Apply Online for The Credit Card of yours With Ease Through AIP!

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Applying for credit cards online is not new stuff and we all realize that lots of banks are offering the facility through their internet sites. A new twist to this is 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 many banks have AIP facility for various loan as well as 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’re eligible for the charge card or otherwise will be somewhat easy.

What is AIP?

AIP or Approval-in-Principle simply means a quick approval for online applications. The data you’ve submitted online is going to be immediately assessed by the bank with the assistance of about 33 % 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 rapid approval of their credit card application, subject to instant online verification along with their unique eligibility.

Just how good it is?

Online credit card applications if equipped with AIP usually are not simply convenient, and also quite helpful. In ordinary cases, once you apply for a credit card online, the appeal 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 around to get the status revealed. With AIP on board, you’ll be informed upfront, whether you’re qualified or even not.

You can forget about those long hours and weeks waiting for approval, and you do not ought to check the status of the application of yours. The novelty factor is the pace with which the outcome is developed. Plus, if your application gets rejected, you can try with some other banks without wasting time or perhaps do what’s necessary for a smooth processing.

The way it works?

To avail AIP, all you’ve to do is, visit 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 site of a credit bureau exactly where you’ve to enter the details of yours to initiate verification.

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If you’ve 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. At the same time, the customers’ credit rating will be done through credit bureaus. The processed result will be communicated to the customer immediately.

Once you’ve got the AIP, you are able to get in touch 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 be looked at as a first level approval. It’s not a guarantee that you will be granted a bank card in the end. It is going to let you know the credit worthiness of yours, subject to the availability of documents and physical verification clearance.

By and large, if you’ve a good to great credit score and you have provided all of the vital information in the online space, you will not face any problems in getting the AIP. However, if don’t meet up with the credit standards, the application of yours will be declined. Or, in case, upon physical verification it’s demonstrated that the information declared by the customer on the portal is incorrect, or even due to many other factors, 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 can also be supposed 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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