Some banks and Non-Banking Financial Companies (NBFCs) offer instant loans to eligible customers. These instant loans are called pre-approved Personal Loans. The time and documentation required for the disbursement of pre-approved Personal Loans are significantly less, thus facilitating quick loans to customers to fulfil any immediate requirements.
What is a Personal Loan?
A Personal Loan is offered to select customers with a good credit history, a good CIBIL score and a clear debt repayment record. Personal Loans are beneficial to the customers, as they are hassle-free and quickly accessible, as well as to the bank, as they help procure new customers or borrowers. Personal Loans can be availed at banks and Non-Banking Financial Companies (NBFCs). There is also the facility for an instant Personal Loan online, offered by some of the money lending companies. These low-interest Personal Loans can help customers efficiently fulfil their immediate needs.
However, one should check with the bank or NBFC first about the interest rates offered and opt for the lowest interest rates for a Personal Loan. Low-interest Personal Loans from Kotak Mahindra Bank are an excellent option for customers who wish to effectively achieve and enable their dreams without worry.
The eligibility for a Personal Loan includes that the borrower should have an account in the lender bank, though some banks offer Personal Loans to non-customers as well. The CIBIL score or the loan and credit history of the customer should be excellent, as this increases their possibility of efficiently procuring a Personal Loan without the requirement of any security or collateral.
Personal Loans are a perfect choice for individuals because of their attractive features such as low disbursal time, low-interest rates, flexible repayment options and because they don’t require any collateral or security from eligible applicants.
Benefits of pre-approved Personal Loans for customers
- The documentation work required for a Personal Loan is hassle-free and minimal, thus reducing the time in procuring a Personal Loan, especially in cases where a loan is urgently needed. Banks and Non-Banking Finance Companies (NBFCs) require only a little documentation if you fulfil the eligibility criteria for the loan. Most of the time, your KYC documents are available, thus quickening the process. If all the things are duly fulfilled, and in order, loan disbursal can be done on the same day as applying.
- Personal Loans are flexible in nature, enabling the customer or borrower to extend the tenure of the loan or adjust the interest rates per the changing requirements. They can also manage the repayment of the loan accordingly.
- The time required to avail of a Personal Loan is also short to meet urgent needs or emergency requirements as its documentation is simple and its approval timing is less if the customer fulfils the eligibility criteria.
- A customer can avail of a loan that suits his needs. There is a wide variety of loans to choose from, depending on the interest rates and tenure of the loan, as well as the repayment period. There is also the option for an instant Personal Loan online offered by Kotak Mahindra Bank. This low-interest Personal Loan is attractive with its competitive features against others. The application is completely paperless and can be completed by filling up an online form.
- Personal Loans require no collateral or security to enable their disbursal, as the eligible customer would have a good credit history. This is a sufficient basis for the disbursal of pre-approved Personal Loans. If a customer has a good credit history, credit score, bank balance details and income, he can readily get a pre-approved Personal Loan.
Also Read – Debt-to-Income Ratio
Conclusion
A pre-approved person is a go-to choice for eligible borrowers because of its many benefits and features. A customer should check beforehand with the bank or NBFC to get the essential details regarding the Online Personal Loan, such as interest rates, tenure, repayment options, etc. The application for a pre-approved Personal Loan can be made online as well. This instant Personal Loan online is quick and requires only standard documentation. Low-interest Personal Loans are thus an excellent option for individual non-corporate borrowers.
