Check Your Eligibility Criteria for an Instant Pre-Approved Loan

Banks or NBFCs offer instant pre-approved loans to customers who have been with them for a long time and have a good credit score. This loan requires little or no paperwork and is easy to get because the lender already knows about the borrower’s finances. With a good credit score, adequate income, and a good history of paying back loans, it’s easy to get a pre-approved instant salary advance loan. Depending on your credit score, the lender decides how much you can borrow with this type of loan.

Most pre-approved loans are short-term, unsecured loans that don’t require collateral. Anyone with a good credit score can get one of these loans from banks, NBFCs, or fintech lenders. Some lenders pre-approve a loan for a customer even if they don’t have a credit history. They do this by looking at the customer’s income and savings history. By logging into your financial institution’s online account, you can check if you are pre-approved for an instant salary advance loan. Don’t forget that your final approval will depend on your credit history and how your lender lends money.

How to get a loan that’s already been approved?

A loan that has already been approved can be availed online in just a few easy steps. Check with your lender to see if you can get a loan that has already been approved.

Step 1: You can check if you are eligible for an instant pre-approved loan by logging into your financial institution’s online account.

Step 2: Fill in a few basic details and share the OTP sent to you. This helps verify your profile.

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Step 3: Once your profile is verified, your pre-approved offer will be shared with you.

Step 4: If you want to proceed with the offer, you can accept it and provide the required details. Once the lender has verified all your details, the loan amount will be transferred into your bank account.

Documents needed for a personal loan to be pre-approved:

Most of the time, lenders don’t need copies because they already have a record of their customers. But some lenders ask for a few of the Know Your Customer (KYC) documents listed below.

ID proofs include an Aadhaar card, a PAN card, a driver’s license, etc.

Proof of address includes utility bills, a voter ID card, an Aadhaar card, and so on.

Proof of income: Pay stubs from the last three months, a statement from your bank account, Form 16, ITR, etc.

Pre-approved personal loan instant funds have the following features and benefits:

Getting an instant pre-approved loan is a safety net when you need money quickly to care for your financial needs.

Once the verification process goes well, the loan will be approved and paid out on the same day, in just a few minutes. You can spend the loan money on anything you want.

Competitive interest rates:

If you have a good credit history, you can get an offer for a loan right away. Your good record of paying back loans shows that you are a responsible borrower. Because of this, the lender will offer you a loan with a competitive interest rate because you are not a risk to the lender.

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Flexible loan terms:

You can choose how long you need to repay your loan. Most of the time, it is between 12 and 60 months. When selecting the tenor, think about how much you can pay back so you don’t miss payments.

Existing customers eligible for pre-approved loan offers don’t have to worry about paperwork because the lender already has your KYC, bank account, and income information in their database.

Paperless loan application process:

Most lenders offer online loan services, where you can fill out and submit an online form to avail of a pre-approved loan through their website or mobile app.

Soft copies of the necessary documents can be uploaded on the lender’s website or mobile app in the format they need.

Power to negotiate:

With a pre-approved loan, the lender comes to you with a product instead of you asking for a loan. You can talk to your relationship manager about changing the loan terms.

Special discounts:

To get you to take out a pre-approved personal loan, the lender may offer small perks like waiving the processing fee, giving you a lower interest rate than regular customers, etc. These extras will reduce your estimated total debt if you need a loan.

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By Hammad Hassan

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