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Tata Capital > Blog > How to Apply for A Pre-Approved Personal Loan?

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How to Apply for A Pre-Approved Personal Loan?

How to Apply for A Pre-Approved Personal Loan?

If you have never missed an EMI and have a strong credit rating, chances are you have already received an SMS saying, “you are eligible for a pre-approved personal loan.” Pre-approved loans are the easiest way to get an instant personal loan to settle financial obligations. Let us understand in this blog what pre-approved loans are and how you can apply for one.

What Is a Pre-Approved Personal Loan?

When you need a loan, you apply for a loan and wait for the lender to approve your loan application. However, a pre-approved loan is an instant personal loan that lenders offer to select borrowers with stable income and strong credit history.

For the most part, pre-approved personal loans are like regular personal loans. But here are some benefits that pre-approved personal loans have compared to regular loans:

1. Lower Interest Rates

Lenders offer pre-approved finance offers to borrowers with better financial stability and higher creditworthiness. They often charge lower interest rates than usual to make their offer more compelling.

2. Minimal Documentation

Lenders only offer pre-approved personal loans after thoroughly reviewing a borrower’s profile. They already assess the credit rating and credit history before offering the loan, so you do not need to go through extensive paperwork during the application process.

3. Instant Fund Disbursal

Another benefit of having a pre-approved personal loan offer is that the application process is very straightforward. Once you get the pre-approved loan offer, you can apply for a personal loan online on the lender’s website. Once your application is approved, your lender will credit the loan amount to your bank account in no time.

How to Apply for a Personal Loan Online?

Here is the step-by-step process to apply for a pre-approved loan online:

1. Check our Eligibility

The first step is to check if you are eligible for a pre-approved loan. To check eligibility, visit the lender’s website and look for pre-approved offers. Then, fill out the required form, and the lender will connect you with loan offers.

2. Decide the Purpose

With pre-approved finance, you know precisely what amount you can borrow and at what interest rates. So, you can easily decide which of your financial obligations to settle with that loan.

3. Apply for Loan

If you are eligible for pre-approved loans, you can apply for a personal loan online by visiting the lender’s website. A personal loan’s online approval takes little to no time owing to less documentation and a completely digital application process. After your personal loan’s online approval, you will receive the amount in your account.

What Are Some Types of Pre-Approved Personal Loans?

Like regular personal loans, lenders offer pre-approved loans to borrowers to help them pay for their different expenses. Here are some pre-approved personal loans you can borrow:

1. Home renovation loan

2. Marriage loan

3. Used Car loan

4. Two-wheeler loan

5. Medical loan

6. Travel loan

7. Education loan

8. Business loan

What Are Some Things to Consider When Applying for a Pre-Approval Loan?

Here are some things to consider when applying for a pre-approved personal loan:

1. Before applying for a loan, evaluate loan offers from different lenders. Compare interest rates, tenures, additional fees and penalties to find the best loan offer.

2. Since lenders want you to avail of a loan, there is room to negotiate better interest rates and other charges.

3. A pre-approved loan offer is only available for a limited period, so make sure to apply within that period.

Wrapping Up

A pre-approved loan is a great option to settle your financial obligations if you have a strong credit score and a history of on-time repayments. You not only get an instant personal loan but at lower interest rates and without much hassle.

To apply for a personal loan online, visit Tata Capital’s website and check pre-approved offers tailored for you. We offer personal loans of up to Rs 35 lakhs at attractive interest rates. Online approval takes no time, so you get an instant personal loan even in emergencies. Visit our website to know more.

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