4,80,000 people visited this section in last 30 daysApply Online

Get Cashback of Upto ₹ 1,000* on Personal Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Pre Approved Loan

Pre Approved Personal Loans - SBI, HDFC, Axis Bank, Bajaj Finserv

Last Updated 25th Jul 2021

Banks Interest Rate Processing Fees
HDFC Bank 10.25% Upto 2.50% Min ₹ 999
SBI 9.60% 1.00%
Bajaj Finserv 12.99% Starting from 1.50%, Up to 3%
Axis Bank 10.49% Rs.4,999
  • Instant paperless approval from top Banks and NBFCs.
  • Check Best Offers on pre-approved personal loan starting @ 10.25%.
  • Know your eligibility for an instant pre-approved personal loan.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Pre-Approved Personal Loan

A pre-approved personal loan is an instant loan given to existing customers of the banks based on their repayment history and the flow of money in the account. Banks or non-banking financial institutions provide these instant loans to customers who have good creditworthiness and have repaid the previous loans on time without any collateral or security.

Pre Approved Personal Loan Features & Benefits

You can avail the following benefits if you are eligible for pre-approved personal loans.

  • Competitive rate of interest: Banks offer pre-approved loans to existing customers by on their credit score and repayment eligibility. Thus,you can avail loans at a competitive rate of interest less than the usual personal loan interest rate.
  • Minimal documentation and processing: As banks are already aware of the account balance and repayment capacity,you need to submit zero or minimal documentation such as Aadhaar Card, PAN details, Bank statements and salary slips etc. Also, the time to disburse the loan is less as compared to personal loans and can be disbursed in less than 24 hours.
  • Online application: A pre-approved personal loan can be easily availed sitting at the desk of your house in a real quick time. Most of the lending institutions provide the facility to fill and submit the application form along with the necessary documents through the mobile application or website of the banks.
  • Flexibility: Similar to personal loans, there is no restriction on the end-use of loan, and you can use the loan amount to fulfill personal needs such as travelling, wedding or medical expenses etc. Also, there is flexibility in terms of negotiating personal loan interest rates with the banks as the bank approaches you for the loan.
  • Repayment: Pre-approved personal loans have to be repaid in Equated Monthly Instalment within a tenure of from 12 months to 60 months. The customers who already have account in a similar bank can also opt to repay the pre-approved loans using the auto-debit facility.

Pre Approved Loans Eligibility Criteria

Banks and financial institutions provide pre-approved personal loan offers to the borrowers who meet these minimal eligibility criteria.

  • If you have a good credit history and repayment record of paying the earlier loans, banks may provide you pre-approved loan offers.
  • If your credit history isn’t that good, but you have funds above the minimum balance in your account as specified by the banks, then banks may consider you to provide pre-approved loan offers.
  • Banks also offer pre-approved personal loans if you have a regular source of income. Thus, y you must maintain a good debt-income ratio to get an approval for pre-approved loan offers.
  • While most of the banks provide these loans to the existing customers, they may also consider new customers if they have a sound repayment track, balance in their accounts and a good credit score.

How to check pre-approved personal loan approval for top banks?

You can check the eligibility for a pre-approved personal loan for top banks using the methods provided below:

  • SBI : To check approval for SBI Pre-approved offer, SMS “PAPL< space>< last four digits of SBI Savings Bank Account No.>” to 567676. You can also log in to your net banking account to check the eligibility for pre-approved personal loan offers.
  • HDFC: If you are an HDFC Bank customer, you can check the eligibility by logging into the net banking account.
  • Axis Bank: Log in to the net banking/ mobile banking account of your bank, and you can know the eligibility in a few minutes.
  • Bajaj Finserv: To know pre-approved personal loan approval, visit the official website and enter details such as name, mobile number etc.

How to Apply for a Pre-Approved Personal Loan?

Being eligible for a pre-approved personal loan means you have passed the initial step of getting a loan approved, and you need to fulfil the following minimal procedure to get a personal loan, the steps for which are mentioned below:

  • Check the net banking account of the existing bank for the pre-approved loan offers. You can also check the eligibility for pre-approved loan offers on the official website of the bank.
  • If you are eligible for the loan offers, show your interest by submitting the application form.
  • Next, choose the loan amount and tenure of the loan.
  • Provide the necessary documents such as Aadhaar Card, PAN details, Bank statements, salary slips etc.
  • Banks will provide the loan on successful verification of essential documents and application form.

