What is Pre-Approved loan?
Pre-approved loan is when a borrower is eligible for a loan based on certain basic eligibility criteria. These loans are offered to potential borrowers so they can easily apply for a loan with minimal documentation.
Pre-Approved loan
Snneha Lukka july 4, 2019Eligibility Criteria of Pre-Approved Loan
Lenders offer pre-approved personal loans to borrowers who meet certain criteria such as age, employment, income, and CIBIL score. Below are some of the eligibility criteria of loans: 1) Age: 21-55 2) Employment type: Salaried individual 3) Income: Rs 15,000 per month 4) CIBIL score: Minimum 625 and above
Features and Benefits of Pre-Approved Loan
● Quick approval in less than 24 hours: As the lender has considered your eligibility, the time taken to approve and disburse your loan amount is much faster. ● Simple & Paperless Online Process: Applying for your desired loan amount can be done online, which can be done from anywhere. ● Affordable interest rates: Pre-approved loans can come with a lower rate of interest, as the lender has already verified your financial details. ● Simple & paperless procedure ● Minimal documents required: Pre-approved loans from Upwards require only a few basic KYC documents for verification, which makes the overall application process hassle-free. ● Flexible tenures from 6 months to 3 years: With a pre-approved loan, you can choose a repayment tenure that is a comfortable duration. ● Disbursal within 48 hours direct to your bank account: After your amount has been approved by the lender, you receive the funds within just 48 hours or less.
Keep This In Mind While Applying for Pre-Approved Loans
It is important to note that pre-approved loans an “Invitation to Apply” offer, might be valid for a certain time only. The borrower should apply within the time frame specified by the lender, in order to be eligible for the loan or any benefits. Additionally, ensure you submit all the correct details and documents to the lender when you apply for a pre-approved loan. Any discrepancy in your information and details shared can lead to your pre-approved loan getting rejected.
2. Gold Loan:
Almost every Indian woman has some gold in their possession, and one can even avail their loan for housewife against it. Instead of letting your gold jewellery lie dormant in the bank locker, you can put it to greater use by taking a gold loan. It’s an excellent alternative to a business loan for many housewives. When the business begins to run well, one can easily apply for and avail business loans to further expand their venture.
3. Co-Applicant:
Another way that one can find it easy to avail loan for housewife is to add a co-applicant with a steady income to their application form. This can be made possible for the housewife to add her working husband or their father, if he is an earning member. A co-applicant enables one to get a joint personal loan. The loan amount provided will primarily depend on the co-applicant’s income. The maximum loan amount sanctioned can be a multiple of the co-applicant’s take-home income. In this agreement, the co-applicant will be held equally responsible for paying the monthly EMIs.
4. Loan Guarantor:
Individuals who are seeking loan for housewife can also add a guarantor to their application. If you do have a stable income or can pay off the loan without any financial assistance, you can also consider adding a loan guarantor to your application. A loan guarantor is an individual who agrees to take on the responsibility of repaying the loan in case the primary applicant defaults on the same. By adding a loan guarantor with a high credit score and outstanding credit history, you stand a greater chance in getting your loan without much hassle.
