Why One Should Avail Bajaj Finserv Pre Approved Personal Loan?

The recent upsurge in usage of personal loans is mainly due to its easy availability and lower interest rates. Besides, statistics show a considerable rise in the numbers of people who have availed personal loans in the last fiscal. It increased by almost 20%, presenting an all-time high lending pattern from Government-backed, as well as NBFCs like Bajaj Finserv. 

Bajaj pre-approved personal loan is a special loan offer available for an existing customer of the financial institution. The lender determines your creditworthiness and allocates a line of credit that you can access after a simple and hassle-free application process for a personal loan. 

It is mainly based on the creditworthiness of a borrower. The lender conducts thorough research of the concerned customer, looking for a good track record consisting of timely repayments and responsible lending patterns. 

Benefits of availing a pre-approved personal loan 

Pre-approved personal loan offers allow customers to avail of numerous benefits. They are listed hereunder. 

# Quicker processing time 

The overall process of application and approval becomes quite convenient and fast for a pre-approved offer as the lender already knows about your essential financial details. Moreover, it also simplifies the documentation process because you present as an existing customer with a verified record from previous transactions. 

# Competitive interest rates 

Another key feature of what is a pre-approved loan offer is its interest rates. Interest rates in such cases stay very reasonable. You also get a range of options to repay the loan, for instance, EMIs, along with flexible repayment tenor for your convenience. 

Factors affecting the eligibility of pre-approved personal loans 

The creditworthiness of a customer depends on a number of factors as mentioned below: 

#  History of timely repayments of previous debts 

#  A good credit score

#  Having a stable and steady income 

#  Maintaining minimum funds in the account as required 

Even though these Pre-approved personal loan offers are easy to get, you will need to fulfill minimal formalities. You will receive the loan within 24 hours of successfully applying for the credit. 

Things To Consider Before Taking a Pre-Approved Personal Loan 

Although pre-approved personal loan offers come with a number of benefits, you need to be careful about certain things before you avail the same. Consider the following list for that purpose. 

Learn about the terms and conditions 

As the lender is already making you an offer, you are likely to have already met all the eligibility requirements. Communicate with your lender about any details such as rate of interest, repayment tenor, etc. It will save you any unwanted situation later during repayments. 

You should also carefully read the terms and conditions of a personal loan very cautiously before you draw a conclusion and sign on the agreement. 

Make an informed decision 

Be informed about the product carefully before approving the pre-approved personal loan offers from your end. This will prevent any future hassle that may arise. These offers are available on several different types of credits, including personal loans, business loans, and secured credits like home loans, loan against property, etc. Getting a pre-approved personal loan is convenient and effortless. You get the offer directly from the lender, and it saves you the processing and approval time. 

You can check for your pre-approved offer for other forms of personal loans by submitting a few relevant documents and contact numbers. 

The benefits of availing a personal loan offer can prove advantageous in situations when you require funding at urgent notice. Its affordable interest rate, flexible repayment tenor, and several other borrower-friendly policies help you to repay the debt without any financial strain.