Apply Online for Your Credit Card With Ease Through AIP!

Applying for credit cards online isn’t new stuff and we all realize that lots of banks are presenting the facility through the websites of theirs. A brand new twist to this’s the AIP facility launched exclusively for credit cards, which has recently been introduced in India. It is getting widely accepted and found to be an extremely helpful product for customers applying credit cards online.

Though many banks have AIP facility for various loan and insurance products, an exclusive AIP for credit cards is something totally new to the Indian banking sector. If banks are armed with AIP facility, knowing whether you are qualified for the bank card or otherwise will be somewhat easy.

What’s AIP?

AIP or Approval-in-Principle simply means a quick approval for applications which are internet. The data you’ve submitted online is going to be immediately reviewed by the bank with the assistance of one third party credit bureau, letting you know your credit worthiness instantly.

Standard Chartered Bank was the first to think of this facility in India, so that their customers can avail a quick approval of their credit card application, subject to instant online verification along with their individual eligibility.

Just how good it is?

Online credit card applications if equipped with AIP usually are not merely convenient, and also quite good. In normal cases, if you apply for a credit card online, the appeal will be processed and soon someone from the regional branch gets in contact with you. On physical submission of the application form in the branch, you are going to have to wait around to get the status revealed. With AIP on board, you’ll be informed upfront, whether you are qualified or even not.

syncb/ppc are able to overlook those hard and weeks waiting for approval, and you don’t have to check out the state of your application. The novelty factor would be the pace with which the outcome is created. And, if your application gets rejected, you can try with some other banks without wasting time or even do what is needed for a smooth processing.

The way it works?

To avail AIP, all you have 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 bureau exactly where you have to make their way in to the details of yours to initiate verification.

If you have successfully met the eligibility norms, you are going to receive an instant approval. The approval is made with the assistance of a net based real time engine which instantly cross checks the information produced with that of the bank’s policy rules. Simultaneously, the customers’ credit rating will be done through credit bureaus. The processed result will be communicated to the customer immediately.

After you’ve got the AIP, you can get in contact with the bank to receive the physical application form filled, along with the necessary KYC documents and income proof. Issuance of credit cards will be initiated thereafter.

Things to remember

AIP is to looked into as a first level approval. It’s not an assurance that you will be given a bank card in the end. It will let you know the credit worthiness of yours, subject to the availability of physical verification clearance and documents.

Generally, in case you have a good to exceptional credit score and you’ve provided all the needed info in the online space, you won’t face some problems in getting the AIP. Nevertheless, if don’t meet the credit standards, your application will be declined. Or, in case, upon physical verification it’s demonstrated that the info declared by the customer on the portal is incorrect, or perhaps due to some other factors, e.g. you can’t be traced or even if your KYC is unacceptable, the application is able to get rejected.

The program is now available for customers applying for a credit card online and will be soon introduced at the branches and partnering retail outlets. The facility is also likely to be wide spread soon, as banks are seeing this as a way to reach out to a significant customer segment.

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