Are you a borrower 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. 

Being eligible for pre-approved loans can be beneficial in several ways. You can access quick funds in case of financial emergencies, and you don’t need to go through the hassle of extensive documentation and approval. 

Are You Eligible For a Pre-Approved Loan?

Since these loans are highly beneficial, you may be curious about your eligibility for such funding. 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 already 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. 

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. 

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 that 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. 

Frequently Asked Questions

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. 

How long is a personal loan pre-approval valid?

Every pre-approved loan offer comes with a certain 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.