How to apply for a pre-approved personal loan

Explore the benefits of a pre-approved personal loan and find out how you can apply for one today.
How to apply for a pre-approved personal loan
5 min read
8 May 2023

A pre-approved personal loan is a quick, collateral-free loan provided by financial institutions such as NBFCs and banks. You qualify for the pre-approved offers based on your credit score and repayment history, among other factors. A pre-approved loan offer is usually made to existing customers who already have a relationship with the lender.

Find out more about what are pre-approved loans.

Since you are already approved for these loans, the disbursal process is quick and simple. Bajaj Finance Insta Personal Loan is a great option if you are looking for pre-approved loans that can be disbursed within minutes.How to check your pre-approved status

Existing customers of Bajaj Finance can receive a pre-approved offer, and new customers can generate a pre-assigned loan limit right away by entering their phone number and OTP.

  • Click on the ‘CHECK OFFER’ button on this page
  • Enter your mobile number
  • Enter the OTP shared on your phone
  • You will see the pre-approved personal loan offer on the screen

How to get a pre-approved personal loan

The application process for pre-approved personal loans is usually short and simple. In the case of Bajaj Finance Insta Personal Loan, you can check your offer in just two steps – by entering your mobile number and OTP. Here is a step-by-step guide to getting an Insta Personal Loan:

  • Click on ‘CHECK OFFER’ at the top of this page to open the online form
  • Enter your 10-digit phone number and the OTP sent to your phone
  • You will see an offer that tells you how much you can borrow. You can accept it or choose a smaller amount
  • Choose a repayment tenure that works best for you
  • Click on ‘PROCEED’ to finish the online process

The online process may be different if you are a new customer. Some customers may need to submit extra paperwork to finish the application process.

Requirements to qualify for pre-approved offers

Although there are no specific eligibility criteria for pre-approved loans, we look at several parameters before extending an offer. Some of them include:

  • Timely repayment of previous loans or credit cards
  • High CIBIL Score
  • No EMI defaults
  • Minimum salary limit

Documents required to get a pre-approved personal loan

When you qualify for a pre-approved offer on a personal loan, your lender has already assessed your creditworthiness. This usually means that you will not need to submit any documents. However, you might need to provide the following in some instances:

  • KYC documents: Aadhaar/ PAN card/ passport/ voter’s ID
  • Employee ID card
  • Salary slips
  • Bank account statements

Advantages of getting a pre-approved personal loan

  • Quick disbursal: This is one of the most important benefits of pre-approved loans. In the case of a Bajaj Finance Insta Personal Loan, select customers may receive the sanctioned amount in their bank account within just 30 minutes* of the application.
  • Flexible repayment tenure: You can take advantage of a flexible repayment tenure, which is typically up to 63 months. Be aware that choosing a lengthier tenure will result in a higher overall interest payment but lower monthly instalments. You would have to pay a lower amount of interest, but your EMI will be higher if you choose a shorter repayment duration. Therefore, choose repayment period carefully based on your financial situation.
  • End-to-end online process: You can check your offer and apply for a pre-approved loan from the comfort of your home. The entire process is online, and you can finish the application in less than five minutes.

Bajaj Finance Insta Personal Loan lets you borrow up to Rs. 12,76,500, which you can utilise for various purposes. You can use these loans to pay off debts, fix your home, pay for planned or unplanned medical treatment, and more. These pre-approved offers make it easier, quicker, and more convenient to get funds to cover all kinds of expenses. Check your Insta Personal Loan offer today.

Check offer

Frequently asked questions

Can I modify the loan amount or tenure for a pre-approved personal loan?

You can modify the loan amount or tenure for a pre-approved personal loan. Customers have the option of going with their sanctioned loan amount or opting for a lesser sum. Modifying the loan amount or tenure may affect the interest rate or other aspects of the loan, so it is important to fully understand any changes before doing so.

What is the interest rate for pre-approved personal loans?

You can access funds at a competitive starting interest rate ranging from 13% to 35% p.a. with a Bajaj Finance Insta Personal Loan.

Do I need to check my credit score before getting an Insta Personal Loan?

If you are considering applying for an Insta Personal Loan, you do not necessarily have to check your credit score beforehand, as we take several factors into account when determining your pre-approved loan offer. These include your credit score, financial history, and income. However, it is always a good idea to keep an eye on your credit health regularly.

How can I check my Insta Personal Loan eligibility?

There is no need to check your eligibility for an Insta Personal Loan. For our existing customers, a pre-approved offer is already available, while for new customers, a pre-assigned limit is generated based on various criteria such as credit score and repayment history.

How to find out if I am pre-approved for a loan?

Here is how you can find out if you are pre-approved for a loan:
1. Click on ‘CHECK OFFER’ at the top of this page.
2. Enter your mobile number and OTP.
3. You will see a pre-approved loan offer on the screen.
If you do not see any offer, you can still go ahead and apply for our regular personal loan.

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