I am an eligible customer for pre-approved loans in ICICI Bank, so I can tell you what is pre approved personal loan. It is basically for selected customers who meet certain criteria like an excellent credit history. The most advantageous part of such loans is that you do not need to provide security and the interest rates are also minimal. Let me break it down for you.
What Does Pre Approved for a Personal Loan Mean?
So, the answer to what is the meaning of pre approved personal loan is that it is an instant loan prerequisite for selected customers. As I already mentioned, such loans do not require any collateral or security. You are eligible for pre-approved loans with quick processing time if you have a good credit history. Since I am a customer of ICICI Bank, I can share some benefits of pre-approved loans in ICICI bank. These include -
Low Interest Rates
Pre-approved loans usually offer reasonable interest rates along with minimal documentation, making the entire process smooth and hassle free.
High Loan Amount
Another significant advantage of being a pre-approved customer is that you get a higher amount of loan, up to Rs. 20 Lakhs.
Instant Approval and Zero Collateral
Loan disbursal is quick in such cases and you also don’t need to provide any collateral or security.
Also, there are two major eligibility criteria for pre-approved loans.
Good Credit Score: The candidate must have an outstanding track record of timely repayments and a good CIBIL score.
Existing ICICI Bank Customer: If you’re already an account holder in ICICI Bank, then it’s a bonus advantage. You can easily access personal loans via the iMobile app or
ICICI Bankofficial website.
I hope this gives you a rough idea of what does pre approved mean for a personal loan.
Enjoy Hassle-Free Repayment Option for Your Personal Loan via NB Instacash Read moreHow to Get ICICI Personal Loan Statement?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
Authors Of The Question
What is Pre Approved Personal Loan?
Jaideep
9Views
22 days
2024-10-30T14:49:21+00:00 2024-10-30T17:45:30+00:00Comment
1 Answers
Share