Have you come across e-mails or messages stating you are eligible for a pre-approved personal loan? Have you ever wondered why your bank has approved such a loan?
For that, you will first have to understand what a pre-approved personal loan is:
A pre-approved personal loan is a collateral-free short term loan that is generally approved for people with an excellent credit score. These loans are offered by banks to their existing customers upon the fulfilment of certain criteria.
Banks have identified the funding requirements of their customers and approve such offers as they want to extend credit to eligible customers at a lower interest rate and maximum convenience.
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Pre-approved loans are generally offered to long-standing customers who have a good relationship with the bank. You can also avail such loans if you have a decent credit score, good bank balance, a regular and substantial history of saving money, a good income and excellent repayment history.
Pre-approved loans are approved up to a certain limit that is determined by evaluating your credit score. Since the eligibility criterion differs across banks, you must check your eligibility through your net banking accounts before availing such loan.
Generally, banks approve such loans for their existing customers and this is why you do not need to go through extensive documentation. The process is simple and hassle-free. You can click on the pre-approved loan offers and avail the loan instantly as the process is completely online. Banks offer special interest rate and flexible repayment tenure for such loans. The loans are instantly disbursed into the bank account of the customer that needs to be repaid in monthly EMIs.
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But, if you are not an existing customer of the bank then you need to submit your documents. You need to provide the following documents for verification purpose:
The pre-approved loans have their own share of benefits. This is the reason they have become an instant hit among professionals. Here are some of the main advantages of these loans:
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When you have a pre-approved loan offer you can apply for it with a simple click. You can accept the offer from the comfort of your home. You need to contact the bank executive for general queries and to complete the formalities. Once the formalities are completed the amount sanctioned will be transferred to your account.
You can follow these below-mentioned steps to apply for loan online:
If will be beneficial if you do a bit of research before applying for such loans. Pre-approved loans are a lifesaver for your urgent cash requirements as their approval takes lesser time. But it is wise that you do not opt for such loans only because you are getting a great offer.
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