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A quick guide to pre-approved personal loans

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pre-approved personal loans

Pre-approved personal loans simplify the borrowing process with loan offers to existing customers who are already eligible, ensuring quick access to funds.

Emergencies can come in our lives unexpectedly. Often, you need readily available funds to ride through these situations. While credit instruments like personal loans may be a viable solution to turn to, they are often preceded by stringent eligibility criteria and complicated approval processes.

This is where pre-approved personal loans come into the picture. Various financial institutions extend pre-approved loan offers to select customers without requiring them to go through the typically lengthy loan application procedure. Prior to extending a pre-approved loan offer, lenders assess the creditworthiness of potential borrowers. Many individuals easily qualify for such loans by maintaining a favourable credit score and a history of timely repayments.

Bajaj Finance extends pre-approved offers through their Insta Personal Loan. Both new and existing customers can check if they have an offer by simply entering their mobile number and OTP.

Being pre-approved for the loan eliminates the time-consuming application and approval processes, providing you with quick access to the funds you need to address your financial requirements.

Here are some benefits of getting a pre-approved personal loan:

  • Instant access to funds

The key benefit of pre-approved personal loans is rapid access to funds. The initial phase of verification has already been completed before a lender makes a pre-approved loan offer. Once the pre-approved loan offer is accepted, the loan amount is quickly disbursed into the borrower’s bank account, often within a matter of minutes. This streamlined process eliminates lengthy waiting periods, allowing individuals to address their financial needs in a prompt and efficient manner.

  • No extensive documentation

Existing customers who qualify for pre-approved loans may not need to provide any additional documentation as the lender already has their KYC documents, account details, and other financial information. Some new customers may be requested to submit certain basic paperwork.

  • Flexibility in usage

Pre-approved personal loans provide borrowers with the freedom to utilise the funds for various purposes, such as covering unexpected medical costs, undertaking home renovations, or even managing education expenses. Since these loans are unsecured, you can address your financial needs without pledging any assets as security.

If you find yourself in urgent need of funds, the Bajaj Finance Insta Personal Loan can be the right choice for you. You can get an Insta Personal Loan to fund your planned or unplanned expenses.

Here are a few key features of the Bajaj Finance Insta Personal Loan:

  • Quick disbursal time

Insta Personal Loans prioritises consumer convenience by expediting all operations, much like the green channel at airports. Upon application, funds can swiftly be deposited into your account, typically within a timeframe of 30 minutes to 4 hours.

  • Convenient loan tenures

Instant loan provides customers with the advantage of flexible repayment terms, allowing them to choose a tenure ranging from 6 to 60 months. Customers can use the Insta Personal Loan EMI Calculator to estimate their equated monthly instalments (EMI) for various loan amounts and tenures to help with financial planning. This useful tool enables borrowers to make educated decisions by offering a clear picture of their repayment commitments.

Steps on how to get a Bajaj Finserv Insta Personal Loan:

  • Visit the Insta Personal Loan page on the Bajaj Finserv website. 
  • Click the “CHECK OFFER” button on the page to open the online form.
  • Enter your 10-digit mobile number and the OTP to verify your profile.
  • An offer with a pre-assigned lending limit will then appear on your screen. You have the option of accepting it or selecting a lower amount.
  • Choose the loan tenure that works best for you.
  • Complete the online form by clicking on “PROCEED”.

It is important to note that the online process may differ depending on whether you are a new or existing customer. Some customers might require additional documentation to complete their Insta Personal Loan application.

Visit the Bajaj Finserv website to check your pre-approved loan offer today.

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