Pre-approved personal loans are instant loans given to customers with a good credit history. It requires no collateral security, minimum documentation, and quick application processing time. People with no credit history can get a loan in seconds. These loans are the best choice for anyone who needs loans urgently or in an emergency.
Almost all banks and non-banking financial companies (NBFC) in India offer pre-approved personal loans. The interest rates for these loans may differ from bank to bank. The pre-approved Personal Loan amount and tenure differ for each individual.
How to get pre-approved personal loans?
To be eligible for pre-approved loans, you must consider some factors. Sometimes it may vary depending on the lender.
- good credit history
- Timely repayment of EMI
- A stable source of Income
- Maintain funds more than the average monthly balance as specified by the lender.
There are many banks and NBFCs, offering pre-approved loans. One of India’s most trusted and reliable financial institutions is IIFL Securities. IIFL Securities is an Indian full-service stock brokerage firm offering different services such as Housing finance, Broking, Investment Banking, Institutional Equities, Realty, and Property Advisory Services. They have introduced the following mobile applications to facilitate all the services conveniently.
- IIFL loans: IIFL Loans mobile app gives access to loan accounts and amount transactions at a fingertip. This app is available for all our Gold Loan, SME Loan, and Home Loan customers.
- IIFL market APP: The stock trading app is one of the most downloaded stock marketing mobile applications. The app comes with many features and benefits to ease the trading experience for their customers. Using this app, one can trade and invest across different indices, including BSE, NSE, MCX, NCDEX, etc.
- IIFL MF App: Mutual fund app of IIFL. Using this mobile app, one can buy/sell and track mutual fund investments anytime and anywhere.
The IIFL loan app is available on the play store and ios. It allows one to apply for a pre-approved personal loan. They offer quick pre-approved loans with minimum documentation and straightforward procedures. One can consult the financial firm directly or request a loan online by filling out a pre-approval loan application form. Then the lender will check out your credit history and other details to approve the loan amount.
Advantages of pre-approved loans
- One of the advantages of pre-approved loans is that you get an idea of interest rates and loan amount one may qualify for without affecting their credit.
- Most lenders offer pre-approved loans online through their mobile app or website. The process is completely paperless, and you don’t even have to visit the lender in person. Customers can upload the soft copies of the documents in a required format to the website or mobile app.
- Existing customers of the bank who are eligible for instant loans don’t have to worry about documentation as the bank will have your KYC, bank, and income details in their database. So you don’t have to submit your documents once again.
- Customers themselves can choose loan repayment tenure according to their repayment capability.
- Some banks reduce legal charges and processing fees for pre-approved loans.
- Another major benefit of these loans is that banks offer pre-approved personal loans at a 1% lower interest rate.
IIFL Securities makes it easier to obtain pre-approved loans. One can use their pre-approved personal loans to invest in the Stock Market. Anyone interested can open an online Demat Account from a Stock trading app called the IIFL Markets app of IIFL Securities.