Friday, August 6

Apply Online for Your Credit Card With Ease Through AIP!

Applying for credit cards online is not new stuff and we all recognize that many banks are giving the facility through their internet sites. A new twist to this’s the AIP facility launched exclusively for credit cards, which has been already created in India. It is getting widely accepted and found to be a very helpful product for customers applying credit cards online.

Though a lot of banks have AIP facility for various loan and insurance products, an exclusive AIP for credit cards is a new skill to the Indian banking sector. If banks are armed with AIP facility, knowing whether you are qualified for the charge card or not will be fairly easy.

What is AIP?

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

Standard Chartered Bank was the 1st to put together this facility in India, so that their customers can avail a rapid approval of the credit card application, subject to instant online verification and their individual eligibility.

Just how great it is?

Internet credit card applications if equipped with AIP aren’t merely convenient, but also quite advantageous. In regular cases, if you apply for a credit card online, the request 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’re eligible or even not.

You can fail to remember those long hours and weeks waiting for approval, and you do not ought to check the state of the application of yours. The novelty factor is the pace with which the result is developed. Plus, if your application gets rejected, you are able to try with other banks without wasting time or even do what is required for a smooth processing.

How it works?

To avail AIP, all you have to do is, click on the bank’s site and drop an online credit card application request. You are going to be immediately redirected to a third party site the web site of a credit bureau exactly where you’ve to make their way in to your details to initiate verification.

If you have successfully met the eligibility norms, you are going to receive a quick 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. Concurrently, the customers’ credit rating will be done through credit bureaus. The processed result will be communicated to the customer immediately.

When you have got the AIP, you are able to get in touch with the bank to get the actual physical application form filled, along with the necessary KYC documents and income proof. Issuance of credit cards will be initiated thereafter.

precision castparts federal credit union to remember

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

In general, if you’ve a good to outstanding credit score and you have provided all the required info in the online space, you won’t face some issues in getting the AIP. Nevertheless, if don’t match the credit standards, your application will be declined. Or, in case, upon physical verification it’s demonstrated the information declared by the consumer on the portal is incorrect, or perhaps on account of many other things, e.g. you can’t be traced or if your KYC is unacceptable, the application is able to get rejected.


The assistance 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 supposed to be wide spread soon, as banks are seeing this as a better way to reach out to a large customer segment.

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