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Know All About Pre-Approved Personal Loans

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Know All About Pre-Approved Personal Loans

  • Highlights

  • Pre-approved loans have a simple application process

  • You get a preferential interest rate with pre-approved loans

  • Pre-approved loans are processed quicklya nd easily

  • The paperwork involved in pre-approved loans is minimal

A Personal Loan is a short-term loan which can be used for any legitimate purpose without the need to pledge any form of collateral or security.
Obtaining a personal loan is not a daunting task anymore. There is no need to wait for hours in long lines, or fill out complex documents, or provide any guarantee either. In additon, the loan terms become more affordable when you become eligible for a pre-approved personal loan.

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What is a Pre-approved Personal Loan?

When the lender feels a borrower is creditworthy, that is he has a clean track record of repaying his dues; the former guarantees to provide a loan to the potential customer. Being granted a pre-approved offer means you have already passed the initial approval process and are guaranteed by the lender to process your loan considerably faster.

Factors influencing your eligibility -

1. Having a good credit score
2. Timely payment of outstanding bills
3. Ensuring continuity while payment of loan EMIs
4. Backed by a steady and stable income
5. Creditworthiness signifying the risk involved in lending funds to the borrower
6. Maintaining funds well above the average monthly balance as specified by your bank.

However even though your personal loan is pre-approved, you need to fulfill some minimal formalities involved. Sanction of the loan is dependent on the successful verification of the necessary documents.

Additional Read: Improve CIBIL Score

Documents to be submitted -

1. Bank Statement
2. Pan Card
3. Salary Slip of the past three months
4. Identity Proof (preferably Aadhaar Card)
5. Address proof

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Advantages Offered -

1. Negotiation power: You can leverage the loan offer to negotiate for better terms and conditions. You have more power to bargain for better opportunities like extending the tenure, increasing the loan amount, etc.
2. Quick processing: Since the lender is extending the offer, they must be already having enough proof re-guarding your track record. It will result in less documentation and speedy disbursal of your loan.

Additional Read: CIBIL Score Range for Personal Loan

3. Competitive interest rates: As the lenders are already assured of your creditworthiness, they are willing to provide affordable personal loan interest rates on pre-approved offers than other modes of borrowing.

Disadvantages involved -

1. These offers are time-bound. So, avail it before the offer expires.
2. The lender might revoke the offer if the minimum requirements are not met. You need to fulfill the required formalities and submit the necessary documents.
3. Compare interest rates and available features before borrowing.
4. Before you agree to the terms and conditions, keep a watchful eye on the fees and charges associated with the loan offer.

DISCLAIMER:
The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.
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