Featured Image Caption: Credit Card Approval Process
In the late 1980s, a handful of elite people used credit cards. Back then, only a meagre number of merchant establishments accepted payments via these cards. However, the transaction trends have changed with the gradual advancement of India’s economy and digitalisation.
Credit cards started gaining acceptance from the mass due to the combined efforts of financial institutions and the merchants. And, this is how India now has 37.78 Million operational credit cards as of 2018.
Today, credit cards have become a vital part of every people’s financial habit. The benefit-driven features and faster approval make it convenient in comparison to other credits. It takes only a few minutes to get a credit card approved.
A comprehensive study to understand the quick approval process
With the emergence of financial companies, the process of availing a credit card has witnessed a substantial change. Applicants get an easy approval as the new-age lenders adopt streamlined methods.
- India, over a couple of years, has gained attention globally for its digital innovation. Lenders take the aid of technology to deliver prompt services to their customers. Starting with the application to getting a final nod, everything is done online now. The exclusivity of having internet-first world is truly beneficial for faster approval.
- With the availability of pre-approved offers, consumers get a hassle-free approval. These offers save a lot of time of the existing customers with a few simple steps. One can check out the pre-approved offer one is qualified for by entering a few details online.
For those who want to get an effortless approval within a few seconds must also consider a few important aspects:
Applicants should be at least 18 years of age when applying. However, there are NBFCs whose required age bracket ranges between 25 and 65 years.
b) Source of income and job stability:
One must have a stable source of income as it directly signifies the capability to pay the monthly bills effortlessly. Moreover, applicants also need to have a secured job.
Some financial institutions grant credit cards to both salaried and self-employed individuals.
c) Necessary documents:
Lenders entail a few documents before giving the final nod.
Candidates usually need to provide:
- KYC documents
- Address proof
- Salary slips
- IT returns and business vintage for the self-employed
Applicants get approval within a few seconds post verification of these documents.
Improve your chance of getting approval
Various factors directly influence the credit card approval process. A person can improve his chance of getting approved if he has a good CIBIL score. This 3-digit score ranges from 300-900 and the safe bet to have is a rating of minimum 750.
A user’s card limit is set on the basis of his/her past repayment records. So, a lower CIBIL score can bring a negative result. Again, a person with minimum debts has a fair chance of a quicker approval. If a consumer already possesses a card at the time of application, he should keep its credit utilisation ratio below 30%. Additionally, one can enjoy a hassle-free approval by opting for a user-specific card.
There are NBFCs which offer additional perks once an applicant meets these qualities. Bajaj Finserv RBL Bank SuperCard which has 6 variants, comes with exclusive industry-first features. It offers emergency loans, ATM cash withdrawal at 0% interest and options for easy EMI conversions.
Any applicant matching these qualities can apply for one and check his/her credit card application status online. He/she is likely to get an approval at the earliest.
By Lucia Adams
who is a professional writer and blogger.