Product Features of Eclat Card
|
Parameters |
IDBI Bank-LICCSL ‘Eclat’ Credit
Card |
|
Card Network and
Variants |
Rupay |
|
Credit Limit |
On basis of Income Assessment |
|
Welcome Bonus
Delight points |
1,000 Delight Points on single transaction of Rs. 5,000 or more within 30 days of Card issuance. 500 Additional Points on card activation within 30 days of card issuance |
|
Milestone Benefits |
Earn 1500 delight points on annual spend of above Rs 2 lakh Earn 2000 delight points on annual spend of above Rs 4 lakh The annual spends would be considered on the basis of the card issuance date and benefits are applicable once a year |
|
Redemption Criteria |
Can be redeemed against cashback, e-vouchers and available merchandise items. Minimum 1,000 Delight Points required for redemption. Fees of Rs 20 plus taxes applicable for redemption between 1000 to 4000 points. No fees are applicable for redemption above 4000 points. Minimum Loading of 1000 Delight Points in case of redemption through cashback. |
|
EMI facility |
Minimum Transaction Amount: Rs.3000/- (excluding cash withdrawal, fuel purchase, Jewelry transactions) Interest Rate: 13% per annum Processing Fees and
foreclosure fees:
NIL Tenure Options: 3, 6, 9, 12,18, 24, 30 and 36 months |
|
Card Validity |
7 Years |
|
Personal Accident
& Permanent Disability Insurance |
Rs. 10.00 lakh sum
assured |
Eligibility Criteria for Eclat Credit Card
|
Sr. No. |
Criteria |
Description |
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|
1 |
Eligible Applicants |
1. Must be Employees / Agents/ Policyholders of LIC and
its Subsidiaries/Associates. 2. Must be Resident Indians. 3. Must be Salaried/Retired (max. age 65)/ Self
Employed with consistent source of income. 4. Customers with only commission income (except for
LIC Agents)/Rental Income/Interest Income will not be eligible under normal
category. 5. Salaried employees working in Proprietorship Firms
& Partnership Firms and contractual employees are not to be considered. 6. Should not have existing Credit Card with IDBI Bank |
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|
2 |
Geographical location |
As per the approved list of
cities mutually agreed between IDBI Bank and LIC Cards. |
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|
3 |
Age Norms |
Minimum : 21 (Add-on Cards- 18
years) Maximum : 60 for salaried and
65 for Self Employed/Retired/Pre-approved category |
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|
4 |
Work Experience |
Self
Employed: Minimum 2
Years # to be ensured by LICCSL- Marketing
Channel |
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|
5 |
Minimum Income Norms |
Salaried: Minimum
Net Adjusted Income to be Rs. 75,000/- p.m. Self Employed: Minimum Net Adjusted Annual Income >= Rs. 12, 00,
000 (as per ITR) across all locations. |
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|
6 |
FOIR (Fixed Obligation to
Income Ratio) |
Maximum FOIR of 70% |
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|
7 |
CIBIL Credit Vision Score |
·
Minimum Score of 740 ·
Minimum Score of 700 for LIC Employees · The cases
with eligible scores and a mention in
the CIR as "CREDIT
AGE LESS THAN SIX MONTHS" will be offered the limit based on the eligibility and
extant Credit Underwriting norms, subject to the maximum limit (based on NAI)
defined below.
|
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|
8 |
Mobile Connection |
Mandatory |
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|
9 |
Verification |
Positive Field Investigation
Report * Waived
off for Customers who have availed HL, LAP or EL from IDBI Bank Ltd. and such
loan is Live with satisfactory track record. * Waived
off for Employees of LIC and its Subsidiaries/Associates, LIC
Corporate/MDRT/Galaxy/CM /ZM Club Agents. |
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|
10 |
Previous Rejected Application |
Customer application for a
credit card should not have been rejected by the Bank in the last 6 months. |
LIC Eclat Card by IDBI