Pre-approved Personal Loan

A pre-approved personal loan is a loan offer extended by a lender to selected individuals after reviewing information already available with them, such as your repayment history, credit score, banking relationship, or existing credit products. The offer generally includes an indicative loan amount, interest rate, and repayment tenure.

Since part of the assessment is completed in advance, the application process may be faster and may require fewer documents than a standard loan application. However, the lender may still conduct additional verification before sanctioning the loan.

What a pre-approved offer can mean:

• The lender has completed an initial assessment of your profile

• You may be eligible for a loan up to the offered amount, subject to verification

• The application process may be quicker and involve fewer formalities
   

What a pre-approved offer may not mean:

• Your loan has not been sanctioned yet

• The offered loan amount, tenure, or interest rate may change after verification

• The lender may revise, modify, or decline the application based on its assessment and policies

Lenders generate pre-approved personal loan offers using information related to your credit behaviour and financial relationship with them. The criteria can vary from one lender to another, but the following factors are commonly considered:

• Existing Relationship: An active savings account, credit card, EMI card, or previous loan with the lender

• Repayment History: Consistent repayment of existing loans, EMIs, or credit card dues

• Credit Score and Credit Report: Your credit score, repayment track record, credit utilisation, and any past defaults

• Income and Banking Behaviour: Regular salary credits, income patterns, and account activity

• Existing Financial Obligations: Current loans and EMI commitments relative to your income

• Lender Policies: Internal risk assessment frameworks, marketing campaigns, and eligibility criteria defined by the lender
   

Note: Meeting one or more of these factors does not guarantee that you will receive a pre-approved offer, as lenders may apply additional eligibility conditions and internal policies.

To be considered for a pre-approved personal loan offer, you may need to meet certain lender-specific requirements. Common eligibility factors include:

• A good CIBIL score, typically 700 or above

• An existing relationship with the lender may improve your chances of receiving a pre-approved offer

• A satisfactory repayment history on existing loans or credit facilities

• Meeting the lender's internal eligibility and risk assessment criteria
   

Note: Meeting these criteria may not guarantee that you will receive or qualify for a pre-approved offer, as eligibility requirements vary across lenders.

Even if you receive a pre-approved offer, the lender may request certain documents for verification before sanctioning the loan.

Identity Proof

• Aadhaar Card

• Voter ID

• PAN Card

• Passport
   

Address Proof

• Aadhaar Card

• Passport

• Driving Licence

• Utility Bills

• Rent Agreement
   

Income Proof (if required by the lender)

• Salary slips

• Bank account statements

• Income Tax Returns (ITR)

• Form 16
   

Note: The lender may not ask for proof of income if your loan is pre-approved.

Note: The final list of documents is determined by the lender. You may be asked to provide additional documents if your details have changed or require re-verification as part of the loan assessment process.

To enhance your experience while checking pre-approved personal loan offers, here are additional steps that can prove helpful:

Check pre-approved offers on %BrandNameBrandNameBrandName%

1. Visit the Bajaj Markets website or open the app

2. Log in using your mobile number and verify it with an OTP

3. View pre-approved offers from partner lenders, if available

4. Compare the loan amount, interest rate, tenure, and applicable charges

5. Select a suitable offer and proceed with the application process

Other Ways to Check Pre-approved Personal Loan Offers

Check Your Internet Banking Account

If you have an active account with the lender, log into your internet banking portal. If you have any pre-approved offers, they will be usually displayed here. This option is both secure and quick.

Use the Mobile Banking App

Financial institutions often update loan offers on their mobile apps, and notifications may pop up when you log in. Apps also provide real-time updates and loan tracking, making it convenient to manage your finances on the go.

Look for Offers on Your Credit Report

When you apply for a customised credit report on Bajaj Markets, some offers may be listed in the report. You can gain access to this report without paying any additional charges through the Bajaj Markets App. This helps you find loan options for which you may be eligible.

Opt for Lender Notifications

When you open an account, agree to receive regular notifications from the lender. This ensures you are the first to know when a pre-approved offer is available. Check your email and SMS regularly for personalised offers.

Once you receive a pre-approved loan offer, here is what typically happens next:

Offer Review

The lender provides you with the loan details. This includes the loan amount, interest rate, repayment tenure, and any associated fees. You should carefully review these terms to ensure they meet your financial needs. Read the Key Fact Statement (KFS), if shared by the lender, to understand the applicable charges, repayment obligations, and other loan terms before proceeding.

