Pre-Approved Personal Loan up to ₹ 5 Lakh
Pre-approved personal loans are offered to select individuals who have a clean track record of repaying their dues. The lenders look upon these individuals as creditworthy and reward them with a pre-approved loan offer. If you are pre-approved, it simply means that you have already cleared the initial approval process, and your loan will be processed considerably faster.
You can know how much you can borrow
Your pre-approved personal loan amount depends on certain factors, such as your credit history and your repayment record. Knowing how much you are pre-approved for allows you to plan your finances accordingly.
You'll know your interest rate and EMI
Be it a birthday or a festival; every happy occasion has to be celebrated. And there is no better way to show your love and care for your loved ones than giving them gifts. But a cash shortfall can ruin your chances to display your affection, especially if the occasion falls at the end of the month. A loan of ₹10, 000 can help
If you are wondering what gifts you can buy within a ₹10,000 price range, here are a few options:
- Smartphone
- Gift card
- Bluetooth earphones
- Coffee maker
- Smartwatch
- Sunglasses
- Watch
You can choose a deal that works for you
In today's challenging job market, having specialized skills is a hot commodity. To increase your employability, get a promotion, or break into a competitive industry, enhancing your skills and knowledge through certification courses is a great idea. But paying for certification courses isn't always easy, and you might have trouble financing it. In such cases, a ₹10,000 personal loan can help.
You save a lot of time
Your reasons to buy new home appliances could be any or all of these:
You need to upgrade to the latest model.
Your old appliance is broken down and is beyond repair.
You need to upgrade your kitchen.
However, newer models have a steep price tag. Most of the time, you might not have the funds to pay for them. Even if you do have sufficient funds, spending money in one go to get just one product may make your monthly finances suffer. So, instead of overstretching your financial capabilities, getting a small loan is a practical solution.
Some of the home appliances you can buy with a ₹10,000 loan are:
- Mixer
- Oven
- Microwave
- Cooler
- Water purifier
Features and Benefits of Pre-Approved Personal Loan
Instant Funds
Being eligible for a pre-approved loan acts as a safety net when you need urgent cash to meet certain financial demands. Since the loan is pre-approved, your loan is processed faster and is disbursed on the same day or within a couple of days, allowing you faster access to cash.
Competitive Interest Rates
A pre-approved personal loan offer means that you have a good credit history, displaying a clean repayment record and strict financial discipline. Your lender will offer the personal loan at a competitive interest rate because you pose minimum or no risk of defaulting on the loan.
Flexibility of Purpose
There is no restriction on the end-use of a pre-approved loan offer. You can use it to pay for travelling, weddings, medical expenses, etc.
Minimal or Zero Documentation
Existing customers who are eligible for pre-approved personal loan offers may not need to submit the documents as the banks are already in possession of the KYC and other documents.
Online and Paperless
You can apply for a pre-approved loan through your bank's website or mobile app. You just need to fill in your personal details, upload the soft copies of the required documents, and submit the online form.
Flexible Repayment
You have the freedom to choose a loan repayment period that is convenient for you. While choosing the loan tenure, consider your repayment capability so that you don't default on your monthly loan repayments.
Eligibility Criteria
Profession – Salaried or Self-Employed
Age – Above 21 years and below 60 years
Minimum Monthly Income – ₹ 20,000
Work Experience – 3 years and above
Credit Score – 650 and above
Must be a resident of one of the following cities:
Required Documents
Pan Card Number
Professional Selfie
To be taken on the Freo App
Address Proof
Valid Driving License / Valid Passport / Aadhar Card
ID Proof
Valid Driving License / Valid Passport / Voter’s ID / Aadhar Card / Pan Card
How to Apply for Personal Loan
It is very easy to apply for a personal loan of ₹10,000 from Freo. You can apply for a loan either on our website or by downloading the Freo app.
Factors That Influence Pre-Approved Personal Loan Eligibility
Credit Score
The higher the credit score, the better will be your pre-approved personal loan offer.
Repayment history
Timely payment of outstanding bills mean a clean repayment history, which increases your chances of getting a pre-approved loan offer.
Income
You need to have a steady and stable income to get pre-approved for a personal loan.
Creditworthiness
Lenders will extend the pre-approved loan offer when they find you less risky to default.
Average Monthly Balance
If you have been maintaining a good average monthly balance in your bank account, you are more likely to be extended a pre-approved loan offer.
