₹24,959
Loan EMI
₹34,90,279
Total Interest Payable
₹59,90,279
Pre-approved personal loans are offered to select individuals who have a clean track record of repaying their dues. The lenders look upon these individuals as creditworthy and reward them with a pre-approved loan offer. If you are pre-approved, it simply means that you have already cleared the initial approval process, and your loan will be processed considerably faster.
Your pre-approved personal loan amount depends on certain factors, such as your credit history and your repayment record. Knowing how much you are pre-approved for allows you to plan your finances accordingly.
Since the pre-approved offer is already extended to you, the interest rate applied and the EMI you need to pay are not a surprise. The knowledge of these crucial factors is essential to determine whether you can afford the loan.
In a pre-approved personal loan, the lender is approaching you with a product. This puts you in a good position to negotiate the loan terms and bring down the interest rate or increase the tenure or repayment term.
In a pre-approved loan, your credit profile has already passed the initial loan approval process. Hence, further loan processing takes much lesser time.
Being eligible for a pre-approved loan acts as a safety net when you need urgent cash to meet certain financial demands. Since the loan is pre-approved, your loan is processed faster and is disbursed on the same day or within a couple of days, allowing you faster access to cash.
A pre-approved personal loan offer means that you have a good credit history, displaying a clean repayment record and strict financial discipline. Your lender will offer the personal loan at a competitive interest rate because you pose minimum or no risk of defaulting on the loan.
There is no restriction on the end-use of a pre-approved loan offer. You can use it to pay for travelling, weddings, medical expenses, etc.
Existing customers who are eligible for pre-approved personal loan offers may not need to submit the documents as the banks are already in possession of the KYC and other documents.
You can apply for a pre-approved loan through your bank's website or mobile app. You just need to fill in your personal details, upload the soft copies of the required documents, and submit the online form.
You have the freedom to choose a loan repayment period that is convenient for you. While choosing the loan tenure, consider your repayment capability so that you don't default on your monthly loan repayments.
₹24,959
₹34,90,279
₹59,90,279
Fill up basic details such as age, city, PAN number, & income so we can determine your eligibility.
After the approval from our system, we’ll schedule a KYC visit to your house / office to collect documents.
Credit line is ready to use! From the approved limit, transfer as much money as you need to your bank account.
The higher the credit score, the better will be your pre-approved personal loan offer.
Timely payment of outstanding bills mean a clean repayment history, which increases your chances of getting a pre-approved loan offer.
You need to have a steady and stable income to get pre-approved for a personal loan.
Lenders will extend the pre-approved loan offer when they find you less risky to default.
If you have been maintaining a good average monthly balance in your bank account, you are more likely to be extended a pre-approved loan offer.
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A pre-approved loan is a form of a personal loan available to a few people who have a good credit score and a clean repayment track record. Banks and financial institutions extend pre-approved personal loan offers to existing customers with good credit scores and average monthly balance in their accounts. Interest rates offered on pre-approved loans are generally lower. These loans take considerably less time to process.
No, pre-approval doesn't necessarily guarantee a loan. Your loan application can get rejected because of any or all of these reasons:
No, pre-qualifying for a personal loan doesn't hurt your credit. The pre-approval doesn't have any effect on the credit score because lenders extending this offer pre-approve the borrowers after performing a soft pull. A soft pull doesn't have any impact on the credit score. However, when the borrower accepts the pre-approved loan offer, a hard enquiry is made on the borrower's credit. A hard enquiry can affect or hurt your credit score temporarily.
Log into your net banking account and check for any pre-approved loan offers. If you have a good credit score and repayment history, you can also call up your bank, download the app or visit the bank to find out if there are any pre-approved loan offers for you.
A pre-approved personal loan is typically extended to long-standing customers of the bank who have a good credit score, excellent repayment history, and sufficient income.