You may have received several messages, calls or e-mails from various lenders stating your pre-approval for a credit. The same may also have originated from your instant personal loan app.
Pre-approved offers on personal loans help reduce the time and hassle of application. Availing these is an ideal way to manage cash crunches or meet financial urgencies.
Before you avoid calls and messages regarding a pre-approved offer, consider knowing what it is. Given below is all you need to know about pre-approved personal loans.
- How Do You Become Eligible For A Pre-approved Offer?
A pre-approved offer depends on your CIBIL score, credit history, and financial stability. If you have maintained a CIBIL rating of 750 and above and hold a good credit history, you can qualify for such offers. To receive a pre-approved offer, you have to be an existing customer of your lender. Being an existing customer states that all your financial details and credit rating already lies with your lender, depending on which you have qualified for. You will receive calls or messages or a notification on your instant loan app if you are eligible for a pre-approved offer.
- How Does A Pre-approved Offer Help?
Pre-approved offers reduce the hassle of the documentation process, making the procedure fast. As mentioned above, the standard documents such as KYC documents, address proof, income proof, etc. already lie with your lender. Thus, there is no requirement to provide such documents until you are asked for. With a pre-approved offer, you may avail a loan at a low-interest rate. Having the same also lets you enjoy flexible tenor and EMI options and instant loan approval.
- What Are The Eligibility Criteria To Get A Pre-approved Offer?
To be eligible for a pre-approved offer, you will have to meet the eligibility criteria, which are similar to that of a personal loan, viz. –
- The age bracket provided ranges between 23 and 55 years.
- You should have a regular source of income with a considerable amount.
- You should have a CIBIL score of 750 or above and a strong credit history.
- You should be a resident of India and reside in the cities where your lender operates.
- Where To Get A Pre-approved Personal Loan?
Several financial institutions and NBFCs provide pre-approved offers to make the application process fast and hassle-free.
Bajaj Finserv is one such NBFC that brings you pre-approved offers to help save time by minimizing the loan application process. Pre-approved offers are available on secured credits such as home loans, unsecured advances such as personal loans and business loans, and several other financial products.
Bajaj Finserv provides loans at attractive interest rates against minimum documents with negligible pre-payment and foreclosure charges. They also offer online account access, Bajaj Finserv App, flexible tenor, easy EMI option and other lucrative benefits.
- How To Process Your Loan After Having A Pre-approved Offer?
After you have received a pre-approved personal loan, you can apply for credit using the instant personal loan app. To apply, you will be required to fill the application form by sharing some personal, financial and employment details. Once you submit the application form, you will have to upload some required documents and wait for your lender’s approval. The loan amount will get disbursed following the approval.
If you want to apply for a loan online, visit your lender’s official website and fill out the application form with the required details. Once you submit the application form, a representative of your lender will visit you to collect the required documents. After document verification and loan approval, your lender will disburse the amount.
You can check the status of your loan on the instant personal loan app and even get in touch with your lender if required. With the pre-approved offers, lenders aim to enhance the experience of their customers of availing a loan. These pre-approved offers reduce the hassle of the process and make it faster. However, to qualify for such offers, you have to make your repayments of existing loan within time and avoid hefty penal charges.