Here is how you can avail a pre-approved personal loan

Charlotte Miller

Updated on:

SBI pre-approved loan, personal loan in Kerala

In case you are one of those people or individuals who are in immediate need of funds, a pre-approved option can be a convenient option for you. Many lenders like the State Bank of India offer an SBI pre-approved loan to their existing customers. Note that such loans are available all throughout India, i.e. whether you search for a personal loan in Kerala or Delhi, you are sure to get it.

Remember that loans are a kind of personalized offering, which is tailored to meet your unique needs. A major benefit of such financial instruments is that they guarantee instant disbursal. The past 18 months have shown all of us how uncertainty can come up, and there is just so much much you can do to be adequately prepared for such conditions. It is particularly true when you deal with exigencies, but you can easily manage it with such offers. You do not need to sigh about the lengthy loan procedures or fear your depleting financial reserves in times of crisis. Opting for a pre-approved personal loan like SBI pre-approved loan or loan through any other lender eliminates the requirement to dip into your investments or crucial savings and is also a reliable choice for instant funding.

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To gain more insight about pre-approved personal loan offer and their advantages, read on:

The distinction between a personal loan & a pre-approved loan

Like a personal loan, a pre-approved personal loan is a form of unsecured credit, which is collateral-free and is accessible just based on your creditworthiness. However, when you check for a personal loan, you require approaching the lender yourself, which is not the case with pre-approved personal loans. Here, the lender offers you personalized credit offers that you may choose to accept. It keeps you in a position where you can avail of special deals.

You avail of pre-approved loan offers only if you hold an excellent credit history and have a strong financial background. As your creditworthiness is already assessed before the pre-approved offer is made, the loan processing is quick and hassle-free. Thus, with a pre-approved offer, you can easily access the fund in no time.

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Benefits of pre-approved personal loan

A personal loan is filled with a vast range of benefits like unrestricted use, the quick loan process and instant approval. The same perks apply for pre-approved loans even, in addition to more upsides. Read on to know all the crucial benefits attached to pre-approved personal loans.

Time-efficient and speedy process

The lender provides you with a preapproved Personal Loan after proper evaluation of your credit profile. Thus, all the underwriting processes that happen after you submit the application for a personal loan are already done. Hence, all you require to do is check your pre-approved personal loan, accept the terms and conditions and await the processing of your loan proceeds. It saves you the hassle of opting for a lender, applying for a personal loan, and going through various approval processes. A personal loan is a security free credit option, ensuring a short application procedure. In the situation of pre-approved personal loans, the timeline is also faster, which makes it considerably quicker.

Competitive and favourable personal loan rate

As you get chosen by the lender based on your creditworthiness and borrowing history, they provide you with competitive rates. Such personal loan rates are usually not applicable to regular applicants. Also, as the loan is provided to you, lenders are usually open to negotiating the rates and various other terms linked with loans.

Minimal documentation, as well as speedy processing of a loan, proceed.

To avail personal loan, you require applying for the same either through an online or offline channel. It entails filling the personal loan application form and submitting the required documents, and getting the same approval. However, as the loan is pre-approved in nature, you do not have to go through the process and might just require submitting the basic KYC documents. Few of the lenders also provide a completely paperless provision. This means you just require verifying a few of the prefilled details. Once done, it is only a matter of accepting the offer for loan proceeds. Within a few hours, you will receive the loan proceeds in your bank account.

Can find the best pre-approved offer without having to divulge a lot of your personal information

Now you can avail of personal loan offers online with just a click of a button. All you want to do is log on to your lender’s site or personal loan application, fill up the detailed application form, and next attach all the required documents. However, before applying for a personal loan, you require conducting in-depth research to avail yourself of the best deal on a loan and check your eligibility criteria for a personal loan. However, in the case of pre-approved personal loans like SBI pre-approved loan, Punjab National Bank pre-approved loan, Bajaj Finserv pre-approved loan etc., you do not require doing much. You can check out your pre-approved loan offer by visiting the online lending marketplaces and comparing all the available offers. For instance, you can avail of an SBI pre-approved loan on the same day of loan approval. Check out the pre-approved loan offer by sharing all your basic personal information. With SBI pre-approved personal loan, you can avail of a sanction loan amount of up to Rs 20 lakh with the whole loan proceeds processed on the same day of loan application submission. What is more, you can choose to repay the loan EMI in flexible tenures of up to 6 years. Thus, ensure to choose the loan tenure as per your repayment capacity. Note that opting for lower loan repayment tenure though results in higher EMI, but the interest cost accrued is lower. However, if you opt for higher loan repayment tenure while your loan EMI is lower, you must bear a higher interest cost. Hence, ensure to choose just the tenure as per your repayment capacity and avoid opting for higher repayment tenure at the cost of your long-term financial goals and emergency funds.

For knowing your month on month EMI based upon your repayment capacity, you may choose to use the personal loan EMI calculator. Such calculators calculate accurate EMI as per your chosen tenure, loan amount and offered interest rate.