24 April,2023 11:58 AM IST | Mumbai | BrandMedia
These are offered by various lenders, require minimal paperwork, and are easy to avail. Lenders offer such pre-approved loans as instant credit options to their select customers. Instant pre-approved loan offers are just another variant, and are offered based on your credit score and income.
Read on to understand more about how you can qualify for such offers, tips for improving your chances of being pre-approved, and how to choose the right pre-approved personal loan for your needs.
Understanding Pre-Approved Personal Loans
A lender extends a pre-approved personal loan based on your financial standing. This happens after the lender reviews your credit score and other financial information. Unlike traditional personal loans, pre-approved loans are provided without a formal application process.
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Instant pre-approved loans can help you meet unexpected short-term expenses. The pre-approval process is based on the lender's assessment of your creditworthiness. If you make the cut, you may receive a pre-approval offer outlining the loan terms and conditions.
The instant pre-approved loan has its benefits, some of which are as follows.
Before availing a loan, you must check the current personal loan rates offered by different banks. Comparing interest rates can help you choose the most suitable lender.
Qualifying for Pre-Approved Personal Loans
Getting instant pre-approved loan offers is easy if you meet the general requirements set by the lender. To be eligible for pre-approved personal loans, lenders such as Bajaj Finserv typically check for:
All lenders will have set criteria, and meeting these terms gives you the best chance for such an offer. In fact, a lender you have an existing relationship with is more likely to offer an instant pre-approved loan.
However, in some cases, you may need to submit basic KYC documents like an Aadhaar card, Voter ID, PAN card or passport, and a bank account statement to get the latest offer. In any case, check if the lender has your latest information before you accept an offer.
In some cases, you may get a revised, more favourable offer. This is more likely if your finances have improved or if your credit score has increased.
How to Improve Your Chances of Getting a Pre-approved Personal Loan
Your creditworthiness is a major factor, and so improving it does help your chances of getting pre-approved for a personal loan. Here are some tips to improve your score:
In some cases, lenders may not extend such offers. Some common reasons for you may not be pre-approved for a personal loan are as follows.
Choosing the Right Pre-Approved Personal Loan
When it comes to choosing the right instant pre-approved loan, there are several factors you must consider before making a final decision.
It is essential to compare different loan offers to choose the best pre-approved personal loan. For example, some lenders offer loan amounts of up to â¹40 Lakhs with a flexible repayment tenure of up to 84 months at an affordable interest rate. However, other lenders may have different loan amounts, interest rates, and repayment tenures.
To select the instant pre-approved loan offer for your needs, evaluate your financial situation and borrowing needs. Then, choose a loan offer that fits your budget and has flexible repayment terms. Additionally, consider the reputation and customer service of the lender before making a final decision.
Pre-approved personal loans offer a convenient and accessible option when seeking a personal loan. By understanding the qualifications for pre-approval, improving your credit score and income, and carefully evaluating loan offers, you can increase your chances of securing a pre-approved personal loan that meets your needs.
Remember to carefully consider the terms and conditions of any loan offer before opting for it. With a calculated approach, an instant pre-approved loan can be an effective solution for helping you tackle financial emergencies affordably and conveniently.