According to data collected by the RBI, the total outstanding personal loan amount from various financial institutions combined increased from Rs. 5.89 Lakh Crore in 2010 to Rs. 19.33 Lakh Crore in 2018. This data is a clear indication that the propensity to borrow money has considerably increased among Indians in last few years.
Since individuals can avail such advances without pledging any collateral, there is a high demand for personal loans among borrowers. Also, the popularity of personal loans have increased manifold with financial institutions introducing advanced features to simplify the process of applying and availing advances. For instance, the Bajaj pre-approved personal loan introduced by Bajaj Finserv has made availing the funds faster and easier.
Following is all about pre-approved personal loans that you need to know.
What is a pre-approved loan offer?
A pre-approved personal loan is granted by financial institutions to the borrowers they deem creditworthy. When individuals are granted pre-approved offers, it indicates that they have already cleared the initial process of approval. The benefits of pre-approved personal loan offers include a guarantee that lenders will process your loan application much faster than the normal.
However, not everyone can be eligible to avail the benefits of a pre-approved loan. Individuals have to satisfy certain criteria to make sure that they are eligible to avail the benefits of this offer.
Factors that influence your eligibility to avail the offer
To avail the benefits of pre-approved loan offers, the following are a few factors that can influence your eligibility –
- A high credit score.
- Timely EMI payments and ensuring continuity while paying them.
- A stable source of income.
- Creditworthiness linked to the risk involved in lending funds.
If an individual satisfies the above criteria, they can avail the advantages that come along with the pre-approved personal loan offers.
Advantages of pre-approved personal loans
Apart from fast approval and disbursal of the advance, pre-approved offers also come with the following advantages –
- With pre-approval, you can negotiate the suitable terms and conditions with your lender. You have the advantage of availing lower interest rates, extended loan tenor, increased the quantum of credits, etc.
- Pre-approved offers make the documentation process significantly easier. The institution already has enough proof regarding your track record and the relevant documents to deem you eligible for it.
- With the offer, you can avail more affordable interest rates on your advances.
Apart from pre-approved offer on a personal loan, Bajaj Finserv also provides the offer for a host of other financial products, including home loans, business loans, etc. You can check your pre-approved offer by providing your name and phone number.
With this Bajaj pre-approved personal loan, you can avail all the benefits of the loan even more easily.
What are the benefits of personal loans?
With this advance, you can avail a high loan amount of up to Rs. 25 Lakh which you can utilize to fulfil any personal requirement. You can also avail the following features and benefits of personal loan –
- It comes with instant approval facilities which can help you to get the Bajaj Finserv personal loan in minutes. Apart from this, the loan also gets disbursed to your account within 24 hours of approval.
- It comes with a flexible tenor, ranging between 12 and 60 months, which you can choose according to your repayment capabilities.
- With a Bajaj pre-approved personal loan, you can be assured of zero hidden charges. There is a level of transparency maintained by the institution regarding the terms and conditions of the credit.
Thus, a pre-approved personal loan can be extremely helpful when it comes to availing the advance for emergency purposes. With a plethora of benefits, it can help you to cover numerous financial liabilities easily.