Pre-Approved Personal loans and finance

Pre approved personal loanAt Equipfin we offer a free Personal Loan Pre-approval service A Personal loan pre-approval allows those who are still looking around to do so with the confidence that the funds are available, if and when they need them. Never lose out an an opportunity to grab a bargain deal again, by knowing the funds are there and ready if you need them!

  • Fast, helpful service.
  • Low rates.
  • Excellent if you plan to buy at auction.
  • Flexible contract terms.
  • Fixed monthly repayments.
  • Fixed interest rate.
  • A balloon or residual optoinal.
  • Deposit or a trade-in may be used.
  • Shop around with confidence.

Do I Need A Pre-approved Personal loan?

A Pre-Approved Personal Loan should be in place for anyone who is shopping around, particularly if you are buying a used car or boat or you are buying privately. Having a pre-approval in place will give you a competitive edge and provide you with the following advantages;

  • You will be able to access funds quickly. If you are buying a used car or boat you may run the risk of losing out to a buyer who has taken the time to organise their finances and can offer the seller an immediate settlement.
  • You can bid confidently at an Auction knowing the funds are in place and you will not risk losing a deposit from not being able to organise your loan quickly enough.
  • You will have peace of mind, knowing you don't run the risk of missing out on that great deal that has taken a long time to find.

How Much Does A Personal Loan Pre-Approval Cost?

Nothing, it is a free service we provide. You don't even have to use the Loan Pre-Approval if you don't want to, we settle about 90% of our Pre-Approved Loans so of course it is a service we gladly offer

Equipfin is part of the Platinum Direct Finance group of companies who will finance over 800 million dollars worth of Vehicles , Trucks , Boats , Equipment and Machinery this year! Due to this volume and buying power, we can give our clients access to the best personal loan rates and financing products across Australia.

pre approved personal loan | Last Updated: May 31, 2013 11:39 (IST)

“Congratulations sir, you have been sanctioned a pre-approved personal loan of Rs. 5,00,000. All you need to do is contact our nearest branch to complete a few simple formalities.”

Baffled by such a call from a pesky telemarketing executive? Well, you sure aren’t alone. Almost every day banks use telemarketing executives to sell pre-approved loans to prospective borrowers. So do such loans actually make sense and how minimal are the formalities? Here are the several finer points of a pre-approved loan you must look out for to decide if it is actually worth it.

Pre-approved loans and credit record:

From the secured home and car loans to the unsecured credit card and personal loans, pre-approved loans exist for all. So how do banks pre-approve a loan, even without having a look at your documents?

The answer lies in your past credit track record. Banks judge your eligibility on the basis of the various accounts you may be holding with them. For example, if you have a salary account with the bank, it makes it possible for them to know the salary drawn, the liquidity in your account, if any loans are being serviced with late payment fees, and your cash outflow. Credit cards, too, give an insight into your finances. Put simply, a savings account plus a credit card with a bank gives a clear picture of the amount of loan you could be eligible for and your behaviour towards debt.

Pre-approval does not imply guaranteed sanction:

Though you may have been made an offer for a loan, the bank is under no obligation, and sanctions are purely subject to successful verification of all relevant documents. So in reality, the requirements of a pre-approved loan are quite similar to a regular loan. You would still be required to provide your bank your account statement, your PAN details, salary slips and tax returns details. If you are already an existing customer with the bank, this procedure could be a bit easier as they already would have the information.

For all secured loans, banks would do a check as required on the property, asset quality etc. It will sanction and disburse the loan only if it fits the banks’ pre-determined criteria.

Though often sold as low interest rate loans, pre-approved loans do come with a fee attached. Banks charge a pre-approval loan processing fee.

So should you consider such offers?

Pre-approved loans are in reality no different from the regular ones. In a way we could also consider it as a means by which banks cross-sell products to their customers. Hence, they could get a bit pushy in this regard. Nevertheless, it pays to do your bit of assessment before taking any decision.

Availability of discounts: Look out for the discounts. Most banks offer a discount on the interest rate of a pre-approved loan.

Quicker loan processing: With the bank already having most details about your finances, the time taken to process the loan is generally lesser.

Negotiating with your seller: Having a pre-approved home loan in your hand sure does give you an edge when it comes to negotiating with your seller. The builder is aware that your finances are ready and you are a genuine buyer as pre-approved loans are available for a specific period only.

Fixed time-frame: Pre-approved loans are valid only for a certain period of time. So if you have been offered, say for example, a pre-approved home loan, you need to shortlist your home at the earliest. The money is not released till you have selected the property and have all the formalities in place.

Additional processing fees: You end up paying processing fee twice in cases where you don’t use the pre-approved loan within the valid time and you later opt to get it approved.

Questions to ask yourself when such loan offers are made to you:

1. Do I really need the loan? Do not go in for it simply because you have been offered one. Remember, every loan comes at a cost. So if you really don’t see the need, stay away from it.

2. Does the pre-approved loan offer any extra benefits? Of course, such loans do have their share of advantages as mentioned above. Nevertheless, do a comparison with a regular one and see if you save on the cost.

3. Is the loan amount right for me? Banks pre- approve loans on the basis of your credit history and any previous loan repayments. So the amount approved may actually not be as per your requirement. The first step in this regard is to decide on the loan amount on the basis of your requirement and not because a certain amount is being offered to you.

ICICI bank personal loans: customers can now get pre-approved Instant personal loans through ATMs

Pre approved personal loan

ICICI Bank launched instant personal loans facility for its customers on Thursday. The new move from India’s largest private lender will introduce instant loan format for its customers. These ICICI Instant personal loans disburse personal loans right away for customers through ICICI ATMs. Also, this new ICICI personal loan service provides personal loans of up to Rs. 15 lakh for existing salaried customers.

As per the press release, these ICICI instant loans will be processed in a complete digital and paperless manner. Customers will be displayed an option to avail loan after the balance enquiry or cash withdrawal from ATM. Since ICICI bank always stands up for digital innovations, these loans through ATM will help customers with easy banking.

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“ICICI Bank has been at the forefront of digital innovations since its inception. The offering of an instant personal loan at ATMs enables our customers to receive funds conveniently when they choose to opt for the loan,” says, Anup Bagchi, executive director, ICICI Bank.

“We believe that this compelling proposition of a completely paperless procedure and instant disbursal of funds through our ATMs offers a unique experience to our customers,” he added.

This ICICI instant loan at ATMs includes swift application process in simple steps. Multiple pre-approved loan amounts will be shown at ICICI ATM loans based on pre-checked CIBIL scores. After the next level authentication, funds will be transferred to account immediately.

“It also incorporates an additional level of authentication to make the security of the offering robust. Through this offering, a customer can get personal loans of up to Rs. 15 lakh for a fixed tenure of 60 months,” a statement noted.

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Steps to avail ICICI instant loans through ATMs:

  • Multiple pre-approved loan amounts will be displayed depending on the customer’s eligibility.
  • Select the required loan offer and confirm the auto populated interest rate, processing fee, and EMI amount
  • Accept the terms and conditions displayed
  • Enter debit card PIN

The money gets transferred to the customer’s account instantly on completion of the process.