Pre-Approved Personal Loans: What to Know Before Saying Yes
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Moneycontrol•17-01-2026, 19:55
Pre-Approved Personal Loans: What to Know Before Saying Yes
- •Banks and NBFCs heavily promote personal loans due to higher interest rates and profitability compared to other loan types.
- •Pre-approved offers mean your credit profile meets basic eligibility, but interest rates, fees, and terms are disclosed later.
- •Personal loans are unsecured and generally more expensive, with interest rates typically ranging from 11% to 18%.
- •Consider alternatives like top-up loans or credit card balance transfers, which might be more beneficial.
- •Always inquire about interest rates, processing fees, and prepayment penalties before accepting any personal loan offer.
Why It Matters: Exercise caution with pre-approved personal loan offers; always check interest rates, fees, and terms.
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