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Pre-Approved Loan Facility

Loans are one of the best options to settle your financial payments. When it comes to dwindling expenses, personal loans are the most appropriate option to rescue you from the same.

There must have been times when you receive calls and messages for getting a pre-approved personal loan. Not just calls and messages, while withdrawing money, you might also see messages popping on the ATM screen regarding pre-approved loans. Well, these are promotional actions undertaken by the banks and lenders in order to you the loan.

But, what are pre-approved personal loans?

A personal loan is essentially an unsecured loan that requires no security. Since the loan can be taken out without providing any security, the interest rates involved with them are usually higher than the secured personal loans.

Most of the banks offer you pre-approved loans when you have a good credit history. The bank initially conducts financial research of an individual and after analyzing the positive credit report of the individual, they offer the amount as a pre-approved personal loan.


pre-approved-loan


Reasons why your bank considers you a suitable pick for a pre-approved personal loan
  • Your credit report is one of the biggest reasons why your bank considers you a suitable pick for being a borrower for the pre-approved personal loan. 
  • You have been a trustable client as you have paid your credit dues on time and this becomes a reason for a good score of credit. 
  • After checking your current income and expenses, your bank may have found you an eligible candidate for a pre-approved personal loan
  • When it comes to your creditworthiness, your bank might be finding you creditworthy and hence, offering you a pre-approved personal loan. 
  • If you have saved a good amount of money in your bank account, it is certain that your bank will know about the same. When it comes to pre-approved loans, this can be one of the reasons for you being the appropriate fit for a pre-approved loan. 
How to get a pre-approved personal loan?
If you have been receiving pre-approved loan texts from quite a while now, it does not necessarily mean that your bank has to give you the money no matter what. In order to get the loan, you have to finish some of the formalities which have to be completed before the disbursement of the loan.

However, if you are looking forward to availing the loan, it is important to keep the following things handy in order to get the approval:
  1. Salary slips of past 3 months 
  2. Bank statements 
  3. Identity proofs 
  4. Residential proofs 
  5. PAN card 
Showing the above-listed things to your lender will increase your chances of getting approved for the loan.

Disclaimer: This is a Sponsored Post.

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