The Power of Pre-Approval: 4 Must-Have Features of Personal Loans

The Power of Pre-Approval: 4 Must-Have Features of Personal Loans

These days Pre-approved personal loan is a hot cake. You can quickly get a pre-approved personal loan without any hassle. As loyal customers, Banks or NBFC companies offer instant pre-approved loans.

Your credit score is the game changer when we talk about pre-approved loans. If your CIBIL score is excellent, you are eligible for a pre-approved loan.

Bajaj Finance and L&T Finance are offering instant pre-approved loans. You may get the loan if you match the lender’s eligibility.

Let’s discuss the top 4 features that make pre-approved personal loans stand out.

1. Instant Application Process

An instant application process is one of the best benefits of a pre-approved personal loan. These are a little bit different from traditional loans. You don’t have to go branch visit to get the pre-approved loan.

It will take faster & loan will disburse within 30 minutes. The minimal documentation process. It will save you time. You may get the money through a digital loan application. No hard copy will require.

Easily apply for a loan with KYC documents only.

Also Read: Personal Loan for Minimum Salary 12000

2. High Loan Amount

A pre-approved personal loan gives you a low to high loan amount. The lender will check your creditworthiness before loan approval. Bajaj Finance gives up to 10 lakhs instant pre-approved loans and L&T Finance offers up to 7 lakhs pre-approved loans.

At this time, your credit score is the game changer. An excellent score gives you a high loan amount.

3. Avoiding Credit Score Impact

If you go for a traditional loan, you have to go through multiple credit checks. But pre-approved loans are based on trust & long relationship with the lender. The lender gives you a loan offer based on previous repayment track & creditworthiness.

So, the pre-approved loan does not impact your credit score. This way, you maintain a healthy credit score & avoid the hard inquiry.

Also Read: MoneyWide Personal Loan

4. Flexible Tenure

The pre-approved loan provides flexible loan repayment tenure. This will help you to get easy loan repayment. Pre-approved personal loan offers 12 to 60 months of repayment tenure.

It will help you to pay the lower EMI (Equated Monthly Instalment). The Bajaj and L&T Finance provides longer repayment options and you may choose the lower monthly EMI plan.

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