Lenders offer pre approved personal loans to their existing customers based on their credit score, repayment history, and relationship with the firm. It is an unsecured personal loan that you may avail of without any security, collateral, or guarantor. Whether you want instant funds for a medical emergency or any other unplanned expense, these loans are readily available to provide you with the required finance.
When your lender offers you a pre-approved loan, you get a chance to take advantage of it with minimal eligibility conditions and documentation requirements. Since you are the NBFC’s existing customer, both of you trust each other for quality service and timely repayment. If you have a consistent repayment history, the lender approves your loan instantly without conducting lengthy checks. Here, you will find different things you need to know about pre approved personal loans.
Features and Benefits of Pre Approved Personal Loans
Pre approved personal loans have various features and benefits that make them better than other loan options. These include the following:
Easy Online Application: You may complete the entire loan application procedure online without leaving your home. Just visit the lender’s website or download their app on your smartphone to apply for a pre approved personal loan.
Ample Loan Amount: NBFCs who trust you for repayment may offer ample loan amounts suitable to your requirement.
Competitive Interest Rates: Low-interest personal loans are available to those with a high credit score and consistent repayment habits.
Flexible Repayment Tenure: You may select your repayment term suitable to your repayment capacity. A personal loan EMI calculator can help you make an informed decision regarding your repayment tenure.
Easy Eligibility: Since you are the NBFC’s existing customer, you have already fulfilled their eligibility requirements. However, you must still check their current eligibility conditions to be sure.
Minimal Documentation: Your existing NBFC already has scanned copies of your documents. However, check their documentation requirements once again to see if you need to submit any new documents.
Fast Disbursal: No collateral requirement, minimal documentation requirements, online loan application procedure, and pre-approval make the entire process streamlined, resulting in loan disbursal within minutes.
Access to a Top-Up Loan: If you are an existing customer of the NBFC, you may request a top-up on your current loan to finance your emergent needs.
No End-Use Restrictions: Just like a personal loan, a pre approved loan also does not have any end-use restrictions on the approved loan amount. You are free to use the loan the way you want, whether to fund a marriage, home renovation, vacation, education, or anything else.
Who is Eligible for a Pre Approved Personal Loan?
NBFCs offer pre approved personal loans to the existing borrowers who repay their EMIs on time and maintain a high credit score. The eligibility conditions are the same as with a regular personal loan, including the borrower’s age, citizenship, income and employment. If you are eligible for a lender’s personal loan, you are automatically eligible for their pre approved loan as well.Â
What Documents are Required for a Pre Approved Personal Loan?
Documents required for a pre-approved personal loan are also the same as a regular personal loan. These include your income, identity, and address proof. NBFCs that support online loan procedures accept scanned and uploaded copies of the required documents, making the loan process 100% paperless. You don’t need to visit the lender’s office even once to apply for a loan.
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How to Apply for a Pre Approved Loan?
You may apply for a pre-approved personal loan either online or offline. These are the steps to follow:
- Online: Visit the lender’s website, fill out the application form, provide the required details, and apply.
- Offline: Visit the lender’s office, fill out the application form, submit the required documents, and apply.
- App: Download the lender’s app, enter the required details, upload the documents, and apply.
Once applied, the lender will evaluate your application and approve your loan. After approval, you get your loan amount disbursed into your bank account within 24 hours.
Borrowers with responsible credit behavior and good repayment history are eligible for a pre approved loan from their existing lenders. Happy lenders also offer top-ups to their current borrowers with a strong history of EMI payments. Use these easy loans to cover your urgent expenses when you need them the most.