Apply Online For Your Credit Card With Ease Through Aip!

By Author: Anderson Wilson
Total Articles: 17
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Applying for credit cards online is not something new and we all know that many banks are offering the facility through their websites. A new twist to this is the AIP facility launched exclusively for credit cards, which has recently been introduced in India. It is getting widely accepted and found to be a very 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 new to the Indian banking sector. If banks are armed with AIP facility, knowing whether you are eligible for the credit card or not will be relatively easy.

What is AIP?

AIP or Approval-in-Principle simply means an instant approval for online applications. The data you have submitted online will be immediately assessed by the bank with the help of a third party credit bureau, letting you know your credit worthiness instantly.

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

How good it is?

Online credit card applications if equipped with AIP are not only convenient, but also very beneficial. In normal cases, when you apply for a credit card online, the request will be processed and soon someone from the local branch gets in touch with you. On physical submission of the application form in the branch, you will have to wait to get the status revealed. With AIP on board, you will be informed upfront, whether you are eligible or not.

You can forget those long hours and weeks waiting for approval, and you do not have to check the status of your application. The novelty factor is the speed with which the result is produced. And, if your application gets rejected, you can try with some other banks without wasting time or do what is required for a smooth processing.

How 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 where you have to enter your details to initiate verification.

If you have successfully met the eligibility norms, you will receive an instant approval. The approval is made with the help 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 also be done through credit bureaus. The processed result will be communicated to the customer immediately.

Once you have got the AIP, you can get in touch with the bank to get 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 be considered as a first level approval. It is not a guarantee that you will be given a credit card in the end. It will let you know your credit worthiness, subject to the availability of documents and physical verification clearance.

Generally, if you have a good to excellent credit score and you have provided all the necessary information in the online space, you will not face any problems in getting the AIP. However, if do not meet the credit standards, your application will be declined. Or, in case, upon physical verification it is proved that the information declared by the customer on the portal is incorrect, or due to some other factors, e.g. you cannot be traced or if your KYC is unacceptable, the application can get rejected.

The service is currently 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 expected to be wide spread soon, as banks are seeing this as a way to reach out to a large customer segment.

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