While technology is evolving like never before, banks and NBFCs have also shifted most of their services to online portals. All thanks to this shift, they now have quicker and simpler ways to solve their customers’ issues. This helps save time and effort for both the banks and the customers. Now, you can apply for a personal loan online and even check its status with the click of a button.
Have you applied for a personal loan and visited the bank now and then to know its status? It is now easier to track your loan application status in less than 5 minutes through your mobile phone without making frequent visits to the bank. Learn how you can check your loan status online with the help of this article.
What is a personal loan?
A personal loan is an amount borrowed from a lender at a certain interest rate to meet certain urgent expenses, such as a child’s education or the purchase of a car, or a sudden tragedy, such as any medical emergency for which you need urgent funds. Personal loans are given by commercial banks and non-banking financial institutions (NBFC) to help one meet their personal financial needs. Since you do not have to pledge your assets against a personal loan, it is an unsecured loan.
Personal loans are also easier to apply for than other types of loans and take less time to complete because there are fewer steps involved.
Features of a personal loan:
Source of emergency funds:
A personal loan is a good source of urgent funds because it requires fewer documents and is quicker to get.
Simple to obtain:
Personal loans are also easy to apply for and take less time since there is not much documentation involved.
No collateral is required:
When taking a personal loan, you will not be asked to pledge your assets against it as collateral.
As it is a collateral-free loan, interest rates are also higher.
The loan amount is quite small compared to company or business loans since they do not have any land or assets pledged that could fix the loan amount.
To qualify for a personal loan, you must have a good credit score.
How can you check the status of your loan online?
- Most banks and other lenders have started giving their customers e-banking services. Tracking your loan status online is now easy and hassle-free, saving you the time and effort of travelling to the bank.
- Once you are done with your loan application and the KYC checks that the bank conducts, you are given your loan ID and other details.
- And after all documents and procedures are in place, you can check your loan status using the bank’s and NBFC’s official websites.
- Many banks often have different ways of offering this facility. While few banks use just a mobile number and an OTP (one-time password) sent to it to log in to their customer portal, other banks might ask for a reference number, PAN card number, or other such details.
- Once you enter the details asked and they match correctly, you will be taken to your account, which you can use to check the loan status and retrieve other related data from here.
- You might be asked any or all of the following data while trying to access your account:
- Reference Number
- PAN Card
- Date of Birth
- Mobile Number
Portals for your help:
- Net Banking
- Mobile Number or Toll-Free Number
- Customer Service executives via chat or call both
- Mobile Application
How is the online banking facility useful?
- It is a quick and easy way to access your loan status.
- It is an easy way to rectify any errors in the application you gave to the bank.
- It does not charge you any fee for using your account and checking your data.
- It gives all the data you may need about any service the bank provides aside from loans.
Tips to follow for safe banking online
With the rise in cyber crimes and fraud, it is crucial to be alert while using any e-banking service, such as checking your loan status. Follow these tips and be safe.
- If you want to use your bank account on an online bank portal, use private Internet.
- Avoid using internet cafes or “cyber booths” for net banking.
- No bank or NBFC would call you and ask for any data about your account, Beware of any such traps.
- In any case, do not share any bank details like your ATM pin, account number, Aadhar card number, or OTP sent to your mobile number.
Also, read the advice from the Central Bank of India: The Guidelines of the RBI on Internet Banking.
In today’s era, everything is going online, including banking services, making it more convenient, user-friendly, and time-saving for you. If you have applied for a personal loan and wish to know its status, whether approved, rejected, or on hold, you no longer have to visit the bank, wait for your turn, and seek the banker’s advice. You can access your loan approval status using your lender’s website or app. This will help you save yourself time and effort. If needed, take help from wise people you trust or the bank or NBFC, who are always ready to help their customers in every possible way. Piramal Finance has made all your loan and bank-related data just a click away. Also, we strive to make your online banking experience a safe and secure one. We know everything you want to know!
Read more about other finance-related topics and make yourself aware of all the related articles on our website. Visit Piramal Finance and explore the finance world on your mobile phone right now!