Applying for a new loan has various hindrances like documents and of course, the most important and hectic is the loan approval. So, people want to go with pre-approved loans as is an effortless job to get loans very easily. It provides a very reasonable interest rate and helps the individual to expedite the disbursal amount.
As compared to regular personal loans, your bank or lender may provide you with the best pre-approved loans with a very effortless procedure. You can get the loans in case you have a stellar credit history with decent creditworthiness. Thus, you can easily decrease your EMI value without disturbing your finances.
Read the blog to know The crucial points in getting pre-approved loans very easily.
Pre-approved Loans: An Overview
Most financial institutions and lenders offer genuine pre-approved loans to their customers with several benefits of good creditworthiness and flexibility.
In order to enhance their promotion, landers and banks provide pre-approved loans which help them boost their sales. These loans help customers to get several benefits in times of need and they are available at very minimum documentation. No matter whether you are searching for a pre-approved personal loan in Ghaziabad, Noida, Delhi or Mumbai, you should know everything.
These banks offer very minimal processing time with these loans. They don’t require collateral or financial security as they are easily available at a very flexible tenure.
The rate of interest of these pre-approved loans differs from one financial institution to another and they are available up to 10.49% per annum to 14 % p.a. All these factors depend on your credit history, repayment tenure, and income. For any assistance, you can easily check the difference between various types of EMI with the help of an online calculator.
Want to Apply for Pre-personal loans? Know Here
You can easily apply for a pre-personal loan using these steps:
The first and foremost step is to check with your lender or bank whether you are fit for their eligibility criteria for a pre-approved loan. You can also do the same by logging in to your net banking services and clicking the eligibility option.
After that, once your bank is ready to provide you pre-approved loan, you have to fill out an application form for the same. These forms are available on the website’s portal, your branch, or can easily get the same on mobile apps too.
Now, you can choose the loan amount and a repayment tenure as per your convenience.
After that, the bank will give you a email and intimation call that your loan is under process. During this time, the financial institution with the guidelines of the RBI will check the worthiness of your loan approval and finish the authentication process.
Note: You need to know that some banks and NBFCs ask for several types of documentation works. It consists of your last 6 or 3 months of salary slip, bank account statement, KYC and proper bank statement.
Difference Between Regular Personal Loans and Pre-Approved Loans
Everyone should know the difference between personal loans and pre-approved loans. These pointers will provide you with major differences between the two.
Eligibility for The Loan
Generally, if you are applying for regular personal loans, banks will ask for various types of documentation and undergo several verifications. They check for your salary, proof of income and employment status.
On the other hand, in the pre-approved personal loan, you will be asked a little as the documentation process is less rigorous but you need to know the terms of the loan. You need just a good credit history with a good employment status of more than three years.
Documentation
Pre-approved loans require very minimal documentation work and your approval will be qualified once you have done your paperwork on time. On the other hand, while applying for regular loans, you need to submit a number of documents like your Identity card, salary slips, employment status record, collateral (if needed), financial status and many more.
Disbursal of Loan
The loan disbursal process is very easy in pre-approved loans and it gets approved in just a few seconds. On the other hand, the disbursal time in regular loans ranges from a few hours to several days. It becomes very hectic for the borrower. Get all the details regarding loan disbursal in your area like pre-approved personal loans in Ghaziabad, Delhi, Kolkata Jaisalmer etc.
Summary
Pre-approved loans provide many benefits to the borrower as compared to regular loans. You need to know everything before applying for pre-approved loans like rate of interest, disbursal, and loan limitation by your lender or the financial agency. You can easily get your loan verified as the process is very easy, just you hold a good credit score.
