Top banks and non-banking finance companies (NBFCs) offer the pre approved personal loan offers. It is for applicants with a higher cibil score and a healthy repayment record.
Availing the facility of the pre approved personal loan means avoiding many loan formalities. It can help you get the loan money in your bank account quickly. Lenders provide this facility only to choicest customers who have the required creditworthiness.
Let’s know the simple instructions to get the pre approved personal loan in this quick post!
- You need to have a robust cibil score. The ideal credit score for a personal loan is 750 and more – considered most by known lenders in India. Higher is your credit score, brighter are your chances of getting the pre approved personal loan offer. You can improve your cibil score by repaying your dues on time.
- Lenders may need you to ensure that you have not availed the personal loan in the last 6 months.
- You also need to ensure that your current debts are not more than 40-50% of your income.
- You should not apply for a personal loan with so many lenders at a time. It may also affect your credit score negatively.
- The next thing to get the pre approved personal loan is using the credit cards prudently. You should always ensure repaying the credit card outstanding on time for being on your way to getting the pre approved personal loan offer.
- If you have many loan EMIs to pay in a month, then you should ensure consolidating it. This way, you can lessen the debt to income ratio – a prerequisite to get the pre approved personal loan deal.
If you can follow these aforementioned guidelines, then you will find no issues in availing the pre approved personal loan. This way, you can quickly get the loan amount in your bank account and meet your needs effortlessly.