You can know how much you can borrow
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.
Paying your child's school fees
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.
You can choose a deal that works for you
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.
You save a lot of time
In a pre-approved loan, your credit profile has already passed the initial loan approval process. Hence, further loan processing takes much lesser time.