Know-How To Get A Pre-Approved Personal Loan In India


Pre-approved personal loans refer to instant loans that get paid to particular clients and need minimum documentation and no security or guarantee. All you require is a solid credit history and repayment history to remain eligible for the instantaneous credit facility. 

Numerous banks and financial institutions provide this type of loan facility to improve the sale of loan products, fulfill the urgent monetary requirements of clients, and reduce the loan disbursal time. Moreover, the interest rate offered can range between 10.75% per annum and 14% per annum for pre-approved personal loans

Nevertheless, the interest rate may vary from one lender to another. Hence you must check with the financial institution the pre-approved loan interest rate before obtaining a personal loan. 

Characteristics Of A Pre-Approved Personal Loan

Mentioned hereunder are some features of a pre-approved personal loan. 

  • Expeditious loan disbursal: If you are an existing client of the bank or financial institution, the pre-approved loan will get disbursed directly to your account in no time.
  • Minimum documentation: Instant personal loans are effortless to obtain in a hassle-free process as it never needs complicated documentation for credit approval.
  • No security or collateral needed: The pre-approved personal loan clients need not present any security collateral to get instant loans.
  • Diverse loan sums: The pre-approved personal loan sum varies for every person. The loan amount depends on circumstances like the client’s repayment record and credit history.
  • Repayment facility: You have to repay your pre-approved personal loans in Equal Monthly Instalments (EMIs). Also, those clients who own an existing account with the bank can choose an auto-debit facility to meet the monthly installments. The conventional repayment duration is 12 to 60 months for such types of loans. 
  • Charges: Banks and financial institutions levy specific charges on clients during and after the disbursal of pre-approved personal loans, such as security fees, processing fees, EMI bounce prices, penal interest, outstation collection charges, foreclosure, etc. In addition, the terms and stipulations of the applicable charges vary with lenders.

Eligibility Criteria For A Pre-approved Personal Loan In India

  • Eligible clients must possess a healthy credit history.
  • Should be existing clients of the bank or financial institution. Some banks and financial institutions lend to new clients as well.
  • Must possess a clear history of repaying mortgages.

Clients with no repayment records or credit history are also eligible as long as they possess substantial savings in their bank account and a steady source of income.

Documents Required For A Pre-Approved Personal Loan 

  • Bank statement 
  • PAN Card 
  • Past three months salary slip 
  • Proof of identity (PAN Card/ Passport/ Aadhar Card/ Driving License/ Voters ID Card)
  • Proof of residence (Ration Card/ Electricity Bill/ Telephone Bill/ Passbook or Bank Statement with address/ Employment Letter)


If your salary account relationship with the financial institutions has been stable and profitable, there should be no problem receiving pre-approved personal loan offers. That said, in the case of salary bank accounts, financial institutions are also likely to take a close look at your monthly income, which will provide lenders with acceptable proof of your repayment ability and set a loan sum for you. Whether the institution decides to be generous or meticulous, building and sustaining a good relationship with a financial institution is always a beneficial thing to do.

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