Instant pre-approved loan offers are exclusive offerings that few customers can avail of. These are usually reserved by lenders for those that have an excellent financial and credit profile. What’s more, these are only offered to those that have had past dealings with the lender. So, if you have maintained a good relationship with leading financial institutions, expect to get such offers. Do note that pre-approved offers are based on your credit profile as well. Generally, you must maintain a credit score of at least 750 or higher. This will vary based on the lender.
Naturally, pre-approved offers from leading lenders can be greatly beneficial. Not only do you get the funds you need, but you can also enjoy all the other benefits on offer. For instance, if you avail of a pre-approved Bajaj Finserv Personal Loan, you can have the funds disbursed to your account in a matter of hours. This makes it the ideal solution when you need urgent funding, as you don’t have to worry about delays. However, before considering the benefits of pre-approved offers, you should know how to avail such offerings with ease. To offer guidance and to help you borrow without any issues, consider these tips.
Pick a lender that offers digital provisions
The most important factor in getting an instant pre-approved loan online is to find a lender that offers such facilities. A few of the more traditional lenders may not have such provisions available online. The best way to know is to check the website and see if these instruments are listed. If not, you can also contact their customer support team. In any case, a digital ecosystem is a key to borrowing online. Ideally, you should be able to access the offer online, check all the terms and conditions, note the charges applicable, upload documents, approve the offer, and authorise disbursal.
Ensure that you have an active pre-approved offer
Getting an instant pre-approved loan online is easy if you have an existing offer. Remember, pre-approved offers are time-limited and will change over time. They are usually based on your current financial standing and credit profile. So, to get instant funding, you must have an active offer. In most cases, lenders will allow you to check your pre-approved offer online.
All you have to do is enter basic personal information and verify your identity with the secret OTP sent to your registered mobile number. This process takes just a few seconds and you can know the updated amount you can avail instantly. Do note that this process may vary based on the lender. Some may require you to furnish paperwork to get an instant pre-approved loan.
Check if your financial details have been updated with lenders
There may be instances where you have an existing relationship with the lender, but you may not have any pre-approved offers. This can happen if you have a poor credit profile, or if you haven’t updated your lender with the latest financial details. An updated financial profile is key, and so if there is missing information, the lender may not extend such offers. So, contact the lender and check if they have all the information.
For example, there may be instances where your PAN information may be missing. This is a vital piece of information for lenders, and since it isn’t updated, they are less likely to make such offers. On updating the missing information and with a strong credit profile, you should get an instant pre-approved loan offer in a few days.
Do not avail any other form of credit
Never forget that pre-approved offers are based on your current financial profile. So, if you have recently availed of new credit, it could be difficult to get an instant pre-approved loan. This is especially true if your debt-to-income ratio is higher than 50%. Lenders are less likely to give you access to instant funding if you are already servicing debt that utilises half of your monthly income. So, if you want access to instant funding via a pre-approved offer, ensure that you make prudent financial decisions before avail of the offer.
An instant pre-approved loan from the right lender can help you address any short-term funding needs you may have. What’s more, with offerings like the pre-approved personal loan from Bajaj Finserv, you can enjoy personalised terms, thus ensuring an affordable experience. Bajaj Finserv also offers quick disbursals. Here you can get up to Rs. 10 lakh with an instant pre-approved loan offer and access to funds within 4 hours*. So, choose this instrument and enjoy hassle-free access to funds.
That’s not all, select customers can avail of funds by filling out an 100% online application form without having to submit any documents. These customers can access funds in their accounts in 30 minutes*. Click the link to check your pre-approved loan offer from the lender.
*Terms and conditions apply
This content is distributed by Bajaj Finserv. No TNIE Group journalist is involved in the creation of this content.