Pre-approval is a somewhat new facility a few NBFCs and financial institutions offer on their credit cards and loans. This facility simplifies the process for application thereby helping applicants save time.
Generally, lenders send these pre-approved offers via SMS or email to potential customers. However, those interested in availing these offers can also check the official website or app of a financial institution for the same.
To comprehend the idea of pre-approval on a credit card, customers must be aware of the following points –
- It is for existing customers
Financial institutions offer such pre-approved offers to their existing customers. Individuals can open their credit card app and check the pre-approved offers they are eligible for.
These offers may vary according to the type of card a customer uses. On the other hand, prospective customers can discuss such offers and check if they are eligible or not.
- Features
Whether a customer is applying for a new card or availing another one, it is imperative to consider the features offered by their credit card provider. An online credit card app allows them to learn the benefits provided by various products and compare them to make an informed decision.
- Documents required
Usually, pre-approved customers don’t have to provide any documents during application. Other customers have to submit KYC documents, bank account statement, salary slips, exiting credit card details (if needed), etc.
It should be noted that pre-approved customers have to go through the process of credit card apply online like other individuals.
Every major financial institution in the country has credit cards and personal loan apps to provide their customers with pre-approved offers. Apps like the Bajaj Finserv app – Experia allows customers to check their pre-approved offers on their smartphones. This app also allows customers to manage their credit accounts without any hassle.
