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What is a pre-approved loan? Eligibility and features explained

Updated : September 24, 2020 08:58 PM IST

Lenders usually offer pre-approved loans to their existing customers whose credit profiles match the set loan eligibility criteria.
They usually select beneficiaries on the basis of the preliminary evaluation of their credit score, monthly income, job profile, employers’ profile, transaction history and other criteria used for deciding loan eligibility.
What is a pre-approved loan? Eligibility and features explained

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