Yes, we all know in order to get a Credit score or CIBIL score it requires credit proof or a stable job. Being a college student it’s hard to get a stable job because you are learning at that point, so far you can get good part-time internships, and that is not enough to get a good credit score. So this blog is a roadmap on how to build your Credit score as a Student with no income ( for 18+ ).
*Disclaimer: This is not a sponsored content, I am a student and all have I shared is my own experience of building the Credit Score.
How to build your Credit score as a Student with no income ( for 18+ ) India
How to build your Credit score as a Student with no income? ( for 18+ )
Make your Pan Card & Open a Bank account online
When you will turn 18, it’s easy & necessary to get your Pan Card, it is not only the proof of your identity but also each and every financial transaction is recorded via this card. If you want to invest in mutual funds, or want to open a Demat account, or want to open a bank account a PAN Card is a must thing. And a Credit score is associated with your PAN card only. And a bank account is very necessary ( 1st step in build your Credit score as a Student )
1. Go to NSDL or UTIITSL
2. Apply for individual PAN application
3. eSign with your Aadhar card easily.
4. Pay for the Physical Pan Card and within a few days your virtual, as well as physical PAN card, will be ready.
Sign up for the Flipkart Pay Later or Amazon Pay Later
Now you got your PAN Card & you have your bank account also. Now when you get a so-called loan or credit card, and when you pay the bills from time to time, the chances of getting a credit limit increased.
So how do you get a loan? Either you can have your education loan or any other loan. But let me tell you, after roaming around all the options I can have, I have found out that we use Flipkart and Amazon for our online shopping and in the lockdown, it became our only option available. So just apply for the Flipkart Pay Later or Amazon Pay Later, it will work as a loan without interest. You can buy the same thing but with the credit limit offered by Flipkart or Amazon and then pay after one month when the bill will be generated.
I applied for the Flipkart Pay Later and after giving your PAN card information, and other relevant details you can get up to Rs 70,000 as instant credit. I got a credit of Rs 3000, and it is issued by the IDFC First Bank. I got it on 21st March 2021 till now I have paid all my bills on time. Thus, my CIBIL score was generated. At least six months of on-time payments are required to see a noticeable difference in your score. ( 2nd step in build your Credit score as a Student )
1. Open your Flipkart application on the smartphone go to the credit section & click on Flipkart pay later apply now
2. Then give your PAN Card number
3. After that give you the Aadhar Card number and eVerify.
4. Then give your bank account details or your UPI id
5. Then your credit limit will be calculated and you can avail your Flipkart Pay Later benefits.
Apply for a Student Credit Card ( Slice Card ) to improve the credit score
Now after 6 or 7 months your CIBIL score will be modified and then to improve your credit score you can apply for a credit card. But which company will issue you a credit card at the age of 18 years, without a Fixed Deposit? I found only one company named Slice it. It is a credit card challenger and will definitely help you to build your Credit score as a Student.
I applied there 2 months ago, filled in all the details and including PAN card number, Aadhar number, address, College fees receipt, and within 2 days my application was approved, and I got my virtual Visa Slice card. After 6 days I got my physical card too. The funds are powered by Quadrillion Finance Private Limited. I used it in a lot of places spent about 8000+ and sliced the bill into 3 parts and paid for the first month. This is a really fun experience. ( 3rd step in build your Credit score as a Student )
1. Go to the app store and download Slice It
2. Then properly go through the terms and conditions.
3. Start the application process, fill in all the details as a student. ( If you are not a student you can still apply )
4. Now submit and wait for their reply.
Proofs of my Credit Score as a student
Credit limit, Credit cards are interesting but make sure that what you spent, you can pay within time, because the main revenue policy of these credit card companies is the late payment charges, which also lead to a bad credit report or CIBIL score. So spend wisely the amount you can really able to pay off within time. Other than that, financial knowledge is very important at the age of 16 or greater than that, a wise plan can help you save and earn you money at the same time. This is How to build your Credit score as a Student with no income? build your Credit score, if this blog was helpful then please do share it with your friends, Thanks for Reading.
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