Applying for charge card online is not something new and we all understand that numerous banks are using the facility through their websites. A new twist to this is the AIP center introduced exclusively for credit cards, which has actually just recently been presented in India. It is getting commonly accepted and found to be an extremely practical product for consumers applying charge card online.

Though lots of banks have AIP facility for various loan and insurance products, a special AIP for charge card is something brand-new to the Indian banking sector. If banks are armed with AIP center, knowing whether you are qualified for the charge card or not will be reasonably simple.

What is AIP?

AIP or Approval-in-Principle simply suggests an instant approval for online applications. The data you have actually submitted online will be immediately examined by the bank with the aid of a 3rd party credit bureau, letting you know your credit value immediately.

Requirement Chartered Bank was the first to come up with this center in India, so that their consumers can avail a quick approval of their charge card application, based on immediate online verification and their individual eligibility.

How good it is?

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Online charge card applications if equipped with AIP are not just practical, but also very beneficial. In normal cases, when you look for a credit card online, the demand will be processed and soon someone from the regional branch contacts you. On physical submission of the application type in the branch, you will have to wait to get the status revealed. With AIP on board, you will be informed in advance, whether you are qualified or not.

You can forget those long hours and weeks awaiting approval, and you do not have to check the status of your application. The novelty aspect is the speed with which the result is produced. And, if your application gets turned down, you can attempt with some other banks without squandering time or do what is needed for a smooth processing.

How it works?

To obtain AIP, all you have to do is, check out the bank’s site and drop an online credit card application demand. You will be immediately rerouted to a 3rd party website- the website of a credit bureau where you have to enter your details to initiate verification.

If you have actually effectively satisfied the eligibility standards, you will get an immediate approval. The approval is made with the help of a net based real time engine which quickly cross checks the info produced with that of the bank’s policy rules. At the same time, the customers’ credit ranking will also be done through credit bureaus. The processed outcome will be communicated to the customer immediately.

When you have actually got the AIP, you can contact the bank to get the physical application kind filled, in addition to the required KYC documents and income proof. Issuance of charge card will be started thereafter.

Things to bear in mind

AIP is to be considered as a first level approval. It is not an assurance that you will be offered a charge card in the end. It will let you understand your credit value, based on the availability of files and physical verification clearance.

Generally, if you have a great to exceptional credit rating and you have provided all the needed details in the online space, you will not deal with any issues in getting the AIP. However, if do not fulfill the credit standards, your application will be decreased. Or, in case, upon physical confirmation it is proved that the details declared by the customer on the portal is incorrect, or due to some other aspects, e.g. you can not be traced or if your KYC is inappropriate, the application can get rejected.

The service is currently readily available for clients applying for a charge card online and will be quickly presented at the branches and partnering retail outlets. The center is also expected to be broad spread quickly, as banks are seeing this as a method to reach out to a big consumer segment.

Using for credit cards online is not something brand-new and we all know that numerous banks are providing the center through their sites. A new twist to this is the AIP center introduced solely for credit cards, which has actually just recently been introduced in India. It is getting extensively accepted and found to be a very handy product for consumers using credit cards online.

Online credit card applications if equipped with AIP are not only practical, but also really beneficial. At the same time, the clients’ credit rating will also be done through credit bureaus.