Are you someone with a stellar repayment history? The good news is that you may be eligible for pre-approved personal loans from leading lenders in the market. A pre-approved personal loan is precisely what it sounds like; it means the lender has already approved your eligibility to borrow funds, even before you formally apply. 

How to Tell if you are Pre-Approved for a Loan?

Typically, banks and other lending institutions pre-approve borrowers with good repayment histories and high credit scores. So, if you have never defaulted on or delayed an EMI or credit card payment, you may be qualified for pre-approved loans. 

On the other hand, if you’ve had trouble with your repayments in the past, you can take many effective measures to improve your chances of qualifying for this kind of loan. Start by repaying your existing loans promptly, within the due date. Limit your credit utilisation ratio and avoid taking on new loans until your current debts are repaid. 

A Quick Guide to Availing Pre-Approved Loans Online

The exact process may vary from one lending platform to another. However, here’s how you can generally avail of a loan you have already been pre-approved for. 

1. Log into the website or the mobile application of the bank or the lender.
2. Enter any details that may be required (like your name, PAN, date of birth, etc.)
3. Check if you are eligible for pre-approved loans.
4. In case you do qualify, you can proceed to apply for the loan if you need emergency cash, 
5. Fill out an application form online. In most cases, no additional documentation will be required since the lender would have checked your eligibility before pre-approving you. 
6. Submit the application form online. 
7. The funds will then be credited to your account almost instantly. 

How to be Pre-Approved for Loans

A good credit profile is key to being pre-approved for a loan. Aim to repay your dues on time, improve your chances of loan pre-approvals, and ensure your credit score remains high. 

If you’ve always been a good borrower with an impeccable repayment history, you may already be eligible for an instant pre-approved loan from Fi Money. Download the Fi app to check your eligibility and apply for a pre-approved loan of up to ₹5 lakhs. 

3 Steps to Get Pre-Approved Loans on Fi Money

Fi Money offers instant pre-approved loans of up to ₹5 lakhs to eligible borrowers. Here’s how you can apply for this loan via a completely paperless process. 

1. Register on the Fi Money app if you have not already. 
2. If you qualify for the instant loan, complete the application form and submit it online. 
3. After verifying your loan application, the funds will be disbursed to your bank account. 

Frequently Asked Questions

1. What is the benefit of pre-approved personal loans?

Pre-approved personal loans eliminate the hassle of having to provide extensive documentation. They may also carry more attractive interest rates since only candidates with good credit scores are eligible for such loans. 

2. How long is a personal loan pre-approval valid?

Every pre-approved loan offer comes with a specific validity period. This period varies from one lender to another. It is best to read the terms and conditions of the offer to know the validity of the loan.

3. How do you qualify for a pre-approved loan?

Typically, lenders offer pre-approved loans to individuals with a good credit history and financial stability. They use your credit score and existing relationship with the bank to determine eligibility.

4. Which bank gives pre-approved personal loan?

Many banks and financial institutions offer pre-approved personal loans. The availability depends on your creditworthiness and the policies of the specific bank.

5. What is the CIBIL score for a pre-approved personal loan?

The required CIBIL score for a pre-approved personal loan varies by lender, but it generally falls in the range of 750 and above, indicating a good credit history.