Are pre-approved loans key to seamless consumer financing?

How can I find out if I'm pre-approved for a consumer durable loan, and will it help speed up the application process? Additionally, what are the benefits of being pre-approved, and does it make the overall experience smoother?

- Akash Bararia

Most pre-approved consumer durable loans are a convenient way to finance big-ticket purchases. These loans are typically offered by banks and non-bank lenders to existing customers based on their credit profile. Here's how you can check your eligibility and why pre-approval can simplify the process.

Check for pre-approval

Online platforms: Lenders allow customers to check pre-approved loan offers on their websites or mobile apps. Log in to your account or provide basic details, such as your phone number or email ID, to access the information.

Customer support: Reach out to your lender's customer care service to confirm if you have a pre-approved offer. Speaking to a representative can be helpful if you prefer direct interaction.