Looking to fund an emergency? Avail of pre-approved personal loans.

Juliet D'cruz

Updated on:

Keywords: pre-approved personal loan, Bajaj Finserv personal loan status

The new-age fintech and other financial institutions are today leveraging digital lending and making the process of taking up loans faster and convenient than the traditional banks. They provide customized pre-approved personal loan options to mitigate the needs of the applicants. Instant credit option is one such option wherein consumer resorts to in emergency times.

Features of pre-approved personal loans are like regular personal loans, i.e., they require no security or collateral, can be applied through online mediums etc. However, while a regular personal loan is disbursed within 2 to 7 days, a pre-approved personal loan can be disbursed on the same day of submitting the loan application. Thus, processing the personal loan from the bank or NBFC is time-consuming, which may not be of any help in case of instant monetary requirement. But owing to the advent of mobile apps or net banking, and other online portals, consumers can take up pre-approved personal loans instantly. Note that nowadays, private companies apart from fintech also provide pre-approved personal loans to a few of their existing consumers with an excellent credit history. Customers having an operational savings bank account as well as fixed income instantly can apply for the pre-approved personal loan if they require immediate funds. Most of the time, loans need a regular KYC document as well as it is credited on the same day.

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Dissimilar to risk-averse NBFCs and banks, digital lenders provide funding to NTC or New to Credit applicants. As this process is digitized, it needs less or restricted physical paperwork. Increasing applicant affinity to fintech for the personal loan can get attributed to different features and enabled technology.

Listed below are a few major checkpoints to factor in while taking an instant loan from financial institutions like banks, fintech and NBFCs:

∙       New age lending podiums provide instant loans between Rs 15,000 and Rs 10 lakh.

 ∙       Instant loan rate of interest differs across the lenders and is based upon the credit score of the customer. Few of the fintech permit consumers with the ongoing personal loan to take up an instant top up on existing amounts.

 ∙       While traditional banking may include part or prepayment charges, fintech firm borrowers get the choice to select the zero charges on the full or part prepayment of the loan.

 ∙       Before providing a loan, digital lenders usually assess the creditworthiness of the borrower based on their credit history, income level, employment history and repayment capacity.

 ∙       Few of the fintech leaders utilizes efficient underwriting algorithms for assessing the credit score of applicants and their repayment history for providing loan approval instantly.

 ∙       Borrowers require furnishing the documents such as the Aadhaar card, PAN card, bank statement, salary slips for the loan processing. With digital lenders, borrowers can upload such documents simply online via the website or mobile application.

 ∙       Fintech lenders use the KYC for attaining the applicant’s digital signature on the loan agreement.

 ∙       The applicant must carefully read the terms & conditions and charges before signing the instant loan agreement digitally through an online medium.

∙       Many of the digital lenders utilize multiple sources for verifying the detailed accuracy of the applicant. Thus, providing all the accurate info is the key to getting the loan to proceed faster.

Importance of pre-approved personal loan

No matter how ready you may be, you might not always hold the required fund to cover each expenditure in an emergency. It is why it is not wise to just depend upon emergency funds or savings. Shortfalls in crisis just worsen things up as they disrupt various other financial parts like the ongoing investments. In these cases, it is prudent to avail of pre-approved personal loans to access the funds. Such emergency personal loans can ensure complete security to your finances during emergencies and make sure that the need for urgent money is met instantly. Also, as it is an unsecured credit option, you get instant access with zero risk to your assets. However, when selecting an offering, you should choose the one you can depend on. Bajaj Finserv Loan or any other NBFC is the go-to option for a hassle-free and instant borrowing experience.

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Here, you get a high value, security free loan and enjoy the benefits like instant approval, lower documentation, and others. You, as a borrower, can spend the sanctioned loan in any way and fund all types of exigency expenditures. Bajaj Finserv provides a digital application procedure with approval in five minutes if you mitigate the personal loan eligibility.

Check out to know how the instant pre-approved loan from the Bajaj Finserv can assist you in availing instant funds:

∙       Get instant access to funding as a customer when in requirement of urgent fund

Bajaj Finserv provides an instant emergency fund that you can access online with only a few clicks. As you surpass the eligibility criteria of a personal loan and are pre-approved, you require just going through the simple process. It is crucial during emergency times because it saves time. Moreover, the pre-approved emergency credit option deal in nature is personalized to match your needs as well as profile, offering you an exclusive competitive rate on the personal loan.

You can instantly check your pre-approved Bajaj Finserv personal loan status in the listed ways:

∙       Enter your contact number, name, and city

∙       Enter the OTP or One Time Password that you get on your registered number

∙       Pre-Approved offer will be sent, which you must accept

∙       Authorize disbursal of your loan amount

Enjoy a thorough touch-free application procedure.

Bajaj Finserv provides a completely digital application procedure that ensures safety and guarantees instant fund access. Thus, you do not need to waste time going to the branch during an emergency. Also, being a recipient of a pre-approved loan offer, you can get funds in only a few clicks.

All you entail to do is log on to the Bajaj Finserv site and fill up the application, which needs your minimal personal detail, professional and financial details. For example, for the personal loan of salaried, you require filling up the details like address, name, company name, annual remuneration etc. Also, you can avail of instant loan proceed approval, which is necessary to meet your emergency situation.