Pre-approved loan offers are short-term credit instruments that are a convenient way to fund your immediate financial needs. It is an unsecured type of credit with less processing time, making it easier for borrowers to support their expenses. The competitive interest rates and flexible tenure are some of the beneficial features that a pre-approved loan offers.
With increasing advances in fintech organisations, availing of a pre-approved personal loan has become quick with easy online processes. You can get pre-approved loan offers from your lender based on your profile.
Read on to know the factors that make your profile eligible for a pre-approved loan.
What Factors Affect Pre Approved Loan Eligibility?
Lenders check your monthly income, which is an important criterion to qualify your profile for a pre-approved personal loan. For instance, if your income cannot handle your EMI repayments, your lender may not extend an offer to you. Maintaining your job stability assures the lender of your low-risk profile. With a higher income, your chances of getting a pre-approved loan offer increases, as it reflects your capability to handle repayment well.
For example, if you are a salaried individual with a monthly income of Rs. 22,000 or above, you may readily get pre-approved loans. However, this amount varies for a self-employed individual. You can obtain a personal loan without income proof if you have a healthy financial profile. Contact your preferred lender to know their specific requirements.
Low debt-to-income ratio
Your lender notices such behaviour as an added risk when you have outstanding debt. When availing of loans, you should have a low debt-to-income ratio of less than 40%. With this ratio, your profile may be considered for instant pre-approved personal loans. An easy way to maintain this ratio and get attractive pre-approved personal loans is to pay off your short-term debt quickly. Put money aside to partially prepay such loans and clear the debt as early as possible. Doing so reduces your debt-to-income ratio and can help you with cost-effective loan repayment.
Excellent credit score
Checking your creditworthiness is the first thing that your lender does to determine your eligibility for pre-approved personal loans. Your credit score and your credit history indicate your credit experience in the past. This gives your lender an idea of your financial discipline from your credit history. You are automatically liable for pre-approved loan offers if you have a credit score of 750 or above.
A high credit score may even fetch you a pre-approved personal loan at better terms. Some lenders offer a higher sanction, while others may extend an exclusive rate. An easy way to maintain a high credit score is to have a healthy credit utilisation ratio. Optimal credit management improves your chances of getting the best offers.
Existing relationship with lenders
You may get a personal loan without documents if you are an existing customer with any lender. This is because your lender knows your previous credit activities and has the required documents beforehand. When you have a good relationship with your lender, you may get pre-approved loan offers periodically without requiring any intimation. However, some lenders may check your deposits and transactions to analyse your eligibility for a pre-approved personal loan.
You can easily access your pre-approved loans by maintaining your credit health. Remember, some of these offers are pocket-friendly if you borrow wisely. To find viable offers online, visit the Bajaj Finserv website and check for a pre-approved loan. If you are an existing customer, you may get this instant personal loan without documents within 30 minutes*.
However, in some cases, you may have to provide your bank account details, basic KYC details, and a cancelled cheque. Based on your profile, you can get a sanction of up to Rs. 10 lakh and a flexible tenure of up to 60 months. To get started immediately, check your pre-approved offer.
*Terms and conditions apply.
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