Loans
Have you ever received calls or even messages informing you that you are eligible for a Personal Loan? You may also have received an occasional E-mail congratulating you, that you are only a few steps away from securing a pre-approved loan under your name.
However, is it of any significance to take this loan?
But first, let’s find out what a Personal Loan and pre-approved loan is.
When you have an excellent credit history and a track record of financial discipline, you may become eligible for a pre-approved Personal Loan.
A personal loan is an unsecured loan provided by banks or financial institutions that can be used for various personal needs, such as consolidating debt, financing a wedding, covering medical expenses, or making major purchases. Unlike secured loans, personal loans do not require collateral. Borrowers repay the loan through fixed monthly instalments over an agreed period, with interest rates varying based on creditworthiness and lender policies.
A simple set of documentation and quick disbursals of finances have made Personal Loans the preferred choice of loans when an individual is in extreme need of money. However, there is a faster method to be eligible for quick funding, without any additional document submissions. It is known as a pre-approved loan.
A pre-approved Personal Loan needs minimal to no documentation and or paperwork with the least processing time. Banks often offer it to existing customers who have a clean credit record. An initial analysis of their financial standing and credibility is carried out to check the track record of clearing old dues and repayment of existing loans. So, if you have a proven track record, you are eligible for a pre-approved loan.
You should check with your bank or through your online account whether a pre-approved Personal Loan offer is available for you.
At times the bank would call to advise you in this regard. Typically, if you are a long-standing customer with an excellent existing balance, a substantial saving history, income and a decent repayment record. You may be eligible for a Personal Loan faster.
If you are an HDFC Bank customer, you can log in to your NetBanking account and check your eligibility for a pre-approved offer.
Know more about how to calculate Personal Loan eligibility and EMI.
A pre-approved loan comes with several significant features:
Once your eligibility is confirmed and your track record is reviewed, the approval time for a pre-approved Personal Loan is minimal, and funds are disbursed quickly. For select pre-approved loan customers of HDFC Bank, funds can be disbursed in as little as 10 seconds. For non-HDFC Bank customers, funds are disbursed in under 4 hours.
Pre-approved loans often come with lower interest rates due to the bank's confidence in your repayment ability based on your financial stability. As a selected customer, you benefit from the most competitive interest rates on pre-approved Personal Loans.
There are no restrictions on how you can use the funds from a pre-approved loan. You can spend the money as needed without any questions from the bank.
For existing customers, pre-approved Personal Loans typically require no additional documentation, making the process hassle-free.
You can accept a pre-approved loan offer online without leaving your home. Simply contact your bank or use their online services to request a fund transfer.
Pre-approved Personal Loans offer flexible repayment options. You can select a tenure that suits your budget, with EMIs starting at ₹2149 per lakh and tenures ranging from 12 to 60 months.