Pre-approved personal loans are quick loans given to a few chosen
clients of a lender without the need for any collateral and based solely on
their credit history and standing with the lender. The pre-approved loan only requires
the bare minimum of paperwork because the lender already has the customer's
background and credit history.
Pre-approved loans are a promotional tool provided by banks and
non-banking financial institutions to expand their loan books with higher interest-rate
products.
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Features of Pre-Approved Personal Loans
1. Quick loan disbursal: If you already do business
with the bank or NBFC, the pre-approved loan will be transferred immediately to
your account.
2. No security or collateral is needed:
Pre-approved loan customers are eligible for fast loans without putting up any
security or collateral.
3. Low documentation requirements: Obtaining instant loans
is simple and hassle-free due to the minimal paperwork needed for loan
approval.
4. Varying loan amounts: Each person's
pre-approved loan amount is different. The quantum of the loan is determined by
variables such as the client's credit history.
Benefits of Pre-Approved Personal Loans
1. Being qualified for pre-approved loans gives them a safety net
when they require immediate financing to meet their financial obligations.
Instant funds or rapid funding once the verification process is complete; the
loan will be accepted and paid off the same day within a short period. Any
personal use of the loan money is permitted.
2. A good credit history qualifies you for a fast loan offer at
competitive interest rates. The lender will offer you a loan with a competitive
interest rate because you are not in the lender- or credit-risk group and have
a solid repayment history demonstrating financial responsibility.
3. Flexible loan terms allow you to select a repayment schedule that
works for you. The typical range is 12 to 60 months. To avoid defaulting on
loan repayment, consider your repayment capacity while selecting the loan
tenure.
4. The requirements for documents are minimal to non-existent for
current clients who qualify for fast loans because the bank already has your
KYC and bank information on file.
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Eligibility for Pre-Approved Personal Loans
1. Customers who qualify must have a clean credit history.
2. They must already be bank clients. Some banks also make loans to
new clients.
3. Must have a perfect track record of debt repayment.
Customers without a credit or repayment history are also
acceptable as long as they have a sizable amount of funds in their account and
a steady source of income.
Still, trying to figure out how to apply for a pre-approved
personal loan? Consultation with a finance services company India can assist you!
Conclusion:
Personal loans already pre-approved are among the easiest and
fastest ways to obtain money. These loans have become one of the more secure
solutions to acquiring cash for any potential need because they are provided to
clients with good credit histories and a relationship with the lender.
For a good guide on personal loans, it's essential to hire a
finance services company India to assist with your finances. You can consult
with Finway FSC, which has helped many people with the lending process for
personal loans.
