Personal loans are short term loans that you can avail to meet your financial needs. With fintech advancements, it is now possible to avail such loans completely online and without ever visiting a lender’s physical branch. As such, the online pre-approved personal loan is now quite common and hugely beneficial for borrowers. However, lenders only offer a pre-approved loan to existing customers, particularly those who have cleared the initial criteria. This is where the difference between an online pre-approved personal loan and a regular personal loan comes to fore, as the latter requires you to apply, whereas the former is an offer you can avail.
Always remember that lenders will not offer a pre-approved personal loan without an eligibility check. Once you qualify, the pre-approved loan disbursement time is almost instant. This allows you to get your sanction without any delays, making it a viable financing tool for any need. To know more about the features of an online pre-approved personal loan that allow you enjoy quick disbursal, read on.
A pre-approved loan is only offered to existing consumers, and lenders determine the offer based on the information that they already possess. This usually includes your financial information, credit profile details, and your KYC details. All of this information is critical to evaluating your profile and determining a suitable offer.
As such, you do not need to furnish any additional documents. This helps make the disbursal process quick, easy, and completely hassle-free. For instance, when you avail a Bajaj Finserv Pre-approved Personal Loan, you can simply check for an available offer, verify your identity, and request disbursal. However, in some cases, you may be asked to submit some documentation, such as:
Moreover, an online pre-approved personal loan has the added benefit of being a collateral-free instrument. This means that you do not need to pledge any of your assets as security to avail your loan. This expedites the process because the lender does not have to evaluate the asset or undertake any other lengthy verification protocols.
As mentioned above, the pre-approved loan disbursement time is far quicker than that of a regular loan. In fact, leading lenders can grant you immediate access to the approved funds. The reason for quick disbursal is that the lender has already analysed your profile, eliminating the need for lengthy underwriting processes. An online pre-approved personal loan also negates the need to fill various forms. Simply check your offer, approve it, and authorise disbursal.
Do note that the online pre-approved personal loan sanction will depend on your financial profile and your relationship with the lender. While easy to avail, this sanction may not be the maximum amount offered by the lender and so it may be better suited for short-term expenses.
Fintech advancements have made accessing such offers quick and easy. Thanks to digitalisation, your loan acquisition process can be completed entirely online and without any issues whatsoever. This includes every step, even disbursal. You never have to step into a lender’s branch to get your money.
Moreover, you also have the option of submitting any required documents on the digital platform itself. You can upload files and send them for approval, if required. With a completely online process, you also get the benefit of managing your loan digitally. Leading lenders like Bajaj Finserv give you access to an online account wherein you can track your loan with ease. You can check your repayment schedule, track payments, and much more right from the comfort of home.
To enjoy the benefits of such provisions, keep in mind that online pre-approved personal loan offers come with a time limit. This means that the offers will expire after the given time period. And although pre-approved, the lender may revoke the offer if you do not meet the minimum eligibility criteria. Additionally, when you check the pre-approved personal loan offer, you should also keep the following points in mind before availing of the offer:
With a Bajaj Finserv Pre-approved Personal Loan, you can get up to Rs. 10 lakh with a flexible tenor ranging between 24 and 60 months. What’s more, you get a competitive interest rate and can have the sanction disbursed to your account in just 4 hours*. In addition, select customers can avail of this pre-approved loan by completing a 100% online application without submitting any documents. These customers can get the money in their accounts as early as 30 minutes*.
Bajaj Finserv offers pre-approved personal loans to both salaried and self-employed existing customers. The lender also offers pre-approved loans to select new customers too. To avail of these perks, check the pre-approved personal loan offer in just a few simple clicks and borrow efficiently.
*T&C apply
This content is distributed by Bajaj Finserv. No journalist is involved in the creation of this content.