Home / Brand Stories / 4 reasons why pre-approved loan offers are smart financing solutions
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Pre-approved offers have gained a lot of popularity over the last few years. You may find such offers for loans and various other forms of credit, and they make the entire process a lot smoother. One of the main reasons for this benefit is the rise of fintech. As the top financial players began to adopt the cutting-edge technology and the innovation it has to offer, such pre-approved loan offers became a lot more common. There are several reasons for this, with one being that retail borrowers are less of a lending risk, and so such offers are more readily offered.

As a borrower, this is good news because it means that accessing credit has become a lot easier. You no longer need to be part of long-winding and tedious loan processes to get the funds you need. This is especially handy when there’s an urgent loan needed, as is normally the case when dealing with emergencies. If borrowed for the right reasons, a pre-approved loan can be one of the best credit solutions in the market. For more insight on the reasons why pre-approved offers are good financing options, read on.

Quicker turnaround times

One of the major advantages of a pre-approved loan is that you don’t have to apply for the loan. Lenders usually extend such offers to their existing customers. Such offers are based on your past dealings and history with the lender. Moreover, lenders already have your information on file, and so, you aren’t required to submit documentation either. All of these factors combined result in quicker turnaround times. In fact, certain lenders guarantee same-day disbursal, wherein you get access to funds within hours of availing the offer.

Exclusive and often personalised terms

Pre-approved offers are based on your existing relationship with the issuer and your financial profile. Lenders consider your current financial standing and your credit profile before extending an offer. As such, pre-approved offers will keep getting updated based on your financial profile. For instance, if your credit score increases, you may get pre-approved for a much higher sanction and with lower rates as well.

This is one of the key reasons to opt for such offers. In most cases, these terms are personalised to your profile and will be the best offers you can get with ease. What’s more, a pre-approved loan may be the most affordable short-term solution you may have access to. This comes in handy when you need instant affordable funding, be it for a business expense, an emergency or for any other reason.

Increased flexibility and customisability

Due to the fact that these offers are personalised, you often enjoy flexibility when it comes to certain loan terms. For instance, you may get to choose a tenor that better suits your goals, or you may even get a higher sanction compared to other instant funding options. The flexibility you get with pre-approved loans can make all the difference and helps ensure the loan never becomes a burden.

Collateral-free sanction

Pre-approved offers are usually extended for unsecured offerings like the personal loan. Meaning, you do not have to pledge any assets to the lender. You qualify based on your profile and need only avail the offer. What’s more, you can use the sanction as needed. There are no restrictions and it can help you meet any obligation.

These are the top reasons why pre-approved loan offers are a good idea for most borrowers. All these benefits make it ideal for short-term goals. Additionally, with the right lender, repayment is a breeze and you never have to worry about defaulting on your payments.

In fact, a great option to consider is the Bajaj Finserv Pre-approved Personal Loan. Get pre-approved offers for up to Rs. 10 lakh and opt for a tenor ranging between 24 and 60 months to enjoy hassle-free EMIs. In addition, you get a competitive interest rate and can have the sanction disbursed to your account in just 4 hours*.

Select customers of Bajaj Finserv can avail of this pre-approved loan by completing a 100% online application without submitting any documents. These customers can get the money in their accounts as early as 30 minutes*. Generally, this offer is only available to existing customers, so check your pre-approved offer beforehand. With an offer, you usually do not need to submit additional documents, but in some cases, you may be asked to share basic KYC details, a cancelled cheque and bank account details. If required, you can upload your paperwork digitally and skip the trip to the branch. So, avail your pre-approved loan offer and get access to instant funds.

*Terms and conditions apply

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.

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