A pre-approved loan can be defined as a pre-approved offer given by banks based on your credit report. Banks offer pre-approved loans in various format like pre-approved personal loan/ home loan/ and car loan. However, it is usually offered to individuals who carry out transactions with the bank and have a clean repayment history.
Want to know more about Personal Loan? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
Pre-approved loan offers are usually helpful when a customer is in grave need of credit. These loans take much lesser time to process than the non-approved ones. Thus there are lesser chances of rejection of the loan. Pre-approved loan offers also help customers to understand how much money he can avail instantly and thus he can take lending decisions accordingly.
Banks and credit institutions are now opening up to the idea of pre-approved loan offers. These offers are given to the existing customers of the banks by considering various aspects of the customer’s bank accounts. Sometimes bank pre-approve a loan to the customer simply by evaluating certain conditions like cash inflows and transaction of the customer’s salary account or by considering the repayment trends of a credit card holder. Whatever may be the case, the pre-approved loan offers are rolled out for a limited period and the customer will have to accept the offer within that period.
Eligibility for pre-approved loans:
Pre-approved loan have become instant hit among customers. If you are a regular customer of the bank, we are sure you are offered with many such pre-approved offers. Have a look into some of the key features of pre-approved loans:
Before availing a pre-approved loan you must ask yourself if you really need the loan. Sometimes people apply for such loans without any strong reason to avail the credit. Since these loans are handy and can prove beneficial, you must use such offers only if you are in a pressing financial situation. Remember every loan comes with an extra cost known as the interest rate. At the end of the day, it is you who have to repay the loan and bear its burden.
See Also: When Should I Get a Personal Loan?
You May Also Watch
Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.
Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.
Be Wise, Get Rich
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.