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2 mins Read | 1 Year Ago

How Long Does it Take to Get a Credit Card in India?



How long does it take to process a Credit Card in India?

Credit Cards are a popular financial tool that offer a range of benefits, such as Cashback, Reward Points and other incentives. Applying for the best Credit Card in India is relatively easy and can be completed online or in person. However, one of the most common questions that potential Credit Card applicants have is, how long it will take to receive their card after an application has been submitted.

In this article, we will explore the typical timeline for processing Credit Card applications in India and offer tips on expediting the process.

How does ICICI Bank process Credit Card applications?

ICICI Bank generally follows a standard process for processing Credit Card applications. Here are the typical steps involved in the Credit Card application process:

  • Application submission: You can submit a Credit Card application online or by visiting an ICICI Bank Branch

  • Verification of information: The bank will verify the information provided in the application, including your income, employment status, credit history and other details

  • Credit check: ICICI Bank will conduct a credit check to evaluate your credit score and credit history

  • Processing and approval: Once the credit check and verification process is complete, the bank will process your application and make a decision on approval or rejection

  • Communication of decision: ICICI Bank will inform you of their decision on your Credit Card application through e-mail, SMS or phone call.

If your application is approved, the bank will dispatch your Credit Card to your registered address within a few days. You will need to activate the card and set a PIN before you start using it.

How do Credit Card issuers evaluate applications?

When examining applications for new Credit Cards, financial institutions consider several things. If you meet the eligibility criteria, your card will be approved hassle-free.

However, if you fall short on the criteria, a team from the issuer will probably need to assess it.

Financial institutions consider the following when approving Credit Cards:

  • Your Debt: If you have a Credit Card previously, the issuer will look at the Debt-to-credit ratio, also known as your credit utilisation ratio, which shows the available credit you have used. You may become a risky borrower if you have used the maximum of your credit limit

  • Overdue Accounts and Credit Pulls: Your chances of being approved will probably decrease if you have delinquencies on your report. Delinquent accounts are those that have not been paid even after their due date has passed

  • Income: Financial institutions want to know your income to ensure timely loan repayments are made.

Other factors determining time duration to get a Credit Card in India.

The following factors may affect your ability to obtain a Credit Card:

  • Eligibility Requirements

Before issuing a Credit Card, every Credit Card provider in India has a set list of qualifying requirements. You can receive a Credit Card if you meet all the requirements

  • The applicant must be at least 18 years, though it may be higher for certain banks or basis the type of card

  • To be eligible to apply for the card, you must have a reliable source of income

  • The applicant must be an Indian national

  • Your monthly salary must be at least Rs <15,000>, though this amount may vary from bank to bank

  • You must have income, identity and address proof.

  • Documentation required

Financial institutions require a certain set of documents for loan approval. You will be issued a Credit Card as soon as you meet all eligibility requirements and have your documentation verified. The documents are listed below:

  • Identity-proof documents like PAN, Aadhaar, Voter ID Card, Passport or Driving License

  • Address Verification Papers: Ration Card, Electricity Bill, Telephone Bill, Driver's License, Passport, Voter ID Card and the past two months' bank statements

  • Documents proving income, such as pay slips

  • Age Verification Papers: Secondary school leaving certificate, Passport, Birth Certificate, Voter ID Card.

  • Credit Score

A good credit score indicates that you have a positive repayment history and you are a reliable borrower. A score of 700 or higher will help you get easy approval

  • Number of Credit Cards you are using

If you already have other Credit Cards, it could take some time to receive a new one because the bank first checks the usage and payback history of the existing cards before issuing a new one.

When can I expect Credit Card approval?

Nowadays, getting a new Credit Card is relatively easy. The approval can be instant or may take a few weeks.

The timeframe for Credit Card approval from ICICI Bank may vary based on several factors, including the completeness of your application, the accuracy of the information provided, and the bank's internal processing time. Typically, it can take a few days to a few weeks to receive a decision on your Credit Card application.

If you have applied for an ICICI Bank Credit Card, you can check the status of your application by logging into the ICICI Bank website or by contacting 1800 1080. They will be able to provide you with more specific information about the status of your application and any potential delays.

Please remember that while waiting for approval, it is wise to avoid applying for multiple Credit Cards simultaneously, as it can negatively affect your credit score.

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