To complement your fast-paced lifestyle, pre-approved loan offers make getting funds very quick, simple and convenient. Instead of you scouting for appropriate loans and applying for them, a pre-approved personal loan offer is sent to you by lenders based on your financial profile.
One advantage of a pre-approved personal loan is that your application process is hassle-free and requires minimal paperwork as the lender already has your KYC and other details. You can also get competitive personal loan interest rates, as lenders review your finances before rolling out a pre-approved personal loan offer.
While bagging a pre-approved offer sounds easy, being eligible for it is based on a few factors. Here’s what qualifies you for a pre-approved personal loan.
Your employment and annual income
The nature of your employment and your organisation’s reputation plays a huge role in qualifying you for a pre-approved personal loan. If your company is a renowned public sector entity or a well-established MNC, then your employment with such a company exhibits stability. Lenders eye such constancy in a good light and are likely to send you an offer.
Your income is another important aspect of your profile that is taken into consideration alongside your company’s credentials. You will have to maintain a minimum monthly salary as per the lender’s terms in order to be eligible for this offer.
Your credit score
Your credit score is a vital part of your financial profile. It is a score assigned to you by a credit bureau like CIBIL and ranges between 300 and 900. A high score is indicative of consistent repayment.
A low score, on the other hand, indicates inexperience with credit or bad credit management. Since a personal loan is an unsecured borrowing option, lenders turn to this score to gauge your creditworthiness. Typically, a score over 750 helps you receive a pre-approved personal loan offer.
Your debt-to-income ratio
Outstanding debt that takes up more than 35% of your income is not a good sign when you apply for a personal loan. Lenders view this financial status as a risk and may not be confident in extending any offer to you in such a case. So, to avail of pre-approved offers, you should have a low debt-to-income ratio of less than 35%.
Your relationship with lenders
A bank or NBFC with whom you have an account already or have some relation in terms of investment or credit should be your first choice for seeking pre-approved loan offers. This is because financial institutions extend exciting loan offers to existing customers.
What is interesting is that when you apply using such offers, you have to furnish only a few documents. This is because the lender is aware of your credit history and income and will require only basic details to process the loan.
However, apart from having a standing relationship with a lender, ensure that you also pay your credit card bills on time or repay loans in a disciplined manner. These factors will cumulatively help you to get pre-approved personal loan offers on a periodic basis.
An easy way to do this is on the Bajaj Markets App, a one-stop solution bringing a range of financial and lifestyle products to your fingertips. Download it from Google Play or the App Store to get online access to a range of loans and check your pre-approved offer today!
