13 May, 2025 | 11:01 IST
A personal loan could be helpful for unexpected expenses or emergencies like paying medical bills, home repairs, travel, or even to clear credit card dues. The proliferation of digital lending platforms in the last few years has made it quite convenient to avail a personal loan. Almost all banks and non-banking financial companies (NBFCs) are coming up with customised products and lucrative offers to attract more borrowers. Pre-approved loans have become a common reward for loyal customers of banks and NBFCs. The lenders offer pre-approved loans to some of the existing customers for their strong financial profile and healthy relationship.
Nowadays, managing finances quickly and efficiently is more important than ever and getting a pre-approved loan offer depends on your credit worthiness, income level and other factors. The pre-approved loans are designed to save time and provide instant access to funds when you need them the most.
Let’s take a look at important details about pre-approved personal loans you should take into account before borrowing.
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A pre-approved personal loan is an offer made by a bank or NBFC to select customers who have a good credit history and a healthy financial profile. Based on your past relationship with the bank – like a good repayment track record, regular income or consistent account activity – the lenders offer a fixed amount to borrow even before you apply for a loan. This means you don’t need to go through the long process of applying from scratch. The bank has already checked your eligibility and determined that you’re a low-risk borrower.
You can access multiple loan offers on digital lending platforms like the Moneycontrol app. As many as eight lenders are offering personal loans up to Rs 50 lakhs through the Moneycontrol app. The interest rates for these loans start at 10.5% per annum. The 100% paperless process ensures quick approval and faster reimbursement of the loan amount.
No lengthy application process
One of the biggest advantages of a pre-approved loan is that you skip the long application steps. Normally, applying for a loan involves paperwork, income verification, credit checks, and waiting for approvals. With pre-approved loans, most of this is already done. Since the bank already has your basic information and credit score, the approval process is almost instant. You may just need to confirm a few details, and your loan could be processed in hours.
Faster disbursal of funds
In emergencies, time is money. With a pre-approved loan, once you accept the offer, the funds are usually disbursed within 24-48 hours, sometimes even within minutes if it’s from your existing bank. This is much faster than traditional loans, where disbursal can take up to a week or more.
Less documentation required
Documentation can be time-consuming. Traditional personal loans often require you to submit income proof, address proof, ID proof, bank statements, and more. In a pre-approved loan, because your lender already has your KYC (Know Your Customer) documents and transaction history, the need for additional paperwork is minimal or even zero. This speeds up the whole process.
Hassle free online processing
Most banks and lenders now offer pre-approved loan offers through online banking or mobile apps. You can check your eligibility, accept the offer, and complete the process in just a few clicks—without stepping out of your house. This 24x7 access means you don’t need to take time off from work or visit a branch to get the loan processed.
Through the online lending platform of Moneycontrol, you can access personal loan offers for up to Rs 50 lakhs from eight lenders. The interest rates start at 10.5% per annum, and the application process can be completed in a completely paperless mode.
Instant access
When you already know you’re eligible for a pre-approved loan, it helps in financial planning. You can make decisions faster—whether it’s to book flight tickets during a flash sale or grab a limited-time home appliance offer. You don’t have to worry about loan approval delays because your access to funds is already confirmed.
Often comes with better terms
Pre-approved loans are usually offered to existing customers with a good repayment record, so the interest rates and terms are often more attractive. While this doesn’t directly save time, it saves you from shopping around for better deals, which also takes effort and hours of comparison.
To conclude, availing a pre-approved loan should be based on your financial needs and thorough evaluation of interest rates, fees and repayment schedule. Before accepting a pre-approved loan, it’s advisable to choose the loan offer that aligns with your financial needs without leading to any debt burden in future.
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