a status update within minutes of applying.

A.Yes, you can deactivate your card by contacting the Customer Care Service or your home branch.