You may have applied for and used the facility of a personal loan to cover your needs. It is a financial facility that lenders provide for a small tenor of 1-5 years. You are also free to use the loan amount for all legal purposes.
If you have the required loan eligibility, along with a robust civil score and employment record, then getting approval is fast.
What’s more, you can also get the money disbursed into your bank account within hours after getting the loan approval. Hence, many people apply for a personal loan as it covers many of their needs without restrictions.
But have you heard about the pre approved personal loan offers? If no, then you can go through this post to know more!
What is a pre approved personal loan offer?
As the name suggests, a pre approved personal loan offer is a personal loan that is already approved. It is available for the right candidate even without their application.
They are notified about such offers. And if they go for one, then they get the loan in no time. In short, they won’t need to indulge in the formalities. It is because the lenders have made the loan already per-approved.
When a lender is sure that a loan applicant has the required creditworthiness for a personal loan, then it approves the loan. It means that you are through the initial loan application process. And if you go for it, then the lender will process it faster to disburse the amount.
Many leading lenders in India offer the pre approved personal loan offer from time to time to deserving candidates.
What factors influence your eligibility for a pre approved personal loan offer?
Do you also wish to get a pre approved personal loan offer so that you may avoid going through the formalities of the loan? Then you will need to prepare yourself. You can do that by following a few points, such as:
You should ensure having a good credit score – You should ensure having a robust civil score reading 750 or more. Having a higher score may also let you enjoy reduced best personal loan interest rates. You can do that by paying off your ongoing loan EMIs and other debts on time.
Maintain a clean repayment history – If you have the knack of making timely payments towards your outstanding, it can be handy in getting loan approval.
Making timely payments matter – If you are able to pay EMIs for an ongoing loan without defaults, then you may get a pre approved personal loan offer.
Maintain a smooth employment history – If you don’t maintain a smooth employment history, then you may not get the loan approval. It is because a lender may not consider you a safe case pertaining to repayments. Thus, try maintaining steady employment if you want to get a pre approved personal loan offer.
By following these basic pointers, you can work on your candidature to marsh towards getting an attractive pre approved personal loan offer.
How to check your pre approved personal loan offer?
Many lenders provide you with a pre approved personal loan offer to ease off your loan application and make everything smooth.
You can check out your pre approved personal loan offer after sharing your basic details such as your name and mobile number on a specific page of your lender.
