Apply Online for Credit Card Easily Through AIP!
Posted at by CreditWiz on category CreditApplying for credit cards online is not something new and we are all aware that many banks are providing the facility through their web sites. A brand new twist to this is the AIP facility launched mainly for credit cards, which has been recently introduced in India. It really is getting extensively accepted and found to be a very helpful product for customers applying credit cards on the web.
Though many banks have AIP facility for various loan and insurance products, an exclusive AIP for credit cards is something new to the Indian banking sector. If banks are equipped with AIP facility, knowing whether you are eligible for the credit card or otherwise not will probably be relatively simple.
What exactly is AIP?
AIP or Approval-in-Principle means an instant approval for online apps. The data you have submitted on the internet will be immediately assessed by the bank through the help of a 3rd party credit agency, letting you know your credit history instantly.
Standard Chartered Bank was the first to come up with this facility in India, to ensure that their customers can avail a fast approval of their credit card application, subject to instant online verification as well as their individual eligibility.
Exactly how good it is?
Online credit card applications if equipped with AIP are not only practical, but additionally very useful. In regular cases, whenever you apply for a credit card online, the request will probably be processed and soon somebody from the local branch gets in contact with you. On physical submission of the form in the branch, you will have to wait to get the status revealed. With AIP on board, you’ll be educated upfront, whether you are eligible or otherwise not.
You can forget those extended hours and also weeks looking forward to approval, and also you don’t have to check the status of the application. The novelty factor is definitely the speed in which the result is produced. And, in case your application gets rejected, you can test with some other banks with out wasting time or attempt what is necessary for a smooth running.
How it operates?
To avail AIP, all you need to do is, visit the bank’s site and drop an online credit card application request. You will be automatically redirected to a third party site- the site of a credit agency in which you have to enter your details to initiate verification.
In case you have successfully met the qualifications norms, you will receive an instant approval. The approval is made with the aid of a net based real time engine that quickly cross checks the data produced with that of the bank’s plan rules. Simultaneously, the customers’ credit score may also be carried out by credit bureaus. The processed result will probably be conveyed to the customer instantly.
Once you have got the AIP, you may get in contact with the bank to get the physical form filled, combined with the required KYC documents and also income proof. Issuance of credit cards will probably be initiated afterwards.
Issues to remember
AIP is to be considered as an initial level approval. It’s not an assurance that you will be given a credit card ultimately. It’ll let you know your credit history, subject to the supply of documents and also physical verification clearance.
Typically, in case you have a good to excellent credit score and also you have offered all of the right information in the online space, you won’t face any complications in getting the AIP. However, if usually do not satisfy the credit standards, the application will probably be declined. Or, in case, upon physical verification it’s proved that the information declared with the customer on the portal is completely wrong, or because of some other factors, e.g. you can not be traced or if your KYC is unsatisfactory, the application can get rejected.
The service is currently available for customers trying to get a credit card online and also will probably be soon introduced at the branches and also partnering retail outlets. The facility is additionally anticipated to be wide spread soon, as banks are seeing this as a way to reach out to a large customer section.
BankBazaar is really a marketplace where you can quickly have the lowest loan rates, compare and Register For Credit Card Online for your personal loan and mortgage loan and from India’s leading banks and also NBFCs.