A personal loan is one of the types of loan that can be used for any legitimate purpose, and it doesn’t even require any collateral deposit. Individuals often avail it in order to meet their urgent and emergency requirements. It definitely has a number of advantages over other loans. All that you would need to get your online personal loan approved is a decent credit score. Some banks offer pre-approved personal loans to customers who have an impressive credit history and have maintained a very good relationship with the bank in the past.
Pre-Approved Personal Loans
These loans are no different as personal loans, except for the fact that there is no requirement of any document verification process. The pre-approved loans are only offered to customers who have a spotless track record of repaying loans within the stipulated time. Banks offer pre-approved personal loans at a lower rate of interest.
In some instances, banks may also provide pre-approved loans to customers even if they don’t have any credit history. However, the customer should have a sufficient income and a decent savings asset.
Advantages of a pre-approved personal loan:
- Requires minimal documentation
- Processing time is almost negligible
- Lower interest rates
- Exclusive goodies
- Quick disbursement
- Flexible repayment schedule
- Zero paperwork
- Simpler application process
- No collaterals required
- Complete flexibility
- Hassle-free online application and digitized processing
Who is most likely to get a Pre-Approved Loan?
Banks often extend pre-approved loans to the customer who has been using credit cards and is repaying bills within the stipulated time. They even offer loans to customers who have repaid the past loan amount positively. If you want to know whether you are eligible for a pre-approved personal loan, then you can log in to your net banking profile and then click on pre-approved loan. If you meet all the criteria, then it is very likely you may see an offer. You can check online personal loan eligibility by submitting some of the basic information. There are many websites which can assist you with this as well as you can calculate EMI using a personal loan calculator.
Pre-Approved Personal Loan – Apply Online
If at all you feel that you meet all the necessary requirements of availing a pre-approved personal loan, then you can visit the portal of your bank and then apply for one. You can check the online personal loan eligibility in order to be sure about the requirements. These days it is super easy to check the eligibility of loans over the internet. You can also make use of personal loan calculator to calculate the equated monthly instalments.
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