GUIDES
GuidesPersonal LoansA Guide: Personal Loan Pre-qualification - What is it, How Does it Work and How to Pre-Qualify?
LAST EDITED BY ATHARVA GUPTE ON AUGUST 21, 2024.
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.
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.
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.
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).
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.
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.
