Personal loans are granted to existing customers with a solid credit score and a history of timely repayment. You can apply for a personal loan for any purpose, including higher education, medical emergencies, or any unplanned events. It necessitates the bare minimum of papers and demands no collateral or security. 

All you need to be eligible for a pre-approved personal loan is a strong credit and payback history.

Features of a Pre-approved Personal Loan

• Quick Funding- Once the application verification process is complete, the loan will be approved and disbursed the same day within a few minutes.

• Flexible repayment options- You have the option of choosing a loan repayment time that is convenient for you. It usually lasts anywhere from 12 to 60 months. 

• Competitive interest rates: Since you don’t fall into the credit-risk group, your clean payback record demonstrates financial discipline. You get the opportunity to avail the pre-approve personal loan at a competitive interest rate.

Documents Required for A Personal Loan

• The filled-in personal loan application, along with a recent photograph.
• Proof of Identity like Aadhar card, Passport copy, Driving license, etc.
• Proof of age, such as a PAN card or a birth certificate
• Proof of address, such as a ration card, a rental agreement, or a phone bill.
• A bank statement or passbook with a record of the previous six months’ salary or three months’ salary slips.
• Income tax returns
• A cheque for the processing fee (Form 16).

Must Read: Step by Step Guide to Get a Fullerton India Personal Loan