Do You Know These 5 Perks Of Taking Pre-Approved Personal Loans?
by Mony Shah Loans & Credit 26 August 2023
One of the reasons that a personal loan is so popular is that it offers funds instantly. Personal loan apps in India have made the process smoother, and you now have access to funds at your fingertips. However, checking your eligibility and applying for a loan does take some time. When it comes to speed and convenience, pre-approved personal loans are a game changer.
Banks and NBFCs often roll out pre-approved offers on personal loans. These offers make you eligible for instant loans with many other benefits. A pre-approved loan is usually offered when you:
● Have an existing/prior relationship with a lender
● Maintain a bank account with a certain balance
● Have a good credit score
● Maintain a decent repayment record
To make the most of pre-approved personal loans, read on to know more about them.
Perks Of Pre-Approved Personal Loans
● Freedom To Choose Your Repayment Tenure
With a pre-approved personal loan, you can repay your loan at your convenience. You have the freedom to choose the duration according to your finances, keeping the lender’s maximum tenure in mind.
Lenders normally offer a tenure of 5 or 6 years for personal loan repayment. You can spread out your EMIs to pay lower monthly installments. However, this increases your interest payout. By choosing a shorter tenure, you can save on interest, but your EMIs increase. So, pick this timeline carefully, so you can repay without burdening your monthly finances.
● Repay Easily With Competitive Interest Rates
You become eligible for a pre-approved loan likely due to your strong track record of managing credit in the past. A good credit history leads to a good credit score, and this allows lenders to offer you lower interest rates.
So, when you get a pre-approved loan offer, you can enjoy competitive rates that allow you to repay with ease and without missing EMIs. This further helps you boost your credit score.
● Submit Zero Or The Most Basic Documents
A pre-approved personal loan eliminates the need for documentation or paperwork almost entirely in most cases. Lenders give such offers only to those whose creditworthiness they have verified. This means they already have your KYC information, bank-related data, and income details. Thus, loan processing becomes easier and quicker.
● Apply Even More Seamlessly Online And Get Funds Faster
The convenience of pre-approved loans is only heightened by the fact that you can check your offer online and complete all formalities at the click of a button. In case you need to submit a document, you can upload it digitally, and none of the steps requires you to visit a branch physically.
Since you are pre-approved for the loan, the disbursal also happens faster. So, you can get access to funds much faster. In some cases, lenders disburse the amount in just 2 hours. This makes pre-approved loan ideal for medical emergencies, last-minute gaps in wedding preparations, or urgent home repairs.
● Get Better Negotiation Power
When you get a pre-approved loan, you have the upper hand to negotiate the terms. You can ask the lender to offer you a lower interest rate or increase the loan amount to better suit your needs. This flexibility is often not available on regular loan deals.
Now that you know all about the benefits of pre-approved personal loans, take advantage of such offers. Want to know if you are eligible for such an offer? Check now on the Bajaj Markets App! Download it today from Google Play or the App Store and explore pre-approved personal loans from top lenders.