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What is Pre-Approved Personal Loan?

· Finance,Personal Loan

When you want to plan a vacation or your dream wedding, pay your higher studies or home renovation, face a medical emergency and more, you apply for a personal loan. But, a pre-approved personal loan is a sanctioned loan, that lenders offer to a customer who has maintained a good financial record. Many financial organizations provide pre-approved personal loans against the basic eligibility.

The eligibility criteria to get pre-approved personal loan are:

  • A stable financial standing and can repay the loan amount on time
  • A good credit score of above 750
  • Have your existing loans and credit card debts on time
  • A stable and regular source of income
  • Have parity between income and expense
  • Maintain a healthy sum which is above the specified amount of monthly balance

The documents that you need to submit are:

  • Past few months’ salary slip
  • Bank statement
  • Identity proof like the Aadhaar Card
  • Residential address proof
  • PAN Card

A few things that you should be conscious about are:

  • The pre-approved loans are offered on time and they have time-boundations, so you to need to apply within a limited time
  • There are chances that financial institution revoke the offer if you do not fill all the necessary documentation and submit proper documents
  • You should always compare interest rates and other available features offered by all lenders with a personal loan before borrowing
  • You can use a personal loan eligibility calculator to check if you are entitled to the loan or not

To know the other factors, read: http://www.businessbib.net/how-do-pre-approved-personal-loans-work/

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