Personal loans are short-term loans that can be used to meet your financial obligations. An urgent loan needed is obtained by such loans online and without visiting a lender’s physical branch is possible. As a result, online pre-approved personal loans are now prevalent and highly beneficial to borrowers. However, lenders only offer pre-approved loans to existing customers, particularly those who have met the initial eligibility requirements. This is where the distinction between an online pre-approved personal loan and a traditional personal loan becomes clear, as the latter requires you to apply, whereas the former is an offer you can accept.
Remember that lenders will not provide a pre approved personal loan without first conducting an eligibility and creditworthiness check. The pre-approved loan disbursement time is almost instant once you qualify. This allows you to receive your sanction quickly, making it a viable financing tool for any urgent loan needed.
There is no need for additional documents to ensure timely disbursement.
A pre-approved loan is only available to existing customers, and lenders make the offer based on the information they already have. This typically includes your financial, credit profile, and KYC information. This information is necessary to evaluate your profile and determine an appropriate offer.
As a result, you are not required to provide any additional documentation. This makes the disbursement process quick, simple, and painless. For example, to obtain a Bajaj Finserv pre-approved personal loan, search for an available offer, verify your identity, and request disbursement.
However, in some cases, you may be required to provide documentation such as:
- Cancelled cheque
- Bank information
- KYC documents
Furthermore, an online pre-approved personal loan has the added benefit of not requiring collateral. This means you won’t have to use any of your assets as collateral to get your loan. This speeds up the process because the lender does not have to evaluate the investment or undergo other time-consuming verification procedures.
Quick disbursement of approved funds aids in meeting financial needs without delay.
As previously stated, the disbursement time of a pre-approved loan is much faster than that of a traditional loan. Leading lenders can provide you with immediate access to approved funds. The quick disbursement is because the lender has already reviewed your profile, removing the need for lengthy underwriting processes. A pre-approved online personal loan eliminates the need to fill out numerous forms. Review your proposal, approve it, and authorise disbursement.
Please remember that your financial profile and relationship with the lender will determine the online pre-approved personal loan sanction. While simple to obtain, this sanction may not be the maximum amount the lender offers, making it more appropriate for short-term expenses.
Provisions for digital loans to speed up processes
Fintech advancements have made it possible to obtain such offers quickly and easily. Because of digitalisation, you can complete your loan application process online without problems. This includes every step, including disbursement. You will never have to visit a lender’s branch to obtain your funds.
Furthermore, you can submit any required documents directly on the digital platform. If necessary, you can upload files and send them for approval. With a completely online process, you can also manage your loan digitally. Leading lenders, such as Bajaj Finserv, provide you with an online account through which you can easily track your loan. You can check your repayment schedule, track payments, and do various other things from the comfort of your home.
To take advantage of such benefits, keep in mind that online pre approved loan offers have a time limit. This means that the requests will be invalid after the specified period. Even if you have been pre-approved, the lender may revoke the offer if you do not meet the minimum eligibility requirements. Additionally, when reviewing the pre-approved personal loan offer, keep the following points in mind before taking advantage of the request:
- Thoroughly review the offer • Compare various pre-approved offers • Understand the terms and conditions • Inquire with the lender about any additional fees.
With a Bajaj Finserv pre approved personal loan, you can borrow up to Rs. 25 lakh over a flexible term of 24 to 60 months. Furthermore, you will receive a competitive interest rate, and the sanction will be disbursed to your account within 24 hours*. Again, select customers can obtain this pre-approved loan by completing a 100% online application without submitting any documents. These customers can have funds in their accounts in as little as 30 minutes.
Existing salaried and self-employed customers of Bajaj Finserv can avail of pre-approved personal loans. To take advantage of these benefits, check the pre-approved individual loan offer in a few simple clicks and borrow efficiently.
*Terms and conditions apply