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Pre Approved Loan

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

Last Updated 01st Nov 2020

Banks Interest Rate Processing Fees
HDFC Bank 10.50% Upto 2.50% Min Rs. 1,999
SBI 9.60% 1.00%
Bajaj Finserv 12.99% Starting from 1.50%, Up to 3%
Axis Bank 10.49% Upto 1.75%
  • Instant paperless approval from top Banks and NBFCs.
  • Check Best Offers on pre-approved personal loan starting @ 10.75%.
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Pre-Approved Personal Loan

A pre-approved loan is a kind of personal loan that is 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. Banks offer pre-approved loans to a fixed loan amount and tenure with minimal documents and nil collateral or security.

Being eligible for a pre-approved personal loan means you have passed the initial step of getting a loan approved, and you need to fulfill the following minimal procedure to get a personal loan.

  • 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 Features & Benefits

Borrowers can avail the following benefits if they are eligible for pre-approved personal loans.

  • Competitive rate of interest: Banks offer pre-approved loans to the existing customers by doing a check on their credit score and repayment eligibility. Thus, they provide loans at a competitive rate of interest which are less than the usual personal loan interest rate.
  • Minimal documentation and processing: As banks are already aware of the account balance and repayment capacity, borrowers 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 mobile application or website of the banks.
  • Flexibility: Similar to the 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 about the 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 the 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 to customers who have a regular source of income. Thus, you must maintain a good debt-income ratio to get the 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.

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 a 12 Months to 60 Months as HDFC pre-approved personal loan. The rate of interest starts at 10.50% for HDFC pre-approved consumer durable loan. HDFC 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 available for both salaried and non-salaried can be availed up to ₹ 2 Lakh for a 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 the 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, if 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.


*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More