Whenever a loan application of an individual is considered for approval, the first and foremost aspect that is observed by the lending firm is the CIBIL score or the credit score of the loan applicant. This factor remains the most crucial criteria for deciding whether to approve the loan or not, though there are exceptions where the lending bank/financial institution considers other criteria for loan approval. To state simply, if the individual has a good credit score, the chances of getting a loan increase. Coming to the concept of pre-approved personal loan, the banks come up with it to target individuals who have a good credit score. As having a good credit score reflects the better ability of the repayment of the loan amount, lending companies (banks and NBFCs) prefer such people to ensure that the money given in the form of loan is returned in the allotted time with the decided interest rate. Though banks use the offering of pre-approved loans as a medium to promote their services and compel a potential loan seeker to take a loan from them, the final decision of the loan approval is taken by the bank; and even the pre-approved loan could be rejected if the loan applicant does not meet the criteria mentioned by the lending company/bank. So, an individual should not be under the impression that he/she will get the loan just because the bank is offering them a pre-approved loan.
As mentioned earlier, the basic or general criteria for any loan application to get approved is the credit score/CIBIL score of the loan applicant, an individual should look for ways to improve his/her credit score. As the credit score depicts the credit history of an individual, a loan seeker must look forward to improving their credit score. The potential ways to improve the credit score are: if you have a credit card and there is some due amount left to pay, you must ensure that the repayment is done timely without any delay; another way of improving the credit score is by getting another credit card (whether you need it or not); you can improve your CIBIL score if you are able to extend the credit limit of the credit card (as this would reflect that your creditworthiness is increased); you must always stay updated and keep a regular check on your credit score - this would help you analyze whether the score is going upwards or downwards; another factor that may improve your credit score is by availing different kinds of credit cards; and, if you have any existing loan, make sure that you pay the EMIs (Equated Monthly installments) on time.
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