Skip to main content

Credit Card for Self Employed in India

  

India is slowly moving towards becoming a country of entrepreneurs as more and more individuals are saying good bye to their jobs or denying placement offers to start their own company. With this rising number of self employment it is becoming equally difficult for an entrepreneur to arrange a starting capital to manage expenses. However there are many credit cards for self employed in India offered by most of the banks and card companies which can help during the initial phase of growth. And these individuals can now easily get a credit card and in turn run their businesses smoothly without worrying much about the funds. Of course, venture capitalists are pumping in lot of money in start-ups but not everyone can meet their requirement. And for such individuals credit card is a big rescuer.

How self employed can apply for a credit card?

Many card companies/banks offer best credit cards to the self employed and each have its own eligibility criteria, terms and conditions, benefits, features and others. So let's get into the details:

Eligibility:

  • Minimum age limit: 18 years
  • Minimum income per annum. This is the most important eligibility criteria for each and every bank/card company. For e.g. to apply for an HSBC gold card, self employed person should have annual income of Rs. 5, 00, 000. And this is required to check the repayment capacity of the person.
  • No payment or credit default or debt
  • Good credit history
  • Some banks also require bank account with them. And it should be active with trading done for minimum 1 year
  • Address proof (Landline telephone bill, ration card, passport & others)
  • Identification document proof (PAN card, election card & others)

How to apply for a credit card – documents required:

The first step to get a card is filling the application form and submitting the following documents:

  • PAN Card
  • ID and address proof
  • Business card
  • Latest income tax returns
  • Form 16A
  • Colored photographs
  • Age proof: Although not required by every company/bank, few might request it

Which companies offer credit cards for self-employed person?

Here are few banks or companies offering credit card for self employed along with the card names:

  • Bajaj Finserv World Card and Platinum Card
  • HSBC Gold Credit Card
  • American Express – Platinum Card, Platinum reserve card
  • Axis bank gold credit card
  • HDFC silver and gold card & many others

Benefits and features:

Credit card being a competitive industry, every bank or card company tries to lure new customers with freebies, reward points, cash back and many others. However listed below are the most commonly offered benefits:

  • Reward points: For every purchase at grocery/retail stores and at other places
  • Bill payments: Mobile, landline, electricity and others
  • Vouchers: Holiday, entertainment

Features to check before buying a card:

Before a self employed person selects a card, he/she should look for following features as they can help in saving a good amount of money and make life easy:

  • Joining fee
  • Annual fee
  • Card cancellation fee
  • Credit limit
  • Billing cycle
  • Bill payment methods
  • Late fees
  • 24*7 customer support
Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saving Mutual Funds to invest in India for 2016 or Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

---------------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Leave a missed Call on 94 8300 8300

Popular posts from this blog

Am you Required to E-file Tax Return?

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   Am I Required to 'E-file' My Return? Yes, under the law you are required to e-file your return if your income for the year is Rs. 500,000 or more. Even if you are not required to e-file your return, it is advisable to do so for the following benefits: i) E-filing is environment friendly. ii) E-filing ensures certain validations before the return is filed. Therefore, e-returns are more accurate than the paper returns. iii) E-returns are processed faster than the paper returns. iv) E-filing can be done from the comfort of home/office and you do not have to stand in queue to e-file. v) E-returns can be accessed anytime from the tax department's e-filing portal. For further information contact Prajna Capit...

IDFC - Long term infrastructure bonds - Tranche 2

IDFC - Long term infrastructure bonds What are infrastructure bonds? In 2010, the government introduced a new section 80CCF under the Income Tax Act, 1961 (" Income Tax Act ") to provide for income tax deductions for subscription to long-term infrastructure bonds and pursuant to that the Central Board of Direct Taxes passed Notification No. 48/2010/F.No.149/84/2010-SO(TPL) dated July 9, 2010. These long term infrastructure bonds offer an additional window of tax deduction of investments up to Rs. 20,000 for the financial year 2010-11. This deduction is over and above the Rs 1 lakh deduction available under sections 80C, 80CCC and 80CCD read with section 80CCE of the Income Tax Act. Infrastructure bonds help in intermediating the retail investor's savings into infrastructure sector directly. Long term infrastructure Bonds by IDFC IDFC issued an earlier tranche of these long term infrastructure bonds on November 12, 2010. This is the second public issue of long-te...

Section 80CCD

Top SIP Funds Online   Income tax deduction under section 80CCD Under Income Tax, TaxPayers have the benefit of claiming several deductions. Out of the deduction avenues, Section 80CCD provides t axpayer deductions against investments made in specific sector s. Under Section 80CCD, an assessee is eligible to claim deductions against the contributions made to the National Pension Scheme or Atal Pension Yojana. Contributions made by an employer to National Pension Scheme are also eligible for deductions under the provisions of Section 80 CCD. In this article, we will take a look at the primary features of this section, the terms and conditions for claiming deductions, the eligibility to claim such deductions, and some of the commonly asked questions in this regard. There are two parts of Section 80CCD. Subsection 1 of this section refers to tax deductions for all assesses who are central government or state government employees, or self-employed or employed by any other employers. In...

ULIP Review: ProGrowth Super II

  If you are interested in a death cover that's just big enough, HDFC SL ProGrowth Super II is something worth a try. The beauty is it has something for everybody — you name the risk profile, the category is right up there. But do a SWOT analysis of the basket, and the gloss fades     HDFC SL ProGrowth Super II is a type-II unit-linked insurance plan ( ULIP ). Launched in September 2010, this is a small ticket-size scheme with multiple rider options and adequate death cover. It offers five investment options (funds) — one in each category of large-cap equity, mid-cap equity, balanced, debt and money market fund. COST STRUCTURE: ProGrowth Super II is reasonably priced, with the premium allocation charge lower than most others in the category. However, the scheme's mortality charge is almost 60% that of LIC mortality table for those investing early in life. This charge reduces with age. BENEFITS: Investors can choose a sum assured between 10-40 times the annualised premium...

FCCB buyback

WITH dismal share valuations causing bondholders to redeem, and not convert their foreign currency convertible bonds ( FCCBs ), which until early this year were regarded as one of the most preferred options for raising corporate debt, suddenly seem to have become millstones around the necks of issuers. It is the redemption pressure on cash-starved issuers, coupled with the need to preserve liquidity by mitigating further forex outflow, which seems to have prompted the Reserve Bank of India ( RBI ) to issue the circular permitting buyback of FCCBs. As per the circular, issuers can now buyback FCCBs under the automatic route up to any limit out of existing foreign resources or by raising fresh external commercial borrowings (ECBs,) if effected at a minimum discount of 15% on the book value. Further, FCCBs up to $50 million can be bought back with prior RBI approval out of rupee resources representing “internal accruals”, if effected at a minimum discount of 25% on the book value. I...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now