How To Get a Pre-Approved Personal Loan in India?

Personal loans are one of the most sought-after financial instruments for borrowing money in India. The need for financing urgent expenses in the aftermath of the pandemic has increased the demand for personal loans. The new-age financial institutions have made it easier for consumers to get a personal loan, almost instantly in some cases. Traditionally personal loans have been used for a wide range of purposes including education, travel, marriage, etc. However, in the post-pandemic era, it is also being taken to manage general expenses given that a large number of people have lost their job. Besides this, it is also being used to manage medical expenses. 

What is A Pre-Approved Personal Loan?

Many a time, we are faced with circumstances that drain us out financially and curb our savings. While most people have some reserved cash there are plenty who have to seek financial aid from friends and family. A personal loan can be a lifesaver for managing emergency expenses. When it comes to hospital bills, a pre-approved personal loan can help to speed things up and ensure peace of mind for those applying for it during distressing times. What exactly is a pre-approved personal loan?

Well, a pre-approved personal loan can be explained as a type of instant loan offered to selected customers by a financial institution. They are generally offered to those who already are a customer of lending institutions. The exact loan amount offered in this case differs based on the borrower’s credit profile, repayment history, income range, and other factors. It requires minimal documentation and funds are disbursed in a very short period. Most financial institutions in India offer instant loans to borrowers for meeting urgent expenses. 

How to Obtain A Pre-Approved Personal Loan?

The process of applying for a personal loan is far easier today than it was a decade ago. Traditionally, this process was quite complex and needed a lot of time to process and disburse the loan amount. However, with a robust digital financial infrastructure in the contemporary, it is very convenient to get an instant personal loan. You can apply for a pre-approved personal loan for women or men offline by visiting your lender’s office or their online platform. 

Applying for pre-approved loans online can save you a lot of time. The exact process to get a pre-approved loan might differ depending on your service provider. However, reputed financial institutions like Fullerton India have an easy online loan application process mentioned below.

• Visit the official homepage by clicking on the website link of Fullerton India 
• Navigate to the EMI calculator and an instant loan application section
• Drag the bar to the amount of loan you are want to apply for 
• You will be shown an EMI amount based on the average interest rate 
• Now, click on the ‘Apply for Personal Loan’ button

After following the above steps, you will need to provide your contact details and other important information. Now you will receive an OTP for your application. You will have to enter the OTP and submit the required information as directed. It is recommended to keep a digital copy of important documents such as PAN card, identity and address proof, income statement, etc. You must check for the EMI amount and make sure that you can easily repay the same before proceeding with the loan application initially. 

Why you Should Apply for A Pre-Approved Loan with Fullerton India?

Fullerton India is dedicated to delivering exceptional customer experience and requires minimum documentation to process the loan. The paperless digital loan application process also saves time and resources for the applicants. Here are some of the most important benefits of availing of a pre-approved loan with Fullerton India. 

• Personalized Loan Offerings 

One of the most important benefits of applying for a personal loan with Fullerton India is its personalized loan offerings. They don’t go with a ‘one size fits all approach and are dedicated to providing the best to individuals depending on their needs and profile. There is a wide range of personal loan offerings that have been designed for different financial objectives. These loans are categorized based on different purposes weddings, holidays, home improvement, emergencies, etc. Salaried employees and self-employed professionals also have the option to choose the respective categories for a personalized offering. A personal loan for women is also available as an option.

• Competitive Interest Rates 

You can easily find competitive interest rates on pre-approved personal loans at Fullerton India. The interest rates for personal loans start at 11.99% for both salaried and self-employed people. Maximum loan tenure of up to 60 months is allowed for repayment of the loan. Longer loan tenure can drastically reduce your monthly EMIs and makes it easier for you to repay the loan. 

• Quick Processing and Disbursal 

One of the most important advantages that you have here is reduced loan processing and disbursal time. Loans can be processed and disbursed almost instantly within a day. You don’t have to wait for weeks and months to get the loan amount into your account.