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What is a Pre-Approved Personal Loan

What is a Pre-Approved Personal Loan

by aman

A personal loan that has been pre-approved is a quick loan available to creditworthy customers. These loan offers are made available to those who are eligible, without collateral or security. Pre-approved loans have rapid processing times and can be repaid faster than conventional personal loans. Through MoneyTap, you can obtain an approved personal loan as a line credit. The line of credit comes with a credit limit that has been approved up to Rs 5 Lakh, and you can apply at any time you need it.

Common Uses of a Pre-Approved Personal Loan

  • A personal loan with a pre-approval provides you with instant access to credit that you can use to pay for medical costs that health insurance might or not cover. Wedding
  • In India, weddings are often spectacular events. If your budget is stretched by a little or you encounter last-minute surprises, such as a personal loan that the bank has approved can help cover the unexpected expenses. Unplanned holiday
  • When an unplanned trip can’t be avoided, An approved personal loan can help you pay for incidental trip expenses. Child’s education
  • The cost of education is increasing every year. Without a rise in your income, it is possible that you will not have enough money to ensure your child’s goals. A personal loan that a credit bureau has approved is risk-free and gives you the freedom to use the funds to cover tuition costs such as books, books, travel accommodation, food, etc. Home Renovation and Repairs

There is a chance that you have funds for your home remodeling project, but more often than not, the expense of home improvement is higher than the budget. A personal credit line that has been approved will assist you in your home’s renovations and repairs when you’re short of funds.

Features and Benefits of Pre-Approved Personal

  • Pre-approval in a couple of minutes. Using MoneyTap, you are pre-approved for personal loans in only two minutes.
  • No collateral needed – A pre-approved credit doesn’t need the borrower to put up any collateral or security.
  • Minimum documentation required – MoneyTap pre-approved loans are an easy online process that needs minimal or no documentation.
  • Processing time is shorter – The loan approval happens in real-time, speeding up the time to process a loan and allowing borrowers to access credit quicker than conventional loan applications.
  • Flexible repayment MoneyTap the borrowers can choose from a variety of flexible repayment options that allow you to select the repayment time that is most suitable for your ability to repay.

Eligibility Criteria

  • A full-time salaried worker with a monthly income of Rs20,000 per month.
  • Over 23 years old and less than 55 years old

Required Documents

  • Pan Card Number
  • Professional Selfie
  • (To be used with the MoneyTap app)
  • Address Proof
  • ID Proof
  • (Valid Driving License / Valid Passport / Voter’s ID / Aadhar Card / Pan Card)

How to Get Pre-Approved Personal Loan Through MoneyTap

Apply online in three easy steps:

  1. Download the MoneyTap app
  2. Fill in your details
  3. Approved in a matter of minutes

Points to Consider Before You Apply for a Pre-Approved Personal

  • Select a repayment time that lets you repay the loan with a comfortable installment.
  • Check the interest rate with other personal loans to ensure you get the most favorable pre-approved personal loan deal.
  • Make sure you submit the documents promptly. False or insufficient documents may result in having the personal loan you have pre-approved rejected.
  • Review these terms and conditions thoroughly and pay particular attention to the applicable fees.

Also Read:

What are personal loans? How do they differ from personal loans that have been pre-approved?

Both pre-approved and personal loans are short-term, unsecured loans. The main differences between pre-approved and personal loans are as follows:

  • Financial institutions and banks encourage creditworthy customers to take out private loans by offering an invitation to lend that has been approved. However, individuals who require the loan for personal reasons must make an application for personal loans, and their application will be approved or denied at the discretion of the loan provider.
  • Personal loan pre-approvals are only available for a brief period.
  • In a loan that has been pre-approved, the assessment on the risk of an existing customer has already been completed, and the loan is extended to all eligible applicants. In personal loans, the risk assessment takes place when the applicant applies to borrow the loan.
  • Pre-approved loans are repaid faster than private loans.
  • Because lenders already have the paperwork necessary to process the loan, no documentation is required for pre-approved loans.

Does a pre-approved loan deal refer to a loan that is guaranteed?

No. A pre-approved loan does not guarantee the loan’s approval. A pre-approved loan may be denied if the lender determines that you don’t meet the eligibility requirements in the verification process or when your credit score is not high enough.

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