Financial institutions offer a pre-approved personal loan for two reasons. Firstly, the gesture of making pre-approved offers to select customers consolidates their customer base. Secondly, it enables them to provide their long-term and loyal customers with a swift and convenient funding option. So, when your financier offers you a pre-approved loan, rest assured that they have checked your financial history and found you worthy of this loan. Credit score, credit history, level of income, bank balance, and prompt repayment of dues are some reasons lenders consider to judge your suitability for receiving a pre-approved loan.
What you must learn as a borrower is to differentiate between a personal loan and a pre approved personal loan. While both happen to be short-term credit options that you can avail of without providing collateral or security, they differ in certain respects. Unlike a personal loan that you can avail of at any time, pre-approved offers are valid for specific durations and have the shortest possible disbursal time. In addition, the personal loan interest rate can also be lowered after negotiating with the lender.
Are you eligible for a pre-approved personal loan?
Find the answer to this question by visiting the lender’s official website, or physically paying a visit to their premises. So, if you have been banking with Bajaj Finserv for a long time, open their online portal and check the eligibility criteria mentioned for pre-approved offers. Because a pre-approved personal loan is a privilege, lenders specify the eligibility details for customers to go through before they apply.
To be eligible for this loan, Bajaj Finserv customers must –
- Hold valid Indian citizenship;
- Belong to the 21-67 age bracket to avail of this loan;
- Should have a credit score of 750 and above;
Sometimes the lender might include monthly wage under the eligibility criteria wherein customers who earn above a certain figure would be eligible to apply. However, this factor may vary as per the city, region, or state in which you might be applying. In the absence of a blanket regulation, you must inquire with the local representative of the lender before making a decision.
Applying for this loan
Keeping in step with this digital era, nowadays, lenders provide customers with multiple ways through which they can apply for a pre approved personal loan. Gone are the days when visiting the premises was the only way that customers could avail of any financial product. With complete digitization of the process, you can now check the offer online and submit your application.
As a customer of Bajaj Finserv, listed as follows are the steps that you need to take to avail of pre-approved offers –
- Access the Bajaj Finserv website, and check the section under pre-approved offers;
- Click on the pre-approved personal loan, and go through the eligibility criteria mentioned under the heading;
- If you find yourself meeting the requirements, then go ahead and fill the application form with accurate and factual information;
- Verify your account by providing your contact number and the OTP that you receive;
- Submit your KYC, income and employment details;
- Once you’ve submitted the same, a representative with contact you and guide you further.
You can also use the Personal Loan EMI Calculator to estimate the monthly installment that you would need to pay.
Alternatively, you can fix an appointment with the staff of the Bajaj Finserv branch that is closest to you and visit with all the necessary documents. Request the staff to assist you with filling the forms and attaching the necessary documents and discuss the various options to choose one that would work best for you.
Tips for approval
Not all customers of Bajaj Finserv get offered a pre-approved personal loan. It is for select customers. So, if you wish to feature among the selected few, begin by working on your credit score and credit history. Paying bills on time and remitting the monthly installment are some aspects that go a long way in building a good reputation with the lender.
Make it a point to discuss the details of pre approved offers with your lender, especially the terms and conditions. These loans entail additional fees, which are borne by the customer. Also, explore the pre-approved offers extended by other lenders to check how they compare to the ones made by Bajaj Finserv. Conducting comparisons will enable you to weigh the pros and cons of the deal and accordingly negotiate with the lender.
Applications for a pre-approved personal loan require you to attach recent photographs of yourself along with copies of all the relevant documents. Proofs of identity, address, income, and age usually accompany the application so that the lender can correlate the information with their database before approving the loan. The lender might also ask you to furnish the processing fee and request income-tax returns from you.
Personal loan interest rate is another component that plays a crucial role while availing of a pre-approved personal loan. You can use a Personal Loan EMI Calculator to figure out the monthly installment after including the interest rate. Overall, this product of Bajaj Finserv comes with several benefits and features that can meet your financial requirements without being a burden.