All commercial lenders indulge in promotional activities to further their sales and profits. Financial lenders are no exception to this rule and promote their products through various schemes and offers. Among the various loan products that financial lenders offer, one that comes across as a bit different from the others is a pre-approved loan. While other loan products are subject to approval after the customer submits the application, this loan is an exception. Lenders approve this loan beforehand for select-few customers and then inform the recipient of the facility.
On the part of the customers, everyone requires financial help once in a while, and loans offered by lenders come across as viable options. However, to avail of a conventional loan product, you need to submit an application, provide all the documents, and then follow up with the lender for the verdict. In sharp contrast, if your lender selects you for a pre approved loan, all you need to do is check the offer, provide documents if required, and the amount is disbursed to your account on the same day. Given the ease and convenience, everyone would like to avail of this instant loan for salaried employees. However, not everyone qualifies for it, and specific eligibility criteria are involved.
To this effect, being eligible for a pre-approved loan requires that you should be –
- An existing customer of the lender, although there can be exceptions in this aspect;
- Someone with an excellent credit history, which is reflected via your high credit score and also your financial records over the years;
- Free from all debts and loans, having paid off the credit card bills on time and remitted the monthly instalments on existing loans as per schedule;
Usually, lenders prefer to offer pre-approved loans to their existing customers since the hassle of KYC is already taken care of. In addition, it is easier for them to access the financial records and then decide whether or not the customer is worthy of being offered this instant loan facility.
However, you need not feel left out if you are not a customer of the lending institution which has made an offer of a pre-approved loan. Having heard about the offer, approach the lender and inquire about the terms and conditions associated with the offer. Since the lender is meeting you for the first time, the lender will ask you to present relevant documents to prove your identity, address, income, employment, etc. Not only should you carry all the personal documents, but also financial statements that prove your impeccable credit history and strong credit standing. On their part, the lenders will scrutinize all the documents and then let you know the verdict.
Remember that since you do not belong to the existing client pool of the lender, the processing might take longer than it usually does for a pre-approved loan. Also, the final decision depends on the lender’s discretion, wherein they might refuse your application if the upper limit for the number of customers availing of the offer has been met.
Sometimes you may fall short of the eligibility requirements that guarantee a pre-approved loan. In such a scenario, your next step must entail making inquiries about the requisites and working towards fulfilling them. From the perspective of an individual who can benefit from this instant pre approved loan for salaried employees, listed as follows are aspects that you must strive to fulfil –
- Ensure a robust financial standing by maintaining substantial savings in your account, wherein the amount consistently exceeds the minimum requirement;
- Pay your bills on time so that there is no pending debt that puts a blemish on your record;
- Project yourself as having a stable source of income.
Next, maintain vigilance when lenders make this offer so that you can avail of it. Because pre approved loan offer remains available for only a short duration, you would need to act swiftly to avail of the benefits. At the same time, go through this offer’s terms, conditions and fine print to be aware of the processing fee and the charges that lenders will deduct at a future date.
When in need of urgent financial aid, a pre-approved loan comes across as one of the fastest channels to provide you with a bulk amount. Therefore, at the time of establishing eligibility, you must also find out how to apply for it. You can apply online through the online portal or by personally visiting the lender’s premises. The next step entails filling out an application form with accurate information and stating the loan amount and repayment tenor.
Submit the form and the documents to the lender, who will then check and details and let you know within a day as to the fate of your application.