Home / Brand Stories / 4 tips to get an affordable Pre-approved Personal Loan to handle your expenses

Whether a planned or unplanned expense, a pre-approved personal loan  can be an intelligent way to meet it, especially if you need urgent funds. New-age lenders and fintech vendors have now made this specialised instrument easier to access, and in most cases, the process is entirely digital. You can access the offer from your smartphone within minutes and handle repayment digitally!

Despite the ease of access, you still need to do your due diligence when availing of pre-approved offers. This means assessing your profile and then analysing the various offers in the market to find a pre-approved personal loan that best suits your profile. To help you in this regard, here are a few tips to get the best pre-approved personal loan offer.

Maintain a good credit score

Lenders extend pre-approved offers only after assessing your credit profile. Checking your credit score gives them an idea about your repayment behaviour and ability to repay the loan. As such, the offer you get will depend on your credit score. Only individuals with excellent credit scores qualify for personalised loan offers. So, try to maintain a credit score of 750 or higher, as most lenders consider this a perfect score. 

Evaluate the loan amount that you need

Evaluating your required loan amount is one of the most basic things that you need to do before you check for a pre-approved personal loan . This is important because lenders may have a cap on the loan amount, so you may not get the offer you need. Once you know how much money you need, you can check if you have a similar pre-approved offer. You can view your current pre-approved offers by logging on to the lender’s website and checking for an offer. 

Select a suitable repayment period

While the sanction for a pre-approved personal loan will likely have an upper limit, some lenders may offer you the freedom to pick a flexible tenure. These are usually the correct instruments to go with as a tailored repayment timeline helps you optimise your interest outgo. The best pre-approved offers will extend these privileges so that you enjoy a convenient and cost-effective experience. 

Many lenders offer an EMI calculator on their websites to make things easier and more convenient. You can use this online tool without restrictions and check the various options to find a combination that works best for you. 

Compare your pre-approved offers

You may be eligible for a pre-approved personal loan from multiple lenders if you have transacted with numerous lending institutions and have a sound repayment track. While you may be tempted to select the one with the highest loan amount, spend some time looking around. Scout for offers with the correct interest rate and a favourable repayment timeline. This is how you should check and compare the offers before applying. Doing so can help you get the right offer and avoid hidden charges that can increase your borrowing costs. 

Read through the offers to understand the repayment terms and charges to make an informed decision. To compare the EMIs from various pre-approved offers, you can use an EMI calculator and fill in the offered terms to get an accurate estimate. Compare these factors and find one best suited for your current and future financial goals. 

Aside from the above tips, another important thing to note is your chosen lender. With the right lender, you can get the funds you need and enjoy a hassle-free experience. Bajaj Finserv is one of the top NBFCs through which you can easily avail a pre-approved personal loan. 

If you qualify for a Bajaj Finserv Pre-approved Personal Loan, you can avail of up to Rs. 10 lakh within 30 minutes*. You also enjoy the benefits of a flexible tenure ranging up to 60 months and nominal interest rates to make repayment stress-free. Check your pre-approved offer today and access your loan in a few hours.

*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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