Business Credit Card Eligibility
You need to meet certain eligibility requirements in order to ensure that your credit card application is approved. Each bank or card may have different parameters. If you don’t meet the requirements set by the bank, your application may be rejected. If this happens, your credit score might take a hit.
Business Credit Card Eligibility Criteria
The eligibility criteria for business credit cards differ from one card to another. However, there are some basic requirements that everyone should meet for a EZO Business Credit Card
- The applicant should be at least 21 years old and not more than 70 years old
- The applicant should be a Resident Indian
- He/she should be a self-employed professional, proprietor or a partner in a partnership firm
- He/She should have a good credit history
- Credit limit of 0 to 5 lakhs will depend on the credit eligibility
Documents Required to Apply for a Business Credit Card
Applicants also need to submit some documents to validate the information provided by them in the application form. These include proof of identity, address and income. Business credit cards may be issued in the name of the organization or a member of the organization. The documents required will vary accordingly. For example, if the card is issued in the name of the business, you will have to provide the PAN of the business as opposed to an individual business card where the details of the person are needed.
- Aadhaar Card / PAN card (KYC Documents)
- Business PAN
- GST Registration Certificate
- Business Registration Documents (e.g. Incorporation Certificate)
- Bank details / Bank statement
The financial documents that work as income proof for business credit cards include
- For Self Employed (Partnership Firms and Companies): Copies of IT returns for the last 2 years and profit and loss statement and balance sheet for the last two years audited by a certified chartered accountant.
- Self Employed Professionals: Copies of IT returns for the last 2 years and Bank statements for last 6 months. Last two year’s P & L and balance sheet audited by a chartered accountant.
- Self Employed Non-Professionals: Profit & Loss and balance sheet for the last 2 years audited by a CA and Copies of IT returns for the last 2 years.
Procedure to Avail EZO Business Credit Card
- Login to Legal Docs portal
- Fill up the application form
- After assessment your credit card will be approved.
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