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How to Get a Pre-Approved Personal Loan

3 Mins 13 Nov 2021 0 COMMENT


Pre-approved personal loans get instantly disbursed to your account. It is so that you can meet any unforeseen event that takes place in the future. It is the fastest solution to meet your urgent financial needs. There’s hardly any documentation required, and you can also apply for it online without any paperwork.

So what does getting a pre-approved loan mean?

It means that you have cleared the initial loan approval process, and you will receive funds much faster.

Here are a few things must know to get a pre-approved personal loan . These are:

  1. Eligibility criteria – when can you get a pre-approved loan .

  2. Application process – the documents to be submitted.

  3. The benefits/advantages of a pre-approved loan.

When can you get a pre-approved loan?

Once your lender is satisfied with your repayment history, you will be eligible for a pre-approved loan. The other criteria to be found eligible for a pre-approved loan are as follows:

  • Having a good credit score.

  • Efficiently repaying your dues on time. Ensure that you have a good repayment record.

  • Ensuring timely payment of EMIs.

  • Having a steady salary or a regular source of income.

How do you apply?

You can apply for a pre-approved online or offline. It requires minimal or no documentation. You can check with your bank if they have any pre-approved loan offers. Most lenders offer a pre-approved loan to their existing customers. You can also apply for it through an NBFC (non-banking financial institution).

The process is simple and hassle-free. It requires a few steps to be followed:

  • Filling a loan application form. You will get this application form online or offline.

  • While filing the loan application form, submit the following KYC documents such as:

  • PAN Card

  • Aadhar Card

  • Bank statement

  • Salary slip of the last three months

  • Address proof.

  • Choose the pre-approved loan offer suitable to your repayment tenure and submit the form accordingly.

  • Upon verification and acceptance of the offer, the loan amount will be immediately credited to your bank account.

What are the advantages of a pre-approved loan?

Here are some of the benefits of receiving a pre-approved loan. These are:

  • Instant funding

    Pre-approved personal loan will be credited to your account immediately. Your lender approves it after a thorough background check of your creditworthiness.
  • Flexible loan tenure

    Pre-approved loans offer you a flexible loan tenure. You must select an offer that is suitable to your repayment tenure so that you don’t risk defaulting the loan amount. The repayment tenure is usually between 12 to 60 months.
  • Less to zero documentation

    There will be zero documentation involved in the pre-approved loan application process as your existing bank will already have the documentation. If you are new customer, there will be less documentation involved.
  • Chances of good interest rates

    Based on your credit history and repayment record, your lender will offer good interest rates.


Before applying for a pre-approved loan-ensure that you read all the terms and conditions of the offer carefully especially, the application and fee charges. Also don’t forget to compare the interest rates of different lenders. It will help you to select the one ideal for you.


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