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|
|Age Required||23 -58 years|
|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
- 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.