Personal Loan Pre-qualification - What is it, How Does it Work and How to Pre-Qualify?

You may have received phone calls, SMSes or even emails informing you that you pre-qualify for personal loans from certain banks. It is possible that you may have ignored these calls for various reasons. However, personal loan pre-qualification is a beneficial feature that many leading banks and lenders in India offer today.

Do you want to know what it is, how it works and how you can pre-qualify for a personal loan? Let’s find out.

A closer look at Personal Loans Pre-qualification

Pre-qualified or pre-approved personal loans are simply credit facilities that you are already eligible for. In other words, the lender has already determined that you qualify for the loan. In case you wish to avail of the credit facility, all you need to do is apply for the pre-approved loan. The funds will then be instantly credited to your account, and you can use them to meet your emergency financial requirements easily.

Personal loan pre-qualification comes with certain distinct features, as listed below.

• Competitive and beneficial rates of interest
• Little to no paperwork
• Near-instant loan processing
• Simple and quick application process
• No restrictions on the end usage of the funds
• A predefined limit on the maximum amount that can be borrowed

How to Pre-qualify for a Personal Loan

Banks and financial institutions typically select only certain individuals for such pre-approved loans. The criteria that is considered to determine if you pre-qualify for a personal loan include your credit history, credit score, income levels and sometimes, an established banking relationship with the lender.

Knowing these details, here are some tips that can make it more probable for you to pre-qualify for a personal loan.

• Ensure that you repay all your liabilities on time, including EMIs and credit card dues
• Check your credit reports for errors and get them rectified promptly
• Ensure that your credit score remains high (ideally over 750)
• Work towards setting up alternative sources of income or ask for a hike at work
• Let your banking partner know you have earned a hike
• Maintain a good banking relationship with your partner bank

Experience the Advantage of Being Pre-Approved by Fi

Being pre-approved for a credit facility is a privilege you get to experience if you are a creditworthy borrower. If you pre-qualify for a personal loan, you can meet any emergency cash requirements easily.

Fi Money provides instant loans that arrive directly in your Savings Account. These are pre-approved personal loans made available to select users with good credit scores. On Fi, this process is 100% paperless, and the loans are provided at competitive interest rates — where each user remains in control with complete visibility of all details. Plus, you can avoid EMI late fees by setting up automatic in-app payments. Our licensed partner bank assigns an eligible loan amount to each user (up to ₹5 lakhs).

Frequently Asked Questions (FAQs)

How to get pre-approval for a personal loan?

Personal loan pre-qualification depends on various factors like your credit score, income levels and relationship with the lender. You may be able to get pre-approval for a personal loan if you have a good credit score and meet the other criteria for pre-qualification set by the lender.

Does the Fi app provide loans?

Yes, on the Fi app, pre-approved personal loans are made available to select users with good credit scores. This process is 100% paperless, and the loans are provided at competitive interest rates — where each user remains in control with complete visibility of all details.

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