According to CIBIL, personal loans have registered a 28% growth in the last quarter of 2019.As online methods of applying credit are gaining popularity, it is changing the entire financial market.
As a result, financial institutions are now offering such loans at attractive interest rates and via dedicated personal loan apps to make this process more convenient. Lenders also provide pre-approved offers on such loans to helps applicants save time by simplifying the application procedure
What is a pre-approved personal loan?
A pre-approved personal loan is a credit with the amount already approved for a respective customer.
Financial institutions usually conduct a soft credit enquiry on their existing customers to check the loan amount they are eligible for. They then send these pre-approved offers to such customers through SMS or emails. These offers are available on both loans and credit cards.
Benefits of pre-approved personal loans
- Zero documentation: Existing customers who are eligible for this offer don’t have to go through the documentation process as the financial institution already has the necessary documentation. In case they ask for any additional documents, customers can submit them instantly via online loan apps.
- Competitive interest rates: Customer eligible for such pre-approved personal loans have commendable credit score and history. Thus, they can avail such instant loans at competitive rate of interest.
- Quick disbursement: Since borrowers have already fulfilled the required eligibility criteria, the loan is processed and disbursed quickly.
Loan apps in India like the Bajaj Finserv app – Experia allow borrowers to check their eligibility criteria and apply for a personal loan without any hassle. Customers who are planning to avail a personal loan can use the Bajaj Finserv App to check their pre-approved offers. They can also apply for the loan via this app.
