Top 4 Features of a Pre-Approved Personal Loan
Sponsored Post 18 May 2023
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A pre-approved personal loan offers quick disbursal and flexible repayment options along with a host of other features, making it an ideal choice when you need funds immediately.
The typical, old-fashioned borrowing experience is quite contradictory to the fast-paced nature of today’s world. Meeting the eligibility criteria, filling out an application, and waiting for approvals can be a cumbersome and frustrating process to go through when you need immediate funds. This is when pre-approved personal loans can come in handy. A pre-approved personal loan is a short-term, collateral-free loan that is provided by various NBFCs and banks. You can receive pre-approved loan offers easily if you have a high credit score and a record of making timely payments.
These loans can be used for various purposes, such as home improvement, financing a planned or unplanned medical procedure, and more. Most lenders provide pre-approved personal loans to customers who already have an existing relationship with them. Bajaj Finance, on the other hand, not only offers pre-approved offers to their existing customers, but new customers can also instantly generate their pre-assigned limits. All you need to do is enter your mobile number and OTP. With a Bajaj Finserv Insta Personal Loan, you can get funds of up to Rs. 10 lakh within just a few hours. These pre-approved offers make it quicker, simpler, and more convenient to get the money you need.
Let us look at the key benefits of a pre-approved personal loan:
1. Instant processing and swift disbursal 
In pre-approved personal loans, lenders assess your creditworthiness before extending an offer. This means that you do not have to wait for approvals and eligibility checks. It makes the application process significantly faster and easier. Lenders like Bajaj Finance can process your pre-approved personal loan application in minutes, and you can get the funds in your bank account within just 30 minutes to 4 hours.
2. Low to high loan amounts
Unlike regular loans, pre-approved personal loans offer a range of funds from a few thousand to lakhs. Since the lender has already given you a pre-approved loan amount based on your creditworthiness, you can choose to accept that amount or choose a lower sum. Bajaj Finserv Insta Personal Loan offers funds from Rs. 20,000 to Rs. 10 lakh to help you manage all kinds of expenses, large or small.
3. Flexibility in repayment
Pre-approved personal loans come with flexible repayment options, which makes it easy for borrowers to repay the loan at their convenience. When it comes to repaying your pre-approved personal loan, you can enjoy a flexible tenure of 6 to 60 months offered by Bajaj Finance. Choosing a longer tenure will result in greater overall interest but lower monthly payments. On the contrary, while your EMI would be greater if you wish to pay off your Insta Loan quickly, your overall interest will be lower.
4. No income proof is required for select customers
The documentation needed for a pre-approved personal loan is minimal since the lender has already determined the borrower's creditworthiness. Select customers of Bajaj Finance may not be required to submit any paperwork at all. In other instances, you may need to share some paperwork, such as KYC documents and proof of income. These documents are usually submitted online, making the process simple. 
You can use an EMI calculator to decide the amount you wish to borrow based on the EMI and tenure. Simply enter the amount, tenure, and rate of interest to find out how much EMI you will have to pay. Tweak the inputs based on your repayment capacity and select an amount that you can comfortably repay.
Check your Bajaj Finserv Insta Personal Loan offer right away and manage your immediate expenses without any stress.
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