Credit cards are fast becoming one of the most sought after payment methods opted for by Indians. Based on their wide range of benefits, these payment cards have managed to capture the lion’s share of the Indian market. A recent report by the Reserve Bank of India also reflects the popularity of instant credit cards. According to their report, the total number of credit cards in circulation grew by 27% between 2018 and 2019, with the total transactional value of credit cards increasing by 30% for the same period.
According to experts, this growth indicates a significant shift in the usage of these payment cards in the country. The easy availability of instant credit card with a simple online application process and minimum eligibility only make them more popular than ever. So, here’s a look at the procedure to avail these cards to help you apply for one.
How to avail an instant credit card online?
Availing instant credit cards online is not a difficult task. Individuals can visit the official website or mobile application of their preferred credit card issuer, fill in the application form and submit it to apply. After completing this process, the credit card issuer will perform a preliminary credit check.
With successful completion of this process, applicants also need to submit the necessary documents. They can either upload these documents online or hand it over to a company representative, as asked for.
Once the document verification is successful, customers will receive their instant credit card via post at their residential address provided shortly.
With this process of how to get a credit card, now take a look at other requirements.
Documents required for credit card application
Applicants need to submit the following documents as well to complete the application process.
- KYC documents like voter ID card, PAN card, Aadhaar card, passport, etc.
- Income proof; here, applicants must mention whether they are salaried employees or self-employed individuals. Along with it, they need to submit their salary slips, and IT return documents if salaried. Self-employed individuals need to submit their business’s financial statements.
Eligibility criteria to fulfil
To avail a credit card, it is also essential for an applicant to fulfil the basic eligibility criteria laid down by the card issuer. Below given is the standard list of eligibility criteria that individuals must meet before applying for instant credit cards –
- Age: Individuals must be in the age group of 25-65 years.
- Credit score: Applicants should hold a minimum credit score of 750.
- Credit history: Every applicant should carry a clean credit history, devoid of any default in payments.
- Monthly income: Monthly income is a vital factor, and card issuers often lay down specific requirements regarding this parameter. Hence, applicants should make sure to fulfil their lender’s income eligibility, which is one of the important things to know before applying for a credit card.
- Nationality: Applicants must be residing Indian citizens to qualify.
Also, if an individual seeks a credit card with multiple user-centric features along with a simple online application process, cards like the Bajaj Finserv RBL Bank SuperCard can be a suitable option. Applicants can easily avail this card online and enjoy benefits like up to 50 days of interest-free ATM withdrawal, loan against the available credit card limit, higher annual savings through accelerated reward points, etc.
Furthermore, the card issuer also provides pre-approved offers to streamline the entire application process and help save time. This offer is applicable to several financial products like personal loans, business loans, credit cards, etc. Interested individuals can check their pre-approved offer by providing their essential contact details.
The advancement of technology has made it easier to avail instant credit cards online today than ever. Individuals can thus apply for a credit card online in 3 steps with minimum hassle. Nevertheless, they must go through the associated terms and conditions to arrive at the most beneficial credit card offer.
