Know eKYC & The Required Documents to Apply for a Credit Card

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Electronic Know Your Customer or eKYC is the paperless process of verifying the identity and residential address of an individual electronically with the help of Aadhaar authentication. It forms a vital aspect of the Government of India’s ‘Digital India’ initiative.
Or you can say
Electronic Know your Client or e KYC is the way of resident authentication used by an organization like Banks, Aadhaar allows the residents to submit it as an address proof electronically which is valid as a Xerox copy of Aadhaar Card.

Notably, eKYC provides instant electronic proof of an individual’s identity, address, gender, and date of birth when they share their Aadhaar details. Similarly, information about one’s registered mobile number, and email address can also be accessed through this process. 

The Supreme Court had debarred private entities from using citizen’s Aadhaar card for eKYC authentication in its 2018 judgment. Hence, to detect and avoid fraud pertaining to financial transactions, financial institutions have to adopt the offline Aadhaar process for verification. However, after certain modifications, the voluntary use of biometrics through eKYC and offline verification and digital KYC can now be used to open an account at financial institutions. Check Rental Property Insurance – The Way To Get Best Coverage & Price You Deserve

That being said, individuals need to follow the norms as defined by RBI and the Supreme Court to protect their details from being misused.

Required set of documents for credit card 

Here are a set of documents that must be submitted by a credit card application to initiate the verification process –

  1. KYC documents that serve as proof of identity and address.
  2. Latest bank statements.
  3. Salary slips. 
  4. Income tax return.
  5. Form 16.
  6. PAN card or Form 60.

It must be noted that some credit card providers may require applicants to submit additional documents to back their eligibility. This is why one should find out the required set in due advance to streamline the verification. 

Since documentation is one of the 3 steps to apply for a credit card online, intending applicants should submit all the required documents to increase the chances of approval.  Similarly, they should find out more about the other requirements as well. For instance, they should check the eligibility criteria and the steps involved in the application process. 

Eligibility criteria for a credit card

Failing to meet basic eligibility criteria is one of the reasons why a credit card application can be rejected. Also, hard inquiries and rejection of application tend to stay on a credit report for a significant time, which is not favourable for future loan or credit card applications as well.  This is why intending credit card applicants must check the eligibility criteria for a credit card before applying it.

The following highlights some of the most common eligibility criteria for credit cards –

  1. Should be a resident Indian.
  2. Must hold a CIBIL score of a minimum of 750.
  3. Should not be a defaulter.
  4. It should belong to the age group of 25 years and 65 years.
  5. Must have a stable flow of income.

In some cases, credit card providers offer more preference to their existing customers. Also, they may enjoy certain additional privileges to avail a credit card from them. In any of such cases, individuals should find out the eligibility criteria for a credit card beforehand.

Application process

Once an individual has figured out the important things to know before applying for a credit card, they can fill up their application form. Typically, there are several steps one must follow to complete the process successfully. Also, such steps tend to vary from one financial to another.

The following highlights the steps to avail a credit –

  1. Visit the financial institution’s official website.
  2. Navigate to the credit card section.
  3. Look for the ‘Apply Now’ option.
  4. Fill up the application form with the required information.
  5. Verify the details shared before clicking on ‘Submit.’
  6. Submit the required documents to initiate the verification process.

Individuals can apply for credit cards like the Bajaj Finserv RBL Bank SuperCard by following the steps mentioned above. 

Applicants should find out if their choice of credit card provider follows the eKYC or offline KYC verification process to approve applications. By doing so, customers will be able to streamline the entire process more effectively and would take necessary steps for the same. As documentation plays a crucial role in availing a credit card, intending applicants must be careful about it and complete the process as recommended. Check Best Cash-Back Credit Cards – Reviews and Comparison