Do you know who gets pre-approved loans?
A pre-approved personal loan is offered by banks to selected customers whose eligibility has been determined in advance. The loan amount is fixed based on income, CIBIL score, and transaction history. Generally, banks send an SMS or email to those with a good credit score. The loan is sanctioned with minimal documentation. However, there is a possibility of a higher interest rate. Therefore, experts advise taking this loan only when necessary.
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