Obtaining a loan can often be a time-consuming process, involving meticulous paperwork and prolonged waiting periods. This may not be feasible when you are pressed for funds in emergency situations. In these cases, a pre-approved personal loan can be a great option since it circumvents the whole approval process and speeds up the disbursal.
A pre-approved personal loan is usually a short-term, unsecured instant loan offered by various lenders including NBFCs and banks. Pre-approved loan offers are customised for borrowers according to their creditworthiness. Lenders evaluate the borrower’s creditworthiness and generate personalised offers, granting them rapid loan processing and quicker access to funds.
For instance, lenders such as Bajaj Finance provide pre-approved offers for their Insta Personal Loans, ensuring that you receive the funds in as little as 30 minutes to 4 hours.
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Here are four key benefits of availing a pre-approved personal loan:
1. Faster processing
Unlike traditional loan applications that can take days or even weeks to be reviewed, pre-approved loans are designed to accelerate the borrowing process. The borrower’s financial profile is assessed beforehand, allowing lenders to pre-approve individuals who meet certain criteria. This reduces the processing time, providing borrowers with quicker access to much-needed funds.
2. Instant funding
Pre-approved personal loans are structured to provide borrowers with swift access to the approved loan amount. Once the borrower accepts the offer, the funds are disbursed promptly, often within a matter of hours. This feature is a game-changer for situations that demand immediate financial attention. Whether it is settling a hospital bill, covering tuition fees, or managing home repairs, having funds available at your disposal can make a world of difference.
3. Minimal to no documentation required
Gathering and submitting documents for a regular personal loan can be time-consuming and cumbersome. However, with pre-approved personal loans, this burden is significantly reduced. Since the borrower’s creditworthiness has already been evaluated during the pre-approval process, lenders may require minimal or no additional documentation. This streamlined documentation requirement not only saves time but also simplifies the loan application process. Select customers can get our Insta Personal Loan without submitting any documents, such as their income proof or bank statements.
4. Flexible tenures
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Lenders often provide borrowers with the option to choose a repayment tenure that aligns with their financial capabilities and preferences. This flexibility allows borrowers to tailor the loan to their unique circumstances, ensuring that the repayment schedule is manageable and convenient. Whether you prefer a shorter tenure to clear the debt quickly or a longer one to keep monthly payments lower, pre-approved personal loans cater to diverse needs.
Bajaj Finance offers Insta Personal Loans as the ideal solution for all your urgent expenses. Existing customers can obtain a pre-approved loan offer of up to Rs. 12,76,500, while new customers can get their pre-assigned loan limit instantly with just their phone number and OTP. Furthermore, Insta Personal Loans provide flexible loan tenures ranging from 6 to 63 months. You have the option of selecting the repayment term that best matches your needs.
Visit the Bajaj Finserv website to get an in-depth understanding of how an Insta Personal Loan works.