Know Personal Loan Offers from 25+ Banks

Do we need a Pre-approved loan?

The Pre-approved loan can be a helping point during the emergency time but it is not the good option always. You need to meet a number of criteria to get a personal loan approved. Financial institutions themselves do some mathematics about for their customer’s cash flows, payments, account balances and categorize some customers as privileged customers.

Then financial institutions offer Pre-approved loan to those customers. This offer is applicable for all types of loan like home loan, personal loan, and vehicle loan from the private sector banks and public sector banks.

What defines the Pre-approved loan?

If you have a relationship with a bank for a long time and you are maintaining you are maintaining your account well and you have taken one personal loan, Credit card from the bank. The payment you make each time for your loan, on the credit card is being tracked and monitored closely by the bank.

Depending on your spending behavior over the period of time, the bank offers you a loan which it assumes you can repay the loan with your comfort.


It helps you in emergency situations. If you are looking for a property to buy, you made a search property portal found the property you wanted to it has, also you have cash for down payment for buying property.

At this juncture, you need to fire for getting the rest of payment to get the property as there will be a lot of willing buyers to buy the property for a builder. At this point, the Pre-approved loan can be a right option. Before signing this loan offer, have crosscheck on the interest rate from other banks as well.

Preapproved loan processing times is much faster than normal loan application since the bank has predicted that you are eligible for a loan and your transactions. You can get a loan and move into your property easily.

The another advantage is that you can have a negotiation with the bank to lower interest rate to the possible extent as the bank has voluntarily come up with a loan offer for you. If you have taken a loan and repaid it without defaulting in a single EMI payment then your chances for bargaining capacity is high.

To sanction a Pre-approved loan, the bank takes into the account of your payment history and other factors too.  Your cash transactions in your account may be a lot better than the bank has assumed.

The pre-approved loan offers you get from bank and bank representatives are not the same. You need to have a check with the bank to know more.


Do you need it?

When you get a call regarding the pre-approved loan, first ask yourself whether you need it now? Some people take it just because it is offered; in reality, it is not needed, think twice at the end of a day it is you who will be taking up full responsibility for the loan.

Rate this post


Priya Rai is a loan consultant.