Hi friends, In this article, we will know what is a Pre Approved Personal Loan and how to get it. There are many banks and Non-Banking Financial Company (NBFC) in India which are providing pre-approved personal loan to the customers at attractive interest rates.
Before taking a personal loan from any bank or financial institution, you should know that What is Personal Loan ? You can apply for this loan both online and offline. In this article, we will know in detail what is Pre Approved Personal Loan ( PAPL Loan), what is the interest rate, eligibility, documents of this loan and how can we apply for this loan etc. Read the article completely till the end.
What is Pre Approved Personal Loan?
A pre-approved personal loan is an instant loan that is given only to select customers. This loan comes under the category of unsecured loan.
To take this loan, the customer does not have to give any collateral or security. This loan can be taken by the customer with less documentation. Pre approved personal loan is given to the customer on the basis of his good credit history and repayment record. if your CIBIL Score so good you Instant Personal Loan can obtain.
There are many banks and financial institutions in India which provide Best Personal Loan is providing. The processing time of Pre Approved Personal Loan ( PAPL Loan) is very less. The lender offers this loan to enhance its product and meet the immediate financial needs of the customers. Personal loan requirements in different banks and financial institutions Personal loan interest rate Happens in different ways.
Pre Approved Personal Loan (PAPL Loan) Benefits and Features
- It is an instant loan which is given by the lender to only select customers or to their existing customers.
- This loan is given only to those people who have a good credit history and repayment track record.
- in different banks and financial institutions Pre Approved Personal Loan The interest rate and loan amount can be of different types.
- Usually the loan tenure of this loan ranges from 12 to 60 months.
- To take advantage of this loan, your credit score should be very good.
- The interest rate of a pre-approved personal loan can be lower as compared to other loans.
- You can take advantage of this loan for any of your personal purposes.
- If you want to renovate your home then you home loan No need to apply for a personal loan, you can fulfill this dream with a personal loan.
- You can take advantage of this loan with minimal or no documents.
- You do not have to provide any collateral or security to take a pre-approved personal loan ( PAPL loan ).
- The processing time of this loan is very less. This loan is disbursed to the customers in a very short time.
- You can easily apply for this Instant Online Personal Loan both online and offline.
- The lender can also give you special discounts on this loan such as waiver of processing fee, loan at low interest rate etc.
Pre Approved Personal (PAPL) loan interest rate 2023
Under this loan, the interest rate of different banks and financial institutions can be different. Since this loan is given only to those people who have a good credit history and repayment track record, they are usually offered this loan at a lower rate of interest than a normal personal loan.
approved personal loan interest rates of some banks and financial institutions, which you can see:
| Name of the lender | Interest rate (per annum) |
| State Bank Of India | 9.60% – 13.85% |
| Kotak Mahindra Bank | 10.25% forward |
| HDFC bank | 10.25% – 21% |
| axis Bank | 10.25% forward |
| PNB | 7.90% – 14.50% |
| indusind bank | 10.49% ahead |
| ICICI Bank | 10.25% forward |
| Tata Capital | 10.99% ahead |
| Bajaj Finserv | 13.00% forward |
| IDFC First Bank | 10.49% – 23% |
| Aditya Birla Capital | 14% ahead |
Pre Approved Personal Loan Eligibility
Not everyone can take advantage of this loan. The eligibility of this loan can be different in different banks and financial institutions. Following are some of the eligibility criteria to apply for a pre-approved loan:
- Your credit history should be very good.
- The customer should have a clean repayment track record.
- The bank gives this loan to the existing customers, but some new customers are also given this loan facility.
- Contact your lender for more information about eligibility.
PAPL loan Documents required
Before applying for a personal loan by visiting any bank or financial institution, you should keep all your necessary documents together so that whenever the lender asks you for documents, you can show them all the documents immediately. Documents can be in different types in different banks and Non-Banking Financial Company (NBFC). Contact your lender for more information about the document.
How to apply for pre approved personal loan ?
If you fulfill all the conditions of this loan, then you can apply for it online, offline and through mobile app. You can apply for this loan online by visiting the official website of the lender. To apply offline, you have to visit the branch of your nearest bank or financial institution.
You will have to contact the branch employee who will tell you how much loan you are eligible for based on your eligibility and your documents. After that you can apply for the loan by filling a form.
Difference between personal loan and pre approved personal loan
Both these loans are taken for short duration. In both these loans, no collateral or security is required to take the loan. The main difference between these is that a pre-approved personal loan is an invitation to apply for quick funding whereas personal loan can be accepted or rejected by the lender.
Given below are some differences through which you can understand the pre-approved personal loan and personal loan:
- personal loan at any time whereas a pre-approved personal loan is for a fixed tenure.
- Pre-approved personal loans are given by banks to a select few customers, whereas any individual can apply for a personal loan.
- Pre-approved personal loans are disbursed to the customers in just a few minutes whereas personal loans can take anywhere from 4 hours to a few days to disburse.
- Maximum documents may be required for personal loan whereas pre-approved personal loan can be availed by you with very few or zero documents.
Final Touch:
In this article we have you Provided complete information about Pre Approved Personal loan what is and how to get it Is. This loan can be availed by only a select few who have a good credit history and a clean repayment track record. You can apply for this loan by visiting any bank or NBFC.
If you still have the question in your mind that what is a pre-approved personal loan? So you can write us in the comment. Hope friends, you have found this article informative. If you liked this article then please share it.
FAQ’s on Pre-approved personal loan:
What is the interest rate of PAPL loan ?
There are different types in different banks and financial institutions but the interest rate of this loan is less as compared to the normal personal loan.
Can a pre-approved personal loan be rejected ?
This loan is completely given to you on the basis of factors like your income, credit history. If any shortfall in your income or credit history is found then your loan may get rejected.
How to apply for a pre-approved personal loan ?
Complete information about how to apply is given in this article.
What is a pre-approved personal loan ?
This is an instant loan which can be availed by only a select few. To avail this loan, the credit history of the customer should be very good.
Does pre-approval guarantee personal loan?
Pre-qualifying for a personal loan does not guarantee that you will get approved when you make a formal application. During the formal application process, the lender will perform a hard credit inquiry, which may reveal financial information that could change your eligibility or your qualifying conditions.