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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/