How to get a pre-approved personal loan within 30 minutes

A personal loan can often come in as a relief during times of financial need. However, when time is of the essence, it may not always be viable to go through a cumbersome application process and anxiously wait for approval and subsequent disbursal. This is where a pre-approved personal loan comes in. If you are already pre-approved for a sanctioned amount, the application procedure can be fast-tracked.Pre-approved personal loans are short-term loans that are usually offered to select customers, based on their credit history and existing relationships with the lender. The lender performs a thorough assessment of the customer's creditworthiness before providing pre-approved loan offers.NBFCs and banks, both offer pre-approved personal loans. Bajaj Finance, a leading NBFC, offers pre-approved loans with their Insta Personal Loan. These loans are not only offered to their existing customers but also to those who are new to the organisation. All you must do is simply enter your mobile number and OTP to check your pre-approved offer. After evaluating the pre-approved loan offer, you can either accept it or choose a lower amount and continue with the application. The biggest benefit of an Insta Personal Loan is that you can get the funds in your account within just 30 minutes* to 4 hours.Here are a few reasons why opting for a pre-approved personal loan can be beneficial:

• Offers from Rs. 20,000 to Rs. 10 lakh

One of the major benefits of pre-approved personal loans is the wide range of amounts on offer. You have the option of accepting the pre-approved loan amount that the lender has provided you with or selecting a lower amount. Depending on the lender and the borrower’s creditworthiness, pre-approved personal loans may offer loan amounts ranging from a few thousand to lakhs of rupees. Bajaj Finance Insta Personal Loans offer funds of up to Rs. 10 lakh to cover a wide variety of expenses.

• Flexibility in repayment

Pre-approved personal loans include flexible payback terms, making it simple for applicants to make loan payments. When it comes to repaying your pre-approved personal loan, Bajaj Finance offers you tenures ranging from 6 to 60 months. A longer tenure will result in higher overall interest but lower monthly payments. Instead, if you want to pay off your instant loan quickly, your EMI will be higher, but your overall interest charges would be lower.

• Quick processing and instant disbursal

Since the lender has already evaluated your creditworthiness, you do not have to wait for approval of your application. A pre-approved personal loan application can be processed quickly. In the case of a Bajaj Finance Insta Personal Loan, you can receive the approved loan amount in your bank account within just 30 minutes* to 4 hours.

• Little to no paperwork

A pre-approved personal loan requires nothing in the way of documentation as the lender has previously assessed the borrower's creditworthiness. Certain customers of Bajaj Finance might not need to submit any paperwork at all. In other cases, you may have to share a few documents, such as bank account statements and identity proof. The process is usually straightforward because these documents can be submitted online.You can use a pre-approved personal loan as a useful and immediate funding option to cover your urgent financial needs.  You can also make use of the Insta Personal Loan EMI Calculator to choose the right loan amount that fits your budget. You only need to input basic details like the loan amount, tenure, and interest rate to know how much your EMI will be. You can adjust the monthly payment and loan tenure to arrive at a loan amount you are comfortable with.Visit the Bajaj Finserv website to check your pre-approved offer today.*Applicable to select customersThis is a Partnered Post.