Did you receive a notification in your inbox citing a preapproval for a Personal Loan from your bank? Well, Personal Loans are a great way to realize your expensive dreams. Be it a grand wedding, an exotic vacation, and the need for some extra cash to renovate an old home or pay off a Credit Card debt, you can use Personal Loan for any of these expenses. Having a pre-approved personal loan ensures a better rate of interest and loan terms to you.
When a lender pre-approves you for a credit product it reflects a trust of the lender in lending to you. Based on your previous loan (or credit card) repayment history with the bank, the lender assesses you worthy of lending and is thus willing to extend a loan at a lower rate of interest. They are well-assured of your repayment capacity and pre-approve you for more credit products.
Therefore, if you are looking for a Personal Loan, you can make use of this opportunity and apply for the loan. In most of the cases, the bank will not require you to submit documents for verification and would sanction the loan without any delay. However it is recommended to still compare the offer with various banks and choose the best loan deal only.
Let’s take a quick overview on the best Personal Loan offers available in India, and compare their interest rates, processing fees, and charges.
Bajaj Finserv is one of the well-known financial institutions for ease of borrowing among customers! The NBFC boasts off sanctioning a loan in less than three seconds online!
ICICI Bank too offers a quick loan disbursal and approval if you are an existing customer of the bank.
With the right documentation and if you have an account with the bank, the money is disbursed to your account in less than 3 seconds!
Zero to minimal documentation is needed for processing loan on the preapproved offers
Since the personal loan is an unsecured loan, you do not need to produce any collateral or security to get the loan
To get an ICICI Personal Loan, all you need to have is a steady salary (a minimum of Rs. 15,000), a good credit score and a clean credit history when it comes to repaying the loans
Whether you are a customer with the bank or not, Citi Bank Personal Loan reaches to you within just 4 hours!
Loan funds reach your account in less than 48 hours (depending on the documents you submit)
You have a flexibility to choose the Loan Tenure (could be in between 12 months to 60 months)
To get the loan, you have to be a salaried individual, earning at least Rs. 15,000 in a month.
Likewise, you can compare offers from other leading lenders and compare it with a pre-approved offer. Many times, banks waive off processing fee or offer a lower rate of interest or an instant discount as a promotional activity on their preapproved Personal Loan offers. So, read out the terms and conditions carefully and opt for the deal if it comes out to be deal in the real terms.