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A pre-approved loan is an instant loan offer that is available to select customers. Usually, banks or NBFCs offer a pre-approved personal loan to existing customers because of an already established relationship. Once you apply for a pre-approved personal loan, you generally get the sanctioned amount almost instantaneously. A major reason as to why pre-approved loan is quicker to get is because it you have already been approved for it. This means that the lender has already done the initial process to check your eligibility and creditworthiness.
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Apart from that, the lack of collateral also makes the process of receiving the sanctioned amount of a pre-approved personal loan quicker and easier. This is because it saves the time spent on verifying the details of the security provided by you. Read on to know more about why it is a good idea to get a pre-approved personal loan.
No additional documentation makes the process hassle-free
As an existing customer, lenders already have the required paperwork related to you, which allows you to get a personal loan without documents. Getting a personal loan without income proof or other documents saves you both time and stress. In some cases, you may need to procure basic information for the lender which may include your KYC, bank details, and a cancelled cheque.
Instant disbursal helps you meet financial obligations
Since pre-approved personal loans don’t require additional documents, it saves the lenders time on verifying the accuracy of paperwork and authenticity of your application. This speeds up the approval process. A pre-approved personal loan also saves you the time of filling out the application, submitting it, and waiting for approval.
Generally, a pre-approved personal loan is disbursed after a single-step verification of your identity. Once this is done, the lender directly transfers the sanctioned amount into your bank account. This enables you to access it on-the-spot and not wait for cheque clearance.
You can check pre-approved personal loan offer in a few simple clicks by providing just your basic information. This process comes in handy during emergencies as can check your offer and avail the loan instantly.
Flexible tenor and competitive interest rates ensure that you can borrow freely
Getting a personal loan at an affordable interest and a long tenor is ideal as it eases the burden of repayment. A pre-approved personal loan usually comes with more nominal interest rate as the lender consider you a reliable borrower. Coupling this with a flexible tenor means you can compute your monthly instalments to ensure it best matches your finances.
Use an online EMI calculator to get an idea of your EMIs. This allows you to plan your finances in advance and ensure timely repayment. After you check pre-approved loan offer, make sure you determine whether the loan terms are feasible for you before proceeding.
Online process and other digital provisions make managing the loan easier
With technological advancements, you can get all loan-related information at your fingertips. This also holds true for pre-approved personal loan. You can check pre-approved personal loan offer online, on the lender’s website or app, in a matter of minutes and avail of the offer digitally too. Major banks and NBFCs allow you to avail the pre-approved personal loan 100% online and save you the visit to their physical branch. If and when you need to submit certain documents, you can do that online as well. This makes getting a personal loan possible even when you are on the move.
Other provisions such as instant online access to your funds and access to your repayment history and EMI deadlines also allows you to manage your personal loan on the go. This way, you can understand when repayment is due or how much you have already repaid and strategise your finances accordingly. Digital provisions are also beneficial as they can reduce your chances of missing out on your EMIs by reminding you when the payment is due.
Now that you know why a pre-approved personal loan is ideal, be sure to enjoy all its benefits. Keep in mind that lenders offer a pre-approved personal loan for a certain period of time, and once the offer expires, you can no longer avail of that offer. To act quickly, choose the right loan deal.
With the Bajaj Finserv Pre-approved Personal Loan, you can get a loan amount of up to Rs. 10 lakh in just 4 hours*. Select customers can also avail of this pre-approved personal loan without submitting any documents. They can complete their application online and get the money in their account as early as 30 minutes*. Along with competitive personal loan interest rates, you also get a flexible repayment duration ranging between 24-60 months. So, check the pre-approved personal loan offer online and get started right away.
*Terms and conditions apply
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