In case you are one of those in instant fund requirement, a pre-approved personal loan can be a highly convenient option for them. Many lenders, including the HDFC bank, provide a pre-approved personal loan that can be a prudent option for you. Note that loans are a type of personalized offering, which are tailor-made to mitigate your unique requirements. The primary advantage of these financial instruments is they guarantee immediate disbursal. The last 2 years have shown us how times can be uncertain and come up, and there is a plenty of things you can do to be sufficiently prepared for such situations. It is specifically true when you face exigencies, but you can simply manage it with these offers. You don’t need to fret about the long loan processes or fear regarding your depleting savings in such times. Choosing pre-approved loans like the HDFC pre-approved personal loan not just ensures instant loan proceeds but also provides you with flexible tenures and easy HDFC personal loan payment. For more information regarding pre-approved personal loan and their benefits, read on:
Difference between the pre-approved loan and personal loan
Like a personal loan, a pre-approved loan is a kind of unsecured credit option, which is security free and accessible only on the basis of your credibility. However, when looking for a personal loan, you need to approach the lender on your own, which you do not need to do for a pre-approved personal loan. Here, the lender provides you personalized credit offers that you might select to accept and avail of special offers.
You avail of pre-approved personal loan offers just if you have a good credit history and hold a strong background financially. As your credibility is already evaluated before a pre-approved offer, the processing of the loan is quick as well as hassle-free. Thus, with pre-approved loan offers, you can simply access the finance in no time.
Top crucial benefits of availing of pre-approved personal loan
The personal loan contains various benefits like quick loan process, instant loan approval and unrestricted usage of proceeds. The same perks are for pre-approved personal loans also. Note that pre-approved personal loans come with more added perks. Listed below are all the important advantages linked with pre-approved personal loans.
Speedy process and time-efficient
Lenders offer you pre-approved personal loans after a complete evaluation of your credit profile. Thus, all such underwriting procedures happen after the personal loan application submission. Hence, all you require to do is assess your pre-approved personal loan offer, accept the conditions, and wait for loan proceeds. This saves you from the hassle of a personal loan application and going through different approval procedures. A personal loan is a kind of security free option, which ensures a short application process but may come with longer disbursal time. In case of a pre-approved personal loan, the timeline for proceeding with disbursal is faster than a regular personal loan.
Favourable and competitive personal loan interest rate
As you get selected by the lender based on your creditworthiness and past borrowing history, they cater for you with competitive interest rates. Such rates are generally not applicable to regular personal loan applicants. Moreover, as this is offered just to you, lenders are generally open to negotiating the interest rate and different terms and conditions attached with loans.
Minimal documents and speedy processing of the loan
To get a personal loan, you should apply for the same either via an offline or online channel. To avail of the loan, you are just required to submit the form and with required documents for approval. However, as loans are pre-approved, you do not require going through the procedure and just need to submit the KYC documents. Also, some of the lenders also provide a thorough paperless provision. It means you only need to verify some of the pre-filled information. Once you are done, it is just a matter of a few hours to avail of the loan. Within a few hours, you can receive the loan amount in your savings bank account.
Can figure out the best pre-approved personal loan offer without divulging a lot of your personal data
Now you can get your offer for a personal loan online approved from the comfort of your home. All you should to do is to log on to your lender’s website or personal loan application, fill in all required details and next attach the required documents. However, before submitting your personal loan application, you need to do in-depth research to know the best loan deals and check your personal loan eligibility criteria. Note that in the case of a pre-approved personal loan, you are just required to visit the online financial markets and compare all the offers. For example, you can get the pre-approved personal loan through HDFC bank on the same day as submitting the personal loan application. However, note that before that, you should make sure to check the pre-approved personal loan offers and share all your required personal info. With HDFC pre-approved personal loan, you can get the loan sanctioned of up to Rs 40 lakh, with the entire loan amount being processed on the loan application submission day. Additionally, you can select to repay the personal loan EMI inflexible repayment tenures of up to 5 years. Thus, make sure to select the loan repayment tenure based upon your repayment capacity. Remember that availing of a lower loan repayment tenure though leads to higher EMI. However, the interest cost ensued is lower. However, make sure to select only the loan repayment tenure depending upon your repayment capacity and avoid availing higher repayment loan tenure at the cost of emergency funds and long term crucial financial goals. For knowing your monthly EMI basis your repayment capacity, you might choose to utilize the personal loan EMI calculator available online. These calculators calculate an accurate EMI according to your selected repayment tenure, offered interest rate and loan amount.
Thus, why wait? If you are one of those in need of instant loan proceeds to meet emergencies. Do consider checking if you have any pre-approved offers available.