Get a Pre-Approved Personal Loan without any Documents

ByNafas

A Pre-approved personal loan is offered by banks/ NBFIs to existing customers. Here, the lenders select their customers based on their credit history, relationship with the lender, income, etc. This type of loan is disbursed instantly and has comparatively lower interest rates.

Reasons why banks or lending institutions choose you as an eligible customer for a pre-approved personal loan

  • The lender might have checked your credit score and found it above 750.
  • The lender would have tracked your credit history with a good bank balance.
  • The lender would have noticed you are paying all dues on time regularly.
  • The lender would have noticed a significant rise in your income.

Features and Benefits

1.   No Documentation: The first and most important feature of this loan is that you do not have to submit any documents. The banks will already have your financial details, including your KYC, income statements, and bank balance.

 

2.   Instant loan amount: Since you are among the selected customers for a pre-approved loan, your loan amount will be instantly disbursed to your bank account once the verification process is complete.

 

3.   Lower-Interest rates: If you have a good credit score above 750, the lender will offer you loans for comparatively lower interest rates.

 

4.   Flexible tenure: The tenure period starts from 6 months to 60 months. You can choose the tenure of repayment according to your budget. As a result, you can quickly pay your dues on time without defaulting.

 

5.   Paperless process: You can easily apply for a loan online through the website or mobile application. The whole process is online. Therefore, you don’t have to physically go to the bank for the application process.

 

6.   Quick Process: Since the lenders already have your financial and personal information, the verification process is quick and is completed within a few hours of application.

 

7.   Power of negotiation: Since you are eligible for a pre-approved loan, you have the power to negotiate the loan tenure and interest rates. With this advantage, you can get a loan for comparatively lower interest rates with a longer tenure of repayment of your choice.

Eligibility Criteria

  • Should be an existing customer of the bank/lending institution
  • One should have a good credit score of above 750.
  • Must have a stable income.
  • You should have a good bank balance.
  • Must have a consistent repayment history.

Things to keep in mind about Pre-approved Personal Loans

  • The pre-approved personal loan offer is valid only for a few days. So you have to decide if you want to take this loan within this period.
  • The bank can still reject your loan application even if you are selected for a pre-approved loan. The reasons may be a mismatch in your documents or poor credit score.
  • Check and compare the interest rates in the market before taking the loan.
  • Look for additional charges such as processing fees, transaction fees, penalties for foreclosure, and partial pre-payments before signing the loan agreement.

EndNote

A pre-approved personal loan is just an “Invitation to Apply” offer to indicate that you are eligible to take a loan. Hence, you must take this loan only if you need the money. You can also choose to apply for a personal loan using Buddy Loan with interest rates starting from 11% per annum.  Before accepting the loan offer, ensure that you can repay the loan amount without defaulting because if you fail to repay on time, you may hurt your existing credit history.