What does a pre-approved loan mean?

1
What does a pre-approved loan mean?
Under this, your existing/previous lender makes you a new loan offer.
The offer is made based on credit behaviour.
2
Key attributes of a pre-approved loan
They require minimal paperwork.
Quick disbursement due to pre-assessment of credit record.
You may qualify for a lower rate.
3
Understand the working of pre-approved personal
loan
The lender assesses your repayment capacity.
They examine your credit behaviour and income.
4
How to obtain a pre-approved loan?
The lender ensures you have an excellent credit score.
They consider your previous debt repayment record and other financial habits.
The lender looks to see if you have paid your previous EMI on time.
Existing and previous customers are given weightage.
5
Can the lender revoke a pre-approved loan offer?
Yes, they can.
The offer may be withdrawn if you were the defaulter's guarantor.
The offer may be revoked if you have lost your job recently.
6
Pre-approved loans offer lower interest rates,
require fewer documents, and are disbursed
quickly.
7
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Hero Fincorp Limited
09, Basant Lok, Vasant Vihar, New Delhi - 110057
Tel [phone]
Email customer.care_at_herofincorp.com
Website https//www.herofincorp.com/
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pproved-loan