Detailed Guide on Pre approved personal loan

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How do I get an approved personal loan?
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• A lot of users have received text messages or
  emails from banks and numerous other lenders
  advising us that we're qualified to get an
  approved personal loan. Sometimes, we're told by
  the relationship managers of banks that we are
  just a couple of steps (or clicking) away from
  being able to receive an approved personal
  loan. Let's look at what this means and if it's
  possible to get around all the steps to get the
  loan.

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• What exactly is a personal loan that has been
  pre-approved?
• A pre-approved personal loan is a unsecure credit
  that banks and financial institutions when you
  have a great credit score, a good credit score
  and a good repayment history. If the borrower has
  paid all EMIs punctually, and consistently
  displaying good credit scores and has a good
  credit score, banks are likely to approach the
  person with an offer. Even those who have solid
  savings, and a regular income are qualified for a
  pre-approved personal loan. It's basically an
  instant personal loan provided by banks with no
  or minimal documents that require the least
  amount of processing time. Personal loans are
  used by those who need them to pay for their
  immediate needs in the short term whether it's
  house repairs or marriage, foreign holidays or
  medical emergencies, without the requirement of
  providing an asset or collateral however, they
  must provide basic proof of bank records and
  history. Being approved for pre-approved personal
  loans allows you to access this fast loan because
  it does away with the bulk of forms and
  documents.

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• Eligibility for personal loans that have been
  pre-approved
• To be eligible to obtain personal loans that are
  pre-approved Certain criteria for lenders must be
  fulfilled by the borrower. These include
• A credit record as we've stated earlier, if the
  person has a solid repayment history and has
  consistently paid off his bills, debts as well as
  other transactions that that are systematic,
  banks are likely to give you credit that is
  pre-approved for personal use. The CIBIL rating
  of 750 or over indicates that the person is
  financially responsible.
• should be an existing customer of the company. An
  extensive and established track record of
  transactions of a current bank can be beneficial
  since banks are loyal to their customers. A
  positive rapport with banks is an
  advantage. Certain banks are willing to lending
  loans to new customers too.
• A stable savings and income history A steady
  income, and no credit history, as well as
  adequate savings in your accounts will help you
  when it comes to getting an approved personal
  loan.
• If you meet the above requirements and you meet
  the above criteria, you can contact the bank or
  go to their website to determine whether they
  have an approved personal loan to help meet your
  financial requirements.

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The top banks provide pre-approved loans
Name of the bank The amount of the loan Interest rate Processing fee Repayment tenure
State Bank of India The discretion is the bank at its discretion. at the discretion of bank at its discretion. NIL The discretion is the bank at its discretion.
ICICI Bank All the way to Rs.20 lakh 11.25 and up 1.25 percent of the the loan amount plus GST For up to 60 months
HDFC Bank As high as Rs.15 lakh 10.75 and up 2.5 percent of the loan amount subject to a minimum amount of Rs.2,999 and a maximum amount of Rs.25,000 For up to 60 months
Aditya Birla Capital As high as Rs.15 lakh 14 and up at the discretion of bank at its discretion. For up to 36 months
IDFC First Bank Rs.1 lakh from now onwards 10.75 and up NIL For up to 84 months
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• How do I get an approved personal loan?
• Most lenders contact their clients to inform them
  of their personal loan eligibility that has been
  pre-approved If you're in need of personal loans
  and have been responsible with your financial
  transactions You can contact the bank or go
  online to determine your eligibility. After
  you've been informed that you are eligible to
  apply for this loan at any time follow these
  steps to follow
• Find the branch nearest to you or go to the
  bank's website and fill out the application form.
• Choose the loan amount and duration.
• Provide documents if needed (PAN card or income
  proof, or address evidence)
• The details are checked by the bank. The loan is
  paid out and credited to your account within a
  few hours or even days.
• Comparison of interest rates
• Most of the top bank and NFCs across India
  provide pre-approved personal loans for eligible
  customers. Here's a comparative of the
  pre-approved interest rates of the major banks
  and NFCs within India -

Provider Name Interest Rate
State Bank of India 9.60 and up
HDFC Bank 10.50 and up
Axis Bank 11.00 and up
ICICI Bank 10.50 or more
Bajaj Finserv 11.49 and up
Kotak Mahindra Bank 10.50 or more
IDFC First Bank 11.00 and up
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• Benefits and features of personal loans that have
  been pre-approved
• The tiniest amount of paperwork and no
  documentation As the first assessment as well as
  assessment of a person's credit score has been
  completed through the loan provider, there's not
  any paperwork or other documentation needed by
  banks. Since credibility has been established and
  established, the process will be without the need
  for complicated or bulky documentation. The bank
  already has all your information regarding your
  earnings, KYC etc. in their database.
• Speedy process Fast processing time it takes to
  process the loan may be several hours if all
  eligibility criteria have been fulfilled by the
  applicant. If you're an existing client of the
  bank, the loan amount is likely to show on your
  bank account in only a few minutes following the
  initial check of your credit record.
• There is no security or collateral -Borrower does
  not need to pledge collateral or security to
  obtain the pre-approved loan. This applies
  regardless of whether the loan isn't
  instantaneous.
• Priority interest rates for borrowers with higher
  credit scores. Since the pre-approved personal
  loans are available to those with a strong
  savings and credit and savings, borrowers can
  avail low rates of interest which are typically
  lower than normal rates.
• Flexible repayment the term for repayment could
  be any time between 12 months and 60 months.
  Borrowers can pick the repayment term at their
  discretion.
• Discounts and offers Offers and discounts Banks
  could offer you special interest rates or even
  waive processing fees because they already have a
  good impression of your past repayment record.

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• Conclusion
• Unexpected events can come at us, and in moments
  of crisis, having a financial cushion is always
  helpful. Although personal loans can be used for
  many reasons but a pre-approved personal loans
  can ease your life by providing credit and cash
  disbursement quickly without the need for
  paperwork or documentation. So, it's important to
  keep your credit score up and keep your finances
  in check to qualify for these fast loans.