What are pre approved personal loans?
A pre approved personal loan is a short term personal loan that is sanctioned for the existing customers of the banks as well as other non-banking financial institutions on the basis of your previous record of repayment. It is a short term credit approval with a good credit score and credit repayment history. If you possess commendable creditworthiness, you are considered to be a step closer to avail the opportunity of accessing a pre approved personal loan.
The banks and other non-banking financial institutions offer pre approved personal loans on the basis of a pre-fixed loan amount, a fixed tenure with minimal paperwork and documents and zero collateral security. However, you can easily opt for pre approved loans through Navi. Just download the Navi app to access the facility.
How to apply for pre approved loans through Navi?
Navi, a highly rated loan provider in India with a 4.4-star rating in Google Play Store, December 2020, is the best solution for your pre approved loan. The process for loan application is simple which can be completed within a few minutes. All you need to do is follow the simple below-mentioned steps to apply for a personal loan through Navi such as:
- Download the Navi App from the Google Play Store and simply register using your mobile number
- Click on the “Apply” tab in order to apply for a pre approved personal loan
- After that you are needed to answer a few simple questions such as:
- Your full name as mentioned on your PAN card
- Your PAN Card number
- Your age
- Your area PIN code
- Your employment details – Salaried/ Self-employed/ Others
- Your marital status
- Your monthly income level
- After submission of the online application form, Navi will do a digital eligibility check of the details mentioned which usually takes just a few minutes (sometimes even less)
- The loan amount would be Navi’s technology-driven app, which shows an offer that you can customize for the EMI, loan tenure as well as loan amount
- The KYC process would need to be completed by uploading a selfie and then verifying your Aadhar Number
- Post that, you need to link your bank account details for the loan amount to be credited instantly.
Features and benefits of having pre approved personal loans through Navi
These are the most highlighting features of the pre approved loans availed through Navi:
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Instant Approval:
The entire process of loan application through Navi takes less than a few minutes (sometimes seconds). Thus, a personal loan from Navi is digitally approved, the cash is instantly transferred to your bank account.
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100% paperless:
There is no documentation needed for a personal loan from Navi which can double up as a pre approved loan. Only your Aadhar Card number and your PAN number needs to be entered without any hassle of uploading any documents.
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Flexibility:
A personal loan from Navi can be taken upto INR 10 lakhs which can be repaid within a tenure of 36 months. The loan is approved by Navi’s technology-driven process.
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No collateral:
There is no need for a collateral or a third-party guarantee to apply for a personal loan from Navi.
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EMI Calculator:
The online loan EMI calculators will show the net EMI amount payable every month. You can customize the loan amount and tenure to find the EMI best suited for you per your disposable income.
Eligibility criteria for availing pre approved loans
Usually, any personal loan financer requires you to fulfill certain minimum parameters to avail the pre approved loan facility. However, since Navi follows a technology-driven model to approve loans, there are no fixed eligibility criteria for the same.
Most private lenders ask for these eligibility conditions:
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Age criterion |
The minimum age limit to apply for a personal loan is usually 18 years while the maximum is 65 years. For some financers, the minimum age limit can be raised to 21-25 years |
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Occupation criterion |
You should either be a salaried employee or a self-employed individual to avail the loan facility. |
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Income criterion |
Depending on the specifications by the lenders, you should be earning the necessary amount to avail the loan facility. The income levels may vary from lender to lender. |
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Credit score |
The minimum credit score should be 650+ |
Documents required for pre approved loans
Usually, in order to avail pre approved loans, you are required to submit certain documents to most private lenders. However, in the case of applying for a personal loan through Navi, there is no need to submit any documents. You can simply apply through your mobile application by providing your PAN and Aadhaar Card number only. There is no hassle of uploading any documents on the app.
However, in order to apply for pre approved loans offered by other private lenders, you need to submit the following documents:
- Identity proof
- Income proof as well as bank statements, salary slips, etc.
- Age proof
- Address proof
- Recent coloured photographs
Myths about pre approved loan
Although the pre-approved loan is quite a common and popular phenomenon, yet there exist certain deep-down myths regarding the same.
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Assurance of getting the loans
There is no assurance that your loan will be granted once it is pre-approved. If your details and the necessary documents cannot be verified, loan approval might be an issue.
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Receiving the loan
If you do not accept the terms and conditions of repayment, there is no pressure on you to accept the loan. You can choose the loan amount, tenure and EMI as per your convenience and disposable income.
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No penalty
There are surely certain aspects of penalty in case you cannot meet the relevant criteria or fail to repay the loan on time, which needs to be considered. Repayment of your loan on time is extremely important as it might also affect your credit score.
Apply for a loan from Navi app from anywhere in India
Irrespective of your location, you can easily avail the pre-approved loan facility from anywhere in India. All you need to do is to download the Navi app form Google Play Store on your smartphone and explore what it has to offer. Therefore, be it your hometown or anywhere else in the country, with just a few clicks on your mobile, you can easily arrange for the necessary funds in times of financial need.
So, with the increasing digital trend, you just download the Navi app and arrange for the relevant funds.
Frequently Asked Questions
Can you be denied a loan after pre-approval?
In case if your submitted documents cannot be verified successfully for any reason, your pre approved loan application might be denied. However, if you apply for a personal loan from Navi, your digital verification happens instantly and since there is no hassle of uploading any documents, the loan approval would not be denied after it has been digitally approved by Navi’s technology-driven application.
Does pre-approval guarantee a loan?
No, a pre-approval can never guarantee a loan as incomplete verification of the documents provided might cancel the application.
Can a pre approved loan be used for family marriage purposes?
A pre approved loan is a kind of personal loan. Therefore, it is a multi-purpose loan that can be utilized for any purpose whatsoever. Even a personal loan from Navi can be used for any purpose.
