Nowadays lenders are providing a pre-approved loan mostly based on your credit score and per month income that assures the lenders of the repayment. So, you can grab the offer for the financial requirements, especially when you need instant cash for various household needs. The pre approved personal loan is mostly fixed after getting all the details i.e., all the documents, and after that, as an existing customer, you can borrow from the limit without facing any difficulties or time consumption. With its distinct features and benefits, it can facilitate an instant personal loan service for financial needs. Different steps can be followed to get the Personal Loan easily and you can also check the eligibility criteria for this loan.
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Pre Approved Personal Loan for Existing or New Customers
The documentation process for existing and new customers can be different, and these can be as follows.
For Existing Customers
then you can apply again and you don’t have to submit your KVC again. However, you have to submit a bank statement or salary slip to reveal your current income. After doing so you can get the pre approved loan online without accomplishing any formalities.
For new customers
You have to submit all the documents including KYC i.e., PAN, Aadhar, salary slip, bank statement, utility bills, and all. Once you submit the documents the lender will check your CIBIL and then you will get the loan easily.
Features and Benefits of the Pre-Approved Personal Loan
The pre approved personal loan is beneficial due to its fast lending mechanism and integration with automation where the personal loan application is received and approved shortly. These features escalate the lending services. So, a couple of features and benefits are as follows:
Fast Approval:
The personal loan with pre-approved facilities will be approved shortly because of the already submitted documents. In this case, the lenders already have your CIBIL score and income details on which your loan amount is approved. So, once you apply for the limited loan amount, your loan will be approved shortly.
Predefined limit
You have a pre-approved limit that helps you choose the loan amount without difficulties. However, after your current income and enhanced credit score, the loan amount can be increased.
Competitive Interest
The interest rate for a pre approved personal loan is competitive where you can borrow on an affordable interest to shortout various needs or cash crunch. It will enrich your financial planning also.
Flexible tenure
You will be free to choose the flexible tenure of your payment date either in one time or on EMIs, which will help you get the loan easily and will also help you close the loan shortly.
Minimal Documents
It will indeed be easy when you will be able to apply with the minimal documentation. Because the loan process will be hassle-free and, it will impart an outstanding experience while borrowing. So, the pre-approved personal loan without documents becomes the best option for borrowers.
Easy and flexible repayment
The repayment will be flexible and easy which will also help manage the repayment with ease. It can also enhance the credit score and loan amount for the next time.
Eligibility Criteria for the Pre-Approved Loan
The eligibility criteria for a pre-approved loan are based on your monthly income, current credit score, documents, nationality, and age. After verifying all these your loan is approved with a certain limit and these are
- Age: The age of the borrower must be above 18, and in many cases, it is above 21 and up to 65 years old.
- Documents: You must have all documents like PAN, Aaadhar salary slip, ITR, and utility bills.
The borrowers must have higher CIBIl score of up to 750 and the minimum per month income must be above 35000. However, it will vary on the terms and conditions of the lenders.
Conclusion
A pre-approved personal loan has become the preference of the borrowers and you can choose the loan with enormous features and benefits. It will help you manage the cash as per the eligibility and pre-defined limit after the verification. So, after all the pre-approved personal loan can be borrowed easily and you can close it with the flexible repayment as well.
