Gone are the days when it used to take weeks extending up to months to complete the entire application process and get approval. Today, you can get a credit card within a few minutes of applying online. However, you need to take into account certain factors to make this process quicker and hassle-free.
Age
The minimum age required to avail a credit card is 18 years. However, some lenders prefer the applicants to fall between 25 and 65 years.
According to CARD Act of 2009, applicants need to be within this age group to justify their repayment capability.
Income
A higher salary means more money available to repay the debt. Therefore, your income is an essential qualifying factor to a card issuer. So, before you apply for a card, you should note the minimum income requirement. It is always in your interest, to be honest with your income. Fraudulency may land you into trouble, further lengthening the process.
Credit score
Your credit score is another factor that can quicken the application process. A score of 750 and above gets a nod instantly. Contrarily, lower CIBIL score streamlines the chances of receiving a negative result too.
You may also have a fair chance of prompter approval if you have minimum debt.
Documents required
Lenders ask for a few documents to complete the formalities. Keeping these requisites handy also fasten the application procedure considerably. You typically need to provide:
● KYC documents
● Salary slips
● IT returns and business vintage proof for the self-employed
● Address proof
You can get approval within a few seconds post verification of these documents.
Check out the availability of pre-approved offers for instant approval
Pre-approved offer is a new-age facility offered by NBFCs like Bajaj Finserv. It provides customised offers on credit cards, and a host of financial products & services. It not only simplifies the entire process of application but also saves a lot of time. You can check your pre-approved offer by entering a few required details online.
It should not take you more than 10 minutes to complete the online application process, provided you strictly abide by their requirements.
So, help your card issuer with all the possible measures to complete the application processing at the earliest. There are NBFCs which come with hassle-free procedures. For example, the Bajaj Finserv RBL Bank SuperCard comes with a less stringent application process and faster approval.
Applying for a new credit card isn’t too hard nowadays. However, no approval is instant if an applicant ends up making an error. Applicants can check the application status online.
Some more tips to speed up the process
a) Avoid making any mistake in the form as incorrect information often lengthen the process & may also lead to rejection.
b) You shouldn’t apply for multiple cards at the same time as lenders may perceive you to be credit hungry.
c) Moreover, there might be a delay if you reside at an unserviceable location.
d) Lenders also don’t entertain past defaulters.
It’s mandatory to comply with these points mentioned above for a speedy process.
Now, getting hold of the card in real time is not the ultimate thing. You must also know how to use credit card properly. Set a sensible credit limit, keep track of your expenses, pay the due on time and build your credit score eventually.
Unfortunately, credit cards have an online manual for the application process but not for your expenditure habit. So, apply for the best credit cards and use them as budgeting tools to dramatically influence your financial condition.
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