Pre-Approved Personal Loans: Explore Eligibility and Benefits

You may have received multiple SMS texts or e-mails that say, you can get your pre-approved personal loan with just a few steps. We are here to help you understand everything about what these pre approved personal loans are, what does pre-approved for a loan mean, its features, benefits and much more.

What does pre-approved for a loan mean?

A pre approved personal loan is similar to a regular personal loan. However, the sole difference is that pre-approved loans are only disbursed to select customers. Furthermore, such loans require a very minimal amount of documentation, and no security or collateral is involved. The only requirement in such cases is having a good credit score and a repayment history of credit with no blemishes. Make sure that these are on point and getting a personal loan is probably one of the easiest ways to get instant cash for yourself.

Eligibility requirements for a pre-approved loan

Now, there could be multiple reasons based on which the bank has decided to provide you with a pre approved loan:

1. You might have a good credit score.

2. The bank must have checked your credit history and found a good bank balance.

3. You’re on time with your loan payments and not a defaulter.

4. The bank has been keeping an eye on your income and expenditure and compares it to your credit worthiness.

Thus, we now hope that you are clear about what a pre-approved loan means and what pre approved loan offers. 

Read more: Get Airtel Axis Bank credit card without any joining fees!

Banks that provide a pre-approved personal loan

Almost every major bank and non-banking financial institution (NBFC) in India offers pre-approved personal loans to individuals. As a result, you will have absolutely no issues in getting your pre approved personal loan approved in an instant (provided you have the right credit score for it).

What are the features of a pre-approved personal loan?

Here is a closer look at some of the features of pre approved instant loan:

1. In case, you are an existing customer of the bank, then the personal loan request will be approved, and the loan amount will be deposited in a short span of time.

2. In addition, there will hardly be any documentation required for the whole procedure.

3. The loan amount can vary from one person to another. Your credit history and past repayment of credit record can play its part here. Make sure they are all perfect and you will get the required loan amount approved in no time.

4. You will have to pay back your pre-approved loans with EMIs. In case, you do have an account with the bank, you can also opt for the auto-debit policy with the bank and pay your EMIs effortlessly.

5. Check for any hidden fees or charges. Sometimes, banks or lenders do levy processing fees, EMI bounce charges, outstation collection fees and many more.

Read more: The minimum salary needed to get a personal loan

What are the benefits of a pre-approved personal loan?

Here are some of the many benefits of getting your hands on a pre approved personal loan app:

1. Instant access to funds – When you are in a deep financial crisis, being eligible for a personal loan pre approval could sound like an ultimate breather. This is because pre approved loans online are approved very quickly. Moreover, there are no collaterals involved, which makes them a great way to get instant credit.

2. Better interest rates – Having a good credit history with the bank or just in general can also make you eligible to enjoy better pre approved personal loan interest rate. The clean financial repayment history shows the lender that you are fiscally responsible and alleviates any doubts about you being a credit risk person.

3. Loan tenures are flexible – Another benefit of getting instant pre approved personal loans is the fact that the loan tenures are very flexible. As a result, you can opt for the one that is most comfortable for you.

4. Negligible documentation needed – If you do have a bank account with the lender already, then everything gets so much easier. The bank already has most of your necessary details, such as KYC, income details and more.

5. Quick processing – The personal loan pre approvals can get processed for you quickly, since you are already matching up with most of the eligibility criteria.

In addition, a person with no credit history is also eligible for personal loan pre approval fair credit from the bank, provided they have a stable source of income, and their savings bank account has sufficient funds.

Interest Rates of Pre-Approved personal loans

The interest rates for best pre approved personal loans can vary from one bank to another. However, if you choose Airtel, you will get a pre approved loan at just 10.49% interest rate. Apply for your personal loan from Airtel Flexi Credit today and reap the benefits!

FAQs

1. What is the process for a pre-approval personal loan application?
   The process for a pre approval personal loan application is quite simple. Banks or financial institutions identify eligible customers based on factors like a good credit score, repayment history, and financial stability. Once you’re selected for pre-approved loan offers, the process involves minimal documentation and no collateral. You can get pre-approved for a loan online or through mobile apps like Airtel Flexi Credit, where you can receive instant approval and funds disbursed quickly.

2. What are pre qualified personal loan offers, and how do they work?
   Pre qualified personal loan offers are loan offers extended to individuals based on their creditworthiness and repayment history. These offers do not require a fresh application or extensive checks. Since the bank has already evaluated your financial profile, you can quickly secure the loan with minimal documentation and hassle-free approval. Preapproved personal loan offers work similarly but may require further verification before disbursement.

3. Does personal loan pre approval have no credit impact?

Yes, in most cases, personal loan pre approval has no credit impact because it is based on soft credit checks rather than hard inquiries. Pre-approval is extended based on your previous relationship with the bank and your creditworthiness, without lowering your credit score. However, if you proceed with the loan and the bank runs a hard credit check, it may impact your credit score.

4. How do I know if I have pre-approved loan offers?
   You can check your pre approved loan offers by logging into your bank’s mobile app or checking your emails or SMS from the bank. Many banks and financial institutions, such as Airtel Flexi Credit, notify eligible customers about their my pre approved loan offers based on their credit score and financial history.