How to Track Personal Loan Status

Dec 6th 2023
Loan
How to Track Personal Loan Status

How to Track Personal Loan Status, Almost every applicant wants to know if their loan application was accepted, denied, or is still being processed after submitting it to the bank or lender. The applicant is left unsure of what to do next as they do not know the loan's current status. So let's continue reading to find out how to follow these procedures both online and offline for your personal loan application:

How to Track Your Personal Loan Status Online

The most efficient method to follow the progress of your loan application is to go to the lender's official website and look for the section where you may do so. The majority of banks and NBFCs offer a distinct part for the same, which just has to be filled out with the following details:

  • Complete Name of Applicant
  • Date of Birth
  • PAN card
  • Registered Mobile Number
  • Loan Reference or Registration Number, if any
  • Any additional information that the bank provides

Read More: Is It a Good Idea To Get a Personal Loan?

How to Track the Loan Application Status Offline

If your application for a personal loan is denied or takes too long to process, you may evaluate your alternatives from many banks and non-bank financial institutions by visiting online financial markets such as Investkraft.com. These online markets will present you with personal loan possibilities according to your age, location, career type, credit score, monthly income, etc.

  • Through going to the bank or NBFC branch;
  • Calling the toll-free number or customer service department for personal loans;
  • Or using Net Banking to track their application (for current clients only).

Checking the Loan Application Status Through Customer Service

You may also follow the progress of your loan application with the assistance of the lender's customer care division. To find out how your loan is progressing, you may email or phone the customer support team. You must give the customer service agent the reference number and your registered mobile number when you call. Here, you can follow your status in a matter of seconds. If you compose an email, you need to offer all the data accurately to the bank. The bank will get back to your inquiry within 24 hours.

Read More: Tax Benefit on Personal Loan: How to Avail Tax Benefits?

Different Ways to Monitor the Status of Your Personal Loan

There are several methods that you may monitor the progress of your personal loan. You can see what you'll need to monitor the progress of your personal loan application by looking through the list below:

Mobile number: The bank will require your mobile number when you apply for a loan. With the use of their mobile numbers, many banks enable clients to monitor the progress of their applications. This is applicable to both online tracking and customer support interactions.

Reference number: Upon your loan application, the bank will provide you with a reference number. After you apply, this number will be delivered to your mobile number. You can use this number at several stages when following the status of your loan application.

Net banking: Existing customers of a bank can track the status of their loan applications through their net banking accounts. You need to log in to the account and check the progress of the application under the loans area.

How to apply for a personal loan?

You may now apply for a personal loan online or in person at the closest bank location.

Online approach:

Every bank has an internet site. The customers may visit the official website of the bank and input facts such as name, income, employment and property papers to apply for a personal loan. The bank will process your application and authorise your personal loan when it has been submitted. Through easy procedures, applicants may track their personal loan applications both online and offline.

Offline approach:

You may go to the bank, complete the application, and turn it in with the necessary paperwork. Generally, the processing and approval/rejection of your application may take up to 30 days. You may also contact the customer service hotline to apply for a personal loan.

Factors Influencing Your Loan Application

Your loan application is impacted by a few other elements in addition to the eligibility requirements, including the minimum wage expectation and your loan amount eligibility. They are:

1. Location: Your loan application is heavily influenced by the area you dwell. This establishes the minimal wage required in order for you to qualify for a personal loan. Cities often have higher minimum salaries, especially larger metropolises like Mumbai.

2. Income: You will receive a larger loan amount if your income is higher. This further demonstrates your outstanding capacity for repaying.

3. Housing situation: Your loan amount is also influenced by whether you live in a rental property or in your own home. This is due to the fact that residing in a rental home lowers your discretionary income, which in turn lowers your ability to repay debt.

4. Employer: If you have worked for a reputable firm for more than a year, the lender may see this as proof that you have a solid job; the higher the company's rating, the more favourable interest rates may be negotiated.

5. Running debt history: Your credit history will have a significant impact on the loan amount and interest rate you receive. This includes past credit card debt and other loans.

6. Credit history: Your credit score is determined in large part by your credit history. It is the main determinant of the loan amount, interest rate, and term. Your loan may be denied outright if there are any discrepancies in your credit history.

FAQs

How Can I Check the Progress of My Application for a Personal Loan?

Online or offline, you may monitor the status of your home loan application. To follow the progress of your house loan application, you might need to supply information such as your applicant name, reference number, date of birth, mobile number, or PAN number.

Will Personal Loans Only be Available to Bank Customers?

While current clients may have an advantage when negotiating the conditions of a personal loan, this is not limited to them. All those who fit the loan requirements are eligible to apply.

How Will I Be Informed If My Application for a Personal Loan Is Accepted or Denied?

The applicant will be notified in the event of acceptance or rejection via SMS, email, or registered mail. If your loan is granted, the letter will prove de information about it; if it is denied, it will include information on why it was denied, which you may use to improve your chances of getting your loan authorised in the future.

How May the Personal Loan be Repaid?

You make equal monthly installment payments (EMIs) on the loan. Postdated checks will be used to repay the debt. Additionally, you have the option of paying using the Electronic Clearing System (ECS) or a standing order that will debit the EMI amount from your account.

The Conclusion

In conclusion, it might be useful to know the status of your loan application in a variety of circumstances. For example, you can immediately begin seeking for money from other sources after monitoring the loan progress if your application is denied for whatever reason. The various loan status tracking options provided by lenders are intended to increase the lending process's transparency.

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