How to Get Pre-Approved Personal Loans with Ease

While personal loans have been a common solution for dealing with multiple expenses, today, there are other alternatives through which borrowers can secure credit for their financial needs. You might have heard of pre-approved loans, which are not very different from standard personal loans in nature. However, with pre-approved loans, it is the lender who makes the offer to you before you apply for the loan. This offer is pmade based on your creditworthiness, and with the lender already completing their evaluation before sending the offer, the processing and disbursal time for such loans is usually quick.

Usually, the bank where a person’s savings account is maintained, qualifies the person for a pre-approved loan. There are many FinTech platforms who have your financial details, also qualifying their customers for a pre-approved personal loan. IDFC FIRST Bank also qualifies its savings bank account customers and other relationship holders for pre-approved loans.  

However, if you don’t have pre-approved loans or still want to explore for better rates and smarter solutions to traditional personal loans, try IDFC FIRST Bank’s FIRSTmoney, the smart personal loan. If you have a credit score above 730 and are salaried, you can also consider IDFC FIRST Bank’s industry-first proposition – FIRSTmoney. FIRSTmoney is a smart Personal Loan wherein you get a sanctioned credit line through which can access funds to deal with your expenses whenever needed.

If this interests you, do read on to learn all about FIRSTmoney and what you need to be eligible for pre-approved loans. However, in strict terms. it is not a pre-approved loan if you are a new customer to the bank, but a  credit line with an approved limit from which you can keep withdrawing your requisite amount(s) as and when required. It is seen as a first-of-its-kind solution in the industry  – a smart personal loan with flexibility and a host of unmatched advantages, fast becoming popular among customers.

Who can apply for a FIRSTmoney credit line?
 

Take a look at the eligibility criteria for FIRSTmoney loans in detail:

• Employment: FIRSTmoney loans are available to Salaried and Self-Employed Individuals with a stable monthly income.
• Age: The applicant must be aged between 21 to 60 years to apply for this credit line.
• CIBIL score: To obtain a FIRSTmoney loan, the applicant needs to have a strong CIBIL score of 730 and above.
• Documents: The applicant will need to present their physical PAN card at the time of completing the video KYC process.

What are the benefits of FIRSTmoney smart personal loans?
 

A FIRSTmoney credit line is designed keeping your dynamic financial needs on top. Take a look at why you should opt for a FIRSTmoney loan:

• Multiple Withdrawals from your sanctioned limit
  FIRSTmoney offers you the flexibility of unlimited fund withdrawals. You can make unlimited withdrawals up to the approved limit without any restrictions in multiples of ₹5000, allowing you to address your financial needs whenever required.

• ZERO Foreclosure charges
  FIRSTmoney also has a zero foreclosure charge policy in place, which means you can utilise the funds as needed and foreclose the loan in full without incurring additional charges.

• One time setup of sanction limit with no maintenance charges
  Once you have applied for your FIRSTmoney smart personal loan, you will get a sanctioned limit for your credit line based on your creditworthiness. There are no maintenance charges that you would have to incur on your sanctioned credit line.

• Instant Approval & Quick disbursements of loans into your bank account
  You can apply for a FIRSTmoney smart personal loan via a completely digital application journey. The approval and disbursal processes are quick and once your documents are successfully verified, you can get your FIRSTmoney credit line sanctioned. Once this is done, you can immediately start withdrawing funds multiple times basis your requirements &  expenses. 
  

•        Flexible Repayment: Choice of EMI tenure and dates
  
  With FIRSTmoney, you have the flexibility to choose from a range of repayment tenures, spanning from 2 months to 60 months.

  ·         No foreclosure charges

  ·         Unlimited withdrawals

  ·         Flexible repayment options

How to apply for a FIRSTmoney smart personal loan?
 

To apply for a FIRSTmoney personal loan, follow these simple steps -

• Start by scanning the QR code or clicking loan from your smartphone.
• Register using your mobile number and confirm basic/personal details to check your eligibility.
• Select the loan amount of your choice starting from as little as ₹ 5,000 up to your full credit limit and choose Flexible repayment terms.
• Link your bank account where you wish the funds to be disbursed.
• Complete the Video KYC verification process with your physical PAN card

Once your credit limit is approved, you can start using the funds as per your requirements and withdraw funds either in instalments or in one go.

Key considerations to be eligible for a pre-approved loan
 

You need to keep the following in mind to be eligible for a pre-approved personal loan:

• Make sure to keep a clear credit history.
• Always see to it that your debts are paid off on time to ensure a clean repayment record.
• Keep your credit score above 730 to get favourable loan terms. 

Making a smart choice
 

A pre-approved loan is a streamlined and convenient way to access credit tailored to your financial profile. When you are eligible for a smart personal loan like FIRSTmoney, it makes more sense to opt for it instead of a standard personal loan when it comes to meeting your diverse financial needs. With a completely digital application process, quick approvals, and flexibility to withdraw funds as needed, a FIRSTmoney credit line can be the best fit for your dynamic requirements. Apply for a FIRSTmoney loan today and get instant access to funds to stay on top of your expenses.