How to Apply for a Credit Card Online and Get Instant Approval?

Be it a medical or any other financial emergency, instant financing solutions are crucial to getting through such situations. In this regard, a credit card is a valid option for such urgent monetary needs. Although a credit card provides instant financing, the approval process and dispatching of the physical card can take time. 

Since most of the time, individuals cannot afford to wait for that long, leading financial institutions let their customers apply for an instant credit card. The term ‘instant’ can have two significances – either the approval is immediate, the credit card is instantly ready to use or both. 

Whatever the case, as a prospective credit card user, you must know how to apply for an instant credit card online for quick financing. 

Steps to Apply for a Credit Card Online

Almost all leading banks and financial institutions in India offer credit cards, and one can apply online. However, applying with an existing lender for instant approval is wise. Since they have information about their customers stored in their systems, it expedites approval. 

Following are the steps to apply for an instant credit card online:

  • Log in to the mobile app or net banking portal of an issuer. 
  • Look for any pre-approved offer for credit cards.
  • Select from different card types based on your purpose. 
  • Fill up the online credit card application form with the necessary details.
  • Read and tick the terms and conditions box. 
  • Click on apply. 
  • Opt for OTP verification and initiate video or e-KYC process. 
  • On verification, receive the credit card approval. 
  • Receive a virtual credit card, ready to use, in your mail. 

Generally, credit card issuing agencies send an e-copy of the credit card protected by a password. Alternatively, the instant credit card is available through mobile or net banking apps. Besides the digital credit card, lenders often send the physical card to your address within a few days. 

Document Checklist to Get a Credit Card Online

While getting a credit card online is hassle-free, applicants must submit a few essential documents to prove their eligibility. The document list includes the following:

Identity Proof

  • PAN card 
  • Aadhaar card
  • Passport
  • Driving licence 
  • Voter ID card

Address Proof

  • Ration card
  • Electricity bill
  • Telephone bill
  • Voter ID
  • Passport
  • Driving licence
  • Front page of bank passbook

Age Proof

  • Passport
  • Birth certificate
  • Admit card of 10th standard board examination 

Income Proof (Salaried)

  • Payslip of last 3 months 
  • Bank account details for the last 6 months
  • IT return documents 
  • Form 16

Income Proof (Self-Employed)

  • The balance sheet for the last 2 years 
  • IT return of last 2 years 
  • Bank account details for the last 6 months 
  • Business registration details 

Note that you must submit the documents matching the information on the application form. Most leading lenders also offer e-KYC facilities to expedite instant credit card approval. 

Quick Tips to Get Instant Credit Card Approval

You can get quick approval of a credit card by following some simple tips: 

Improve Your Credit Score

Lenders give utmost importance to the applicants’ credit score before approving any loan. The same applies to credit cards. Usually, individuals with a credit score of 750 and above qualify for a credit card with a substantial credit limit. 

Thus, if you plan to get a credit card, you should improve your credit score. Sometimes, any discrepancy in the credit report can also affect your credit score. Thus, you must check the credit report and rectify any errors. 

Keep the Debt-to-income Ratio Low

Individuals with multiple debts need to pay a considerable part of their income towards them. It increases their Debt-to-Income (DTI) ratio, and lenders may consider them credit-hungry. In such cases, lenders can reject their credit card applications. Thus, individuals must ensure their DTI ratio is low before applying for a credit card, preferably around 30%. 

It suggests that an individual spends around 30% of their income to repay existing debts. 

Show Additional Sources of Income 

Individuals’ monthly income plays a determining factor in getting approval for a credit card. It means higher-income individuals have higher chances of getting credit card approval. Thus, if you fall behind in meeting the eligibility criteria for credit cards, you can show all your income sources to better your chances. For instance, income from Fixed Deposits (FDs), rental income from any property, etc., are additional income sources. 

Maintain Good Relationships With Lending Institutions 

Lenders usually reward responsible customers with instant approval on credit cards. Thus, if you have a good relationship with your current lender, you can leverage that to get instant credit card approval online. Besides approval, you can also enjoy additional benefits like a welcome bonus, priority customer services, better credit card interest rates, etc. 

Keep a Spotless Repayment History 

Before sanctioning an instant credit card, lenders usually check a person’s repayment history. It proves their creditworthiness and a lender can also ascertain that the customer will pay the bill on time. Thus, spotless repayment history is crucial for instant credit card approval and improving the overall credit score. It helps individuals to borrow in the future.

Final Words

Following the steps mentioned, you can apply for a credit card online and get instant approval. It is a great way to fulfil short-term financial requirements without end-use restrictions. However, to fast-track your application further, you can use the tips mentioned and increase your chances. 

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