Documentation Requirement

Even though the offer is pre-approved, lenders might still request some basic documentation for verification, such as proof of identity, income proof, and address verification. However, this process is usually faster and requires fewer documents compared to a regular loan application.

Loan Application Submission

You will need to formally accept the pre-approved offer, which can often be done digitally through a few clicks online. Once accepted, the lender initiates the loan disbursement process. Once accepted, the lender begins verifying your details and documents.

Loan Verification Process

After submission, the lender conducts a verification of your documents and personal details. This process is typically faster than a regular loan application because the pre-approved status may indicate that you meet some of the lender’s initial criteria.

Final Sanction

Based on the verification, the lender decides whether to approve your loan application. The sanctioned loan amount, interest rate, or tenure may differ from the original offer if your profile or financial details have changed. The lender may also decline the application if the submitted information does not meet its eligibility criteria.

Loan Agreement Finalisation

You may be required to sign a loan agreement, either digitally or in person, depending on the lender’s process. This agreement will formalise the loan terms and repayment conditions.

Loan Disbursement

Upon successful verification, sanction, and completion of the loan agreement, the loan amount is disbursed directly into your bank account. Pre-approved loans may have faster disbursal timelines, depending on the lender’s processes and verification requirements.

Repayment Begins

Once the loan is disbursed, your repayment schedule starts. You will be required to begin repaying the loan through monthly EMIs based on the terms agreed upon.

Pre-approved personal loan offers are usually available for a limited period determined by the lender. The offer validity is typically mentioned in the offer communication, lender portal, mobile app, or offer page. It is advisable to review the validity period before applying.

• If you do not apply within the specified validity period, the pre-approved offer may expire

• Lenders may review and refresh offers periodically, which means the offered loan amount, interest rate, or tenure may change over time

• Once an offer expires, you may receive a revised offer later, subject to the lender's assessment and eligibility criteria

• If no pre-approved offer is available, you may still apply for a regular personal loan, subject to the lender's standard eligibility requirements
   

Note: Since offer validity and terms vary across lenders, always check the latest details provided in the offer before proceeding with your application.

Beyond the basic benefits, here are some additional advantages that make pre-approved loans a smart choice:

Offers Based on Your Spending Habits

Some pre-approved loans are customised based on your spending patterns, offering you a loan amount that is realistic and well-suited to your lifestyle. This ensures you borrow what you can manage easily.

Tailored Offers for Special Occasions

Lenders often offer special pre-approved deals during festive seasons or significant life events like weddings or holidays. These offers may come with benefits like zero processing fees or exclusive interest rates.

Minimal Documentation

Since the lender already has most of your financial and personal details from previous interactions or through credit score checks, you typically require minimal documents. This simplifies the process, making it faster and more convenient, leading to quicker loan disbursal.

No Impact on Your CIBIL Score

Checking a pre-approved offer doesn't affect your CIBIL score, as it's based on a soft inquiry. This allows you to explore your options without worrying about damaging your credit score.

Pre-approved Top-up Loans

If you already have an existing loan, some lenders may offer top-up loans as part of their pre-approved offers. This can be beneficial if you need additional funds without going through another application process.

Improves Your Financial Standing

Lenders offering pre-approved loans to you is a sign of your good financial health. This means you're in a better position to negotiate or obtain other financial products, like premium credit cards or home loans.

Exclusive Benefits for Loyal Customers

If you're a loyal customer, you may receive exclusive offers. These may include discounted rates, flexible EMIs, and pre-approved loan limits that are not offered to new borrowers.

Before accepting a pre-approved personal loan offer, it is important to review the loan terms carefully and assess whether the offer aligns with your financial requirements and repayment capacity.

• Borrow Only What You Need: A higher pre-approved loan amount does not mean you need to borrow the entire amount. Consider your actual funding requirement before proceeding.
  

• Compare the Total Cost of the Loan: Review the interest rate, processing fee, foreclosure or prepayment charges, and any other applicable fees to understand the overall borrowing cost.
  

• Check Affordability: Use a personal loan EMI calculator to estimate your monthly instalments and ensure they fit comfortably within your budget.
  

• Read the KFS and Loan Agreement Carefully: Review the Key Fact Statement (KFS) and loan agreement to understand the loan terms, charges, repayment obligations, and other conditions before accepting the offer.
   

Note: Taking the time to compare costs, verify affordability, and review the loan terms can help you make a more informed borrowing decision.