How to Get a Pre-Approved Personal Loan: Steps, Benefits & Tips

While personal loans have been a common solution for dealing with multiple expenses, today, there are other alternatives through which borrowers can secure credit for their financial needs. You might have heard of pre-approved loans, which are not very different from standard personal loans in nature. However, with pre-approved loans, it is the lender who makes the offer to you before you apply for the loan. This offer is made based on your creditworthiness, and with the lender already completing their evaluation before sending the offer, the processing and disbursal time for such loans is usually quick.

Usually, the bank where a person’s savings account is maintained, qualifies the person for a pre-approved loan. There are many FinTech platforms who have your financial details, also qualifying their customers for a pre-approved personal loan. IDFC FIRST Bank also qualifies its savings bank account customers and other relationship holders for pre-approved loans.  

However, if you don’t have pre-approved loans or still want to explore for better rates and smarter solutions to traditional personal loans, try IDFC FIRST Bank’s FIRSTmoney, the smart personal loan.If you have a credit score above 710 and are salaried, you can also consider IDFC FIRST Bank’s industry-first proposition – FIRSTmoney. FIRSTmoney is a smart Personal Loan wherein you get a sanctioned loan amount through which can access funds to deal with your expenses whenever needed.

If this interests you, do read on to learn all about FIRSTmoney and what you need to be eligible for pre-approved loans.However, in strict terms. it is not a pre-approved loan if you are a new customer to the bank, but a personal loan with a maximum approval amount of ₹10 lakhs It is seen as a first-of-its-kind solution in the industry – a smart personal loan with flexibility and a host of unmatched advantages, fast becoming popular among customers..

A pre-approved instant cash loan offers quick access to funds without lengthy paperwork. With IDFC FIRST Bank, eligible customers can get personalized loan offers based on their credit profile.

Who can apply for a FIRSTmoney personal loan?
 

Take a look at the eligibility criteria for FIRSTmoney loans in detail:

• Employment: FIRSTmoney loans are available to Salaried and Self-Employed Individuals with a stable monthly income.
• Age:The applicant must be aged between 21 to 60 years to apply for this personal loan .
• CIBIL score: To obtain a FIRSTmoney loan, the applicant needs to have a strong CIBIL score of 710 and above.
• Documents: The applicant will need to present their physical PAN card at the time of completing the video KYC process.

What are the benefits of FIRSTmoney smart personal loans?

A FIRSTmoney is designed keeping your dynamic financial needs on top. Take a look at why you should opt for a FIRSTmoney loan:

• Easy on demand loan
  FIRSTmoney offers you the flexibility to opt for additional funds with just a few clicks to meet your extra fund requirements.

• ZERO Foreclosure charges
  FIRSTmoney also has a zero foreclosure charge policy in place, which means you can utilise the funds as needed and foreclose the loan in full without incurring additional charges.

• One time setup of loan with no maintenance charges
  Once you have applied for your FIRSTmoney smart personal loan, you will get a sanctioned loan amount based on your creditworthiness. There are no maintenance charges that you would have to incur on your sanctioned on your loan. All you need is to pay a one-time processing fee during loan application.

• Instant approval & quick disbursements of loans into your bank account
  You can apply for a FIRSTmoney smart personal loan via a completely digital application journey. The approval and disbursal processes are quick and once your documents are successfully verified, you can get your FIRSTmoney loan sanctioned. Once this is done, you can immediately start withdrawing funds basis your requirements & expenses.

• Flexible Repayment: Choice of EMI tenure and dates
  With FIRSTmoney, you have the flexibility to choose from a range of repayment tenures, spanning from 9 months to 60 months.

• No foreclosure charges
  You can clear off your FIRSTmoney loan before the scheduled repayment period without worrying about any foreclosure charges.

How to apply for a FIRSTmoney smart personal loan?

To apply for a FIRSTmoney personal loan, follow these simple steps -

• Start by scanning the QR code or clicking loan from your smartphone
• Register using your mobile number and confirm basic/personal details to check your eligibility
• Select the loan amount of your choice and choose Flexible repayment terms.
• Link your bank account where you wish the funds to be disbursed
• Complete the Video KYC verification process with your physical PAN card

Once your loan amount is approved, you can start using the funds as per your requirements.

What is a pre-approved personal loan?
 

A pre-approved personal loan is a loan offer extended by banks or financial institutions to select customers based on their creditworthiness and account history. It involves minimum documentation and quicker loan approval and disbursal processes as compared to regular loans.

What are the features of a pre-approved loan?
 

Features of a pre-approved loan include:

• Minimum documentation and a 100% digital process.
• Faster approval and disbursal, often within hours.
• Customised loan offers based on credit history and financial data.
• No collateral required.
• Flexible loan amounts and repayment terms.
• Competitive interest rates.

Difference between pre-approved loan and regular personal loans
 

Key considerations to be eligible for a pre-approved loan

You need to keep the following in mind to be eligible for a pre-approved personal loan:

• Make sure to keep a clear credit history.
• Always see to it that your debts are paid off on time to ensure a clean repayment record.
• Keep your credit score above 710 to get favourable loan terms. 

Making a smart choice

A pre-approved loan is a streamlined and convenient way to access credit tailored to your financial profile. When you are eligible for a smart personal loan like FIRSTmoney, it makes more sense to opt for it instead of a standard personal loan when it comes to meeting your diverse financial needs. With a completely digital application process, quick approvals, and flexibility to avail more loans as needed,a FIRSTmoney smart personal loan can be the best fit for your dynamic requirements. Apply for a FIRSTmoney loan today and get instant access to funds to stay on top of your expenses. 

Explore our options for ₹70000 personal loan, and ₹80000 personal loan.