Do you receive messages from several banks stating you are eligible for a personal loan? If yes, you must look into it the next time you require instant funds! These reminders are from the money market to pass the information that you are eligible for a pre approved personal loan. This facility is a way for NBFCs and banks to lend instant loans to eligible and potential candidates depending upon their credit score and financial history. NBFCs have created a more convenient platform for this purpose by providing personal loan mobile apps. You should know everything about these types of loan and how you can use them to finance your additional expenses.
You become eligible for a pre approved personal loan if you have:
- A good customer record with an impressive credit score
- A considerable credit history with other NBFCs and banks
- Any previous record of successful repayment of personal loans
- Numerous bank accounts or a salary account that justifies your creditworthiness
Let us discover why, how and where you can avail a pre approved loan easily.
NBFCs and banks always extend a credit hand to potential candidates!
Reasons To Avail A Pre Approved Personal Loan
The most apparent reason to acquire a pre approved personal loan is that it comes with minimal documentation and without the need for any collateral or bonds. With personal loan mobile applications, the process of loan application has become much easier than banks would offer! You just need to enter your Aadhar card and PAN card details to complete the application. You can choose between any of the two options at your convenience. Here are a few tips that will help you in the process!
- Maintain a good credit score and a noticeable credit history to be eligible for larger loan amounts.
- Always grab the opportunity as it comes as the pre approved personal loan offers are usually a limited period offer with the banks! However, you can get it through mobile apps at any time of the year.
- Read the terms and conditions carefully and ensure there are no hidden charges before or after the loan approval.
- Do not jump to conclusions with all the offers. Do your market research thoroughly, considering all the offers to find the best ones.
Features of Pre Approved Personal Loans
The features of a pre approved personal loan are enough to make you understand why you need one. If you are eligible and there is an opportunity knocking on your door, you should consider these features before making a decision.
- A pre approved personal loan is quickly disbursed without any hassle or rigorous documentation process.
- You can get these loans with your Aadhar card and PAN card.
- There is no need to submit any collateral or bond as a security deposit to get the funds.
- The repayment service is easy and convenient as you can pay the interest and principal amount together through pre-defined EMIs.
- NBFCs and banks charge a minimal amount as the processing fee. This amount is deducted from the approved loan amount at the time of disbursal.
Benefits To The Customer
The benefits of a pre approved personal loan far outweigh your concerns, especially if you make the right choice of lender. You can get instant funds and manage all your additional expenses easily. Weigh the pros and cons of your choice to be able to relish all these benefits.
- It serves as a safety net to get financial help whenever in need. You can get the personal loan approved and disbursed in a couple of days or a few hours, depending upon the lender.
- Get funds at a competitive interest rate without having to pledge any collateral.
- The loan tenure is flexible, and you can settle the amount by making a lump sum payment anytime you need.
- The loan application and disbursal process are paperless, as you can complete all the formalities online.
- The processing time is much lesser than other loans as the lenders do not put you under any critical scrutiny!
Steps To Follow For Pre Approved Loan Application
- Analyse your options to choose the best lender for your pre approved personal loan.
- Download the application or visit the website and find the online application page.
- Enter your required details and Aadhar card and PAN card information accurately.
- Submit the online loan application after verifying all the given information.
- Go through the telephonic or video call verification process conducted by the lender.
- Get your loan disbursed to your bank account in a few working hours.
You can get your pre approved personal loans to finance emergencies and luxuries both! So, if you have been holding up to buy your favourite things or afford your desired vacation, these loans may save time. Utilise the benefit offered to you with the most convenient repayment procedure. Remember, there is never a good reason to refuse privileges!