How to Get a Pre Approved Loan From Bajaj Finserv

A medical emergency, your child’s higher education, a destination wedding, etc., are some reasons you may feel the need to get a pre-approved loan. Usually, the first solution that comes to mind in a financial emergency is a personal loan, which is unsecured but can be availed of easily. However, lenders nowadays have come up with a better loan offer for customers, which bypasses the conventional procedure. Referred to as a pre-approved loan, it ensures receiving cash at short notice without much hassle.

Lenders like Bajaj Finserv offer pre approved loan to customers who enjoy good financial health and have had a positive payment history. However, not everyone qualifies for this loan offer, and since lenders open the gateway for a short duration, many customers even miss the opportunity to apply. Therefore, to get a pre-approved loan from Bajaj Finserv, you must make an effort to learn all about it and also how to apply. 

Qualifying for a pre-approved loan offer

Although lenders vary in terms of qualifications, you can hope to get a pre-approved loan from Bajaj Finserv if you meet the following criteria – 

• A credit score of 750 or above, which reflects good financial management on your part over the past many years;
• A residing citizen of India
• Income is based on the city you reside in
• Should be working in a public, private or an MNC firm
• Solid financial standing courtesy of a substantial amount in your savings account;
• No pending amount/instalments from previous loans and no history of defaulting on any of the monthly payments;

Assuming that you meet all the above criteria, the next step entails going through the terms and conditions of this loan offer. By doing so, you will have become aware of the processing fee that the lender would charge if you avail of this loan. Because the fine print contains a horde of relevant information, make it a point to read through to avoid unpleasant surprises at a later stage. 

Are you eligible for a pre-approved personal loan?

To get a pre-approved loan from Bajaj Finserv, you need to have an account with the organization. When disbursing funds as a privilege at short notice, lenders prefer customers who have maintained an account with them for quite some time. It does not mean that new customers are disregarded. You can consult with the lender and likewise open an account to avail of the loan offer. 

Your credit score is crucial in either scenario, as is your credit history and bank balance. Your creditworthiness also matters, and lenders use the following benchmarks to judge how creditworthy you are –

• Do you have a stable source of income?
• How steady is the cash flow in your account?
• Is your balance above the minimum amount specified by the lender?
• Are there any pending instalments or outstanding bills?

While high creditworthiness implies that lenders can trust you with an instant loan, a lower score would hurt your eligibility where such offers are concerned. 

You also need certain documents to prove eligibility, and lenders ask you to upload/submit – 

• Documents that prove your identity beyond doubt;
• One or more documents that can help to verify the address of your residence;
• Income proof, in terms of the source, stability, and amount earned monthly;
• Bank statements

Working out the nitty-gritty of the pre-approved loan

Interest rate forms an important aspect of a loan, and even the best instant loan online is not an exception to this rule. All lenders charge interest on the amount they loan out and add it to your monthly instalments. Because this forms an essential component of your repayment, you should know how it is calculated and whether it is negotiable. 

The good news is that lenders levy a lower interest rate on pre-approved loans owing to the customer’s financial stability. Add to this the fact that you can bargain with the lenders and request them to lower the interest rate courtesy of receiving the loan offer. Overall treat this exercise as part of the application process and calculate the interest rate you would need to pay on various loan amounts. 

Final steps

Conclude the application process to get a pre-approved loan by filling in the application form with accurate information. You can either submit it online or at the branch which is nearest to you. Mention the amount you would like to borrow and choose the tenor during which you intend to repay the same in the form of equated monthly instalments. Provide all the requisite documents, and await the decision of the lender. 

Once the application is approved, look forward to receiving the loan amount, which you can use as per your liking.