Pre Approved Personal Loan Documents

In most cases, banks provide pre-approved personal loans without these documents as you have already submitted the KYC and other documents for income proof. However, as a new customer, you may be required to provide the following documents for getting a pre-approved personal loan.

  • Address Proof: Utility Bills, Voter ID Card, Aadhaar Card, etc.
  • ID Proof: Aadhaar Card, PAN Card, Driving License, etc.
  • Income Proof: Salary slips of the last 3 months, Bank account statement, Form 16, ITR, P & L Statement, etc.

Top Banks Providing Pre Approved Personal Loan

Here are some of the top banks you may consider to take a pre-approved personal loan:

HDFC Bank Pre Approved Personal Loan

You can get a loan amount up to ₹ 75 Lakh for 12 Months to 60 Months as HDFC pre-approved personal loan. The rate of interest starts at 10.25% for HDFC pre-approved consumer durable loan. HDFC 10 Sec Personal Loan that is a pre-approved personal loan can be approved in 10 seconds if you are an existing customer of HDFC Bank. Non-HDFC users can get the loan approved in 4 hours.

SBI Bank Pre Approved Personal Loan

SBI YONO pre-approved loan is available for both salaried and non-salaried and can be availed up to ₹ 2 Lakh for 6 Months to 72 Months. The rate of interest starts at 9.60% for a pre-approved personal loan of SBI.

Bajaj Pre Approved Loan

You can get a pre-approved personal loan from Bajaj Finance for up to ₹ 25 Lakh for a tenure of 12 Months to 60 Months. However, the maximum amount limit varies for each borrower depending upon the cash flow and balance in the account. While the rate of interest of personal loans starts at 12.99%, you can get Bajaj pre-approved loan at 45% lower EMI’s. Also, the process of loan approval and sanction of the Bajaj pre-approved loan is quick, and funds can be transferred within 24 hours.

Axis Bank Pre Approved Loan

You can get a loan amount ranging between ₹ 50,000 to ₹ 25 Lakh for a tenure of 12 Months to 60 Months as pre-approved personal Loan in Axis bank. The rate of interest starts at 10.49% for Axis bank pre-approved personal loan and can be disbursed quickly within 48 hours.

FAQs

What is a pre-approved loan?

A pre-approved loan is a kind of personal loan available to people who have a good credit history and repayment record. Banks mostly provide pre-approved personal loan offers to existing borrowers with good credit score and balance in their accounts. The rate of interest for pre-approved loans are lower than the personal loans and can be availed in lesser time.

How do I get pre-approved for a personal loan?

To get a pre-approved personal loan, you must have a good credit history and repay the existing loans on time. Also, you must maintain a good debt-income ratio as specified by the banks to get the pre-approved loan offers from the bank. You can check your account with the existing bank to know if you are eligible for the loan. After reviewing the pre-approved loan offers, you can submit the required details and documents to get a loan.

Can you be denied a loan after pre-approval?

If you have received a pre-approved loan offer, it means that you have already passed the initial step of qualification. However, your application for a personal loan can be rejected if the documents are not verified successfully after filing the application form.

Does pre-approval guarantee a loan?

No, pre-approval does not guarantee a loan as you can be denied a loan after pre-approval if your application gets rejected on furnishing incorrect information in your application or providing the wrong documents.

How do I find out if I was pre-approved for a loan?

You can check the pre-approved loan offers by logging into the net banking account of your existing bank. You can also call the bank for knowing about the pre-approved loan offers if you have a good credit score and repayment track record.

Which bank has the easiest personal loan approval?

The process of approval and disbursal of pre-approved personal loans is quicker than the personal loan. However, HDFC Bank, Bajaj Finserv, Axis Bank and SBI all have the easiest methods of loan approval and can be approved within a day if you are an existing customer of that bank.


Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.65%. Cashback of up to ₹ 1,000.

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.50% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 7.20%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
Loader
Please wait while your information is being processed...