A pre-approved personal loan is a loan that is approved for specific individuals with good credit ratings. Banks/lenders always sort the candidates with good credit scores and offer them low-interest rate personal loans with less or without any documentation.
Such loans are pre-approved by the bank and NBFC’s, making them quick and easy to disburse. A pre-approved personal loan is also a good practice to boost the sales of loan products. These pre-approved loans come with minimal (even zero) documentation, as most of the credit checks are already done by the bank before offering you the desired personal loan. For more on pre-approved personal loans, click this link.