If you urgently need cash for any emergency, then ‘pre-approved personal loans’ are the best option. A pre-approved personal loan is a customized offer to match your profile and needs.

A pre approved loan gives you the benefits of quick disbursal at the time of any emergency. The last two years have proved to be difficult for everyone, especially those who had to deal with unpredictable situations involving a cash shortage during emergencies. Pre-approved personal loans save your time and effort and significantly cut down the lengthy personal loan approval process by taking the applicant to the final stage. You can get the cash instantly without any trouble if your credit score is high, your income is higher to meet the loan repayment schedule, and you meet the lender’s loan eligibility criteria.

A pre-approved loan helps you save your hard-earned savings in case of any emergency.

What is a pre-approved loan?

A pre-approved loan is a collateral-free loan, also known as an unsecured loan.
It is similar to a personal loan and depends on the borrower’s creditworthiness. The lender provides you with the pre-approved loan amount based on your credit score and financial status in this loan category. 

As your creditworthiness is pre-evaluated, there are no issues getting a quick disbursal. Once you furnish your basic and loan repayment details, you receive a pre-approved personal loan offer. The loan amount is instantly disbursed to your bank account on acceptance of such an offer.

CIBIL Score

CIBIL is a 3-digit numeric representing the applicant’s credit history, report, and overall rating. This score ranges between 300 to 900, showing the applicant’s creditworthiness. Cibil score for a loan represents the credit history of the borrower’s repayment of debts. A good CIBIL score lies between 700 to 900 and proves to the lender that the applicant is a least-risk borrower and can be trusted with sanctioning the credit.

When it comes to having access to pre-approved personal loan offers, your credit score and income play a catalyst role. If both these factors are high and favourable, it is highly likely to get approved for a personal loan.

Additional Read: 7 Must-Knows Benefits on Taking Loan Against Aadhar & PAN Card