Nowadays, different NBFC companies are offering instant pre-approved personal loans. This loan is based on Pan Card & Aadhaar Card only. If you have a good credit history, you may get up to Rs. 7 lakhs instant loan.
Pre Approved Personal Loan
| Loan Amount | Up To 7 Lakh |
| Interest Rate | 12.50% to 28% p.a. |
| Tenure | 1 -4 years |
| Income Required | NIL |
| Age Required | 23 -58 years |
| CIBIL Required | 730+ |
| Processing Fees | Up to 5% of the loan amount |
| Eligible For | Student/ Self Employee/ House Wife |
Benefits of Pre Approved Personal Loan
No Income Required: The pre-approved loan is available without income. You will get the loan without income proof.
Instant Disburse: The money will disburse instantly. It will take a maximum of 48 hours to get the money.
Fewer Documents: Pre-approved personal loan available with minimal documents. Applicant’s Aadhaar & Pan Card are required to get the loan.
No Security: The pre-approved loan is available with any collateral or security.
Higher Loan Amount: You may get a loan up to Rs. 7 lakhs.
Repayment Tenure: Applicant can repay the loan at 12 to 48 month EMI. Enable the auto-debit features at loan process time.
Also Read: Personal Loan for minimum salary 14,000
Eligibility Criteria for Pre Approved Loan
The pre-approved loan comes with the following eligibility criteria:
- Indian Residence
- Credit Score of 730+ required
- No dues on the previous loan
Documents Required
- Identity Proof (Pan Card)
- Address Proof (Aadhaar Card)
- Active Bank Account
- Selfie Image
Top Lenders for Pre Approved Loans
| Lenders | Loan Amount | Interest Rate | |
| Prefr | Up to Rs. 3 lakh | 18%- 36% p.a. | Apply Now |
| Money View | Up to Rs. 5 lakh | 1.33% per month | Apply Now |
| L&T Finance | Up to Rs. 7 lakh | 11% to 19% p.a. | Apply Now |
| MoneyWide | Up to Rs. 3 lakh | 16.83% to 32.83% p.a. | Apply Now |
| CASHe | Up to Rs.4 lakh | 2.25% per month | Apply Now |
Also Read: 10+ Best Loan Apps for Low Credit Scores
How to Apply for Pre-approved Personal Loan
Step 1: Check the eligibility criteria before choosing the lenders.
Step 2: Verify your mobile number through otp.
Step 3: Enter the pan card number for the credit check.
Step 4: After the credit history check, you will get the loan offer.
Step 5: The last step is the e-mandate process. You can do an e-mandate process through a Debit card or Net banking.
Step 6: After the process, Money will credit to your bank account.
FAQs on Pre-approved Loan
Which bank provides pre-approved loans?
At this time, many banks are offering pre-approved personal loans like L&T Finance, TATA Capital, Prefr & SBI.
Can I get the pre-approved loan without verification?
The pre-approved loan comes without verification. You will get the loan without verification or income proof.
How much pre-approved loan is available?
You may get up to Rs. 7 lakhs pre-approved personal loan.
Is CIBIL Score required to get the pre-approved offer?
Your credit history is an important part of a pre-approved loan. A minimum CIBIL Score of 730+ is required.
What is the pre-approved personal loan interest rate?
The pre-approved personal loan interest rate is 12.50% to 28% p.a.
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