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Pre-approved loan offers: Simplified

  • Highlights

  • Pre-approved loans: When the lender already has an offer for you, before you apply for it.

  • Pre-approved loans offer competitive interest rates.

  • Avail instant financing with a Bajaj Finserv pre-approved loan.

  • Factors to evaluate before taking a pre-approved loan.

Pre-approved loans are not different from normal loans in their nature except that you’re not the one reaching out to your lender. On the contrary, it’s the other way around; it’s an offer to you from the lender. This means that the lender already has an offer for you, before you make an application to borrow funds.

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More often than not, such loans are offered to customers who have previously availed a loan from a lender and have maintained a good track record in terms of repayment. However, note that before making pre-approved loan offers, the lender does an in-depth evaluation of the customer’s creditworthiness.

Why should you take a pre-approved loan offer?

Pre-approved loan offers are primarily meant to benefit borrowers by offering a range of advantages such as:
- Competitive interest rates
Usually, pre-approved loan offers come with competitive interest rates. This means that you pay lower interest than you would otherwise pay for that same amount of loan. This brings down your monthly EMIs, thereby helping you to address your needs, affordably.
- Less processing and disbursal time
When you’re offered a pre-approved loan, the lender has already done a detailed evaluation of your financial standing and credit history. This means that the processing time for the loan is short and the disbursal is quick.

Get Cash In Bank In 3 Hours with Pre- Approved Personal Loan

Bajaj Finserv offers a variety of pre-approved loan offers on home loans, business loans and personal loans, insurance, cards, insurance and EMI Network to help fulfill all your financial needs. With these special offers, there are no queues, no forms and no details required. Everything is already done for you as you can get money in bank in 1-step verification. All it takes is a few basic details and you can check your pre-approved loan offer within seconds.

Although pre-approved offers make the process of availing finance, convenient and simple for borrowers, here are the factors that you should evaluate before you avail one:

1. Exercise caution

A pre-approved loan offer can seem very tempting. It’s literally a financial institution coming to you and offering money. However, remember that there’s no such thing as a free lunch. Just like any other loan, you have to repay it back - with interest.
Of course, if you are in need of money for an emergency or to meet certain life goals, it’s a great deal. You can fulfil your obligations for the time being and repay the loan over an extended period of time, stress-free. However, note that unless you really need a loan, it’s better to give such offers a second thought.

2. Read between the lines

Just because the lender is offering you the loan, it doesn’t mean you should sign on the dotted lines without reading the fine print.
To make an informed choice and avoid heartburn later, it is essential to read between the lines to know about the terms and conditions on late loan repayment and the rates charged on loan foreclosure and prepayment, among others.

3. Compare various offerings

Comparing various loan pre-approved loan offers is an essential part of the borrowing exercise. Comparing will give you a holistic idea on various loan offers and help you seal the best deal.

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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