As an existing customer with a lender and maintaining a steady debt track record of repayment, you are easily qualified for pre-approved offers. The modern lending practices have significantly improved, offering loans to the borrowers that are hassle-free and quick disbursal of the amount. You get instant funds through a pre-approved personal loan, and this process is much easier than before. With the Bajaj Finserv Personal Loan, you get a comfortable tenor between one to five years.
Usually, you can borrow funds up to Rs. 25 lakh, pledging no collateral. You can use these funds to meet a wide range of financial goals with no questions asked.
However, before availing of the benefits of pre-approved personal loans, it is vital to know a few key factors and criteria. It can help you get a personal loan without documents and simplify the experience.
Bajaj Finserv Personal Loan comes with several benefits, such as;
- Instant funding
The lender usually completes the initial verification process before extending the offer to you, as you have crossed the eligibility criteria and are not subject to further scrutiny. The entire pre-approved loan application process through Bajaj Finserv takes less than a few minutes. Thus, a personal loan is digitally approved, and the money is in your bank account within a couple of hours.
- Flexible loan period
You can choose a loan repayment tenor as per your convenience. It usually ranges between one to five years. Select the term for your repayment, keeping in mind your capacity so that you don’t evade compensation.
- Competitive interest rates
Because of your good credit rating, the interest rate charged on a pre-approved personal loan is usually less than other loans. Maintain a good credit score of 750 and above for getting a pre-approved personal loan at a lower interest rate.
- Minimum documentation
Regular customers entitled to the benefits of pre approved loan do not have any documents as the lender already has them in their database. Just enter your Aadhaar card number and PAN number to complete the transaction without hassle or uploading any documents.
- Online process
For online pre-approved personal loan applications, submitting a filled-in form and uploading soft copies of the required documents on the lender’s website is enough.
- More negotiating power
With pre-approved loans, the lender may approach you with its promotional product. However, you can bargain for better loan terms, reduce the interest rate, or augment the tenure or the repayment term.
- Better financial planning
With pre-approved loans, you can plan your finances better, knowing the amount of funding you may get. The online loan EMI calculators will display the net EMI amount repayable every month. You can modify the loan amount and the duration to reach an EMI amount in line with your income.
The minimum age limit to apply for a personal loan is usually 21 years, while the maximum is 67 years. You should be earning the obligatory amount to benefit from the loan facility. The age criteria and the earnings level may change from lender to lender.
- Special discounts
To make the pre-approved loan terms more attractive, your lender may offer additional benefits such as lower interest rates than regular customers, EMI holidays, processing fee waivers, etc. These benefits help you reduce your approximated debt a little.
With these tips, get started right away, verify the pre-approved offer modified for you and get the loan amount disbursed within a few hours.
Getting financial help during an emergency becomes more manageable if your lender offers a pre-approved personal loan. Read the terms and conditions carefully, and probe the interest rates of pre-approved loan with various banks and NBFCs to acquire the best deal.
You can visit the website to check if you have a pre-approved personal loan offer or fill out a quick form to get the offer.
There are no hidden charges linked with the Bajaj Finserv pre-approved loan, and you can borrow without restraint or worry. Although the expected benefits of pre-approved personal loans are many, do not take a loan if you do not need it. And if you must take up the loan, do not take more than you require.