A personal loan application can take between one and seven days to get cleared, which can be a tough time for a customer. That way, being able to check the loan status online is helpful for the customer. One can get to know the loan status offline as well. Let’s look at the different ways you can check loan status.
How To Check Loan Status Online?
Most people take personal loans for big buys, debt merging, emergency costs, etc. In such cases, an online loan status facility makes it quick for a customer to apply and see. For these loans, one needs to log onto the lender’s website and type in some of the information given below for verification:
- Mobile number
- Date of birth
- Application reference number
- Full Names
- PAN Card
- Any other unique number provided by the lender
When checking online loan applications, one can also download the certificates and statements easily. Not only that, but it also allows customers to view offers that are specifically tailored to them from time to time. Also, banks give EMI payments, including for foreclosures. Other features include updating contact email, address, and phone number, and even checking loan information like interest rates, etc.
What to Keep In Mind While Checking Loan Status Online?
- When you check your online loan application, make sure you have your reference number, date of birth, name, and cell phone number on hand.
- If one is unable to view their loan application, it is best to contact the lender’s customer care numbers. These numbers are mostly toll-free.
- If your loan is rejected, it could be due to many reasons, like your credit score, other loan accounts, or loan repayment history.
How To Check Loan Status Offline?
Check the loan status through customer service
If one does not prefer to check loan status online, there are other options. One can call the customer service numbers of the banks. You can call or email these customer care departments to also know the loan status. When one calls customer care, one needs to give the reference number and the registered mobile number to the representative. If one emails the bank, they need to provide the details in the email. Banks mostly respond to the email within 24 hours.
Check the loan status by visiting the bank
If someone is looking for personalised banking services, they can visit the branch of the bank. One just needs to have the reference number provided while applying for the loan. The lender might also ask for valid identity proof to confirm the customer’s identity. Once provided, the bank will help them track the status of the personal loan application.
How Does a Personal Loan Work?
Personal loans need to be repaid in a set amount of time. When a personal loan application is approved, the lender will pay the entire amount at once. The amount is directly sent to the customer’s bank account. The length of the loan is called a “term.” The APR is the amount of interest, including other fees, that will be charged for applying for a personal loan.
Things to Keep in Mind While Applying for a Personal Loan
1. Keep a good credit score
A good CIBIL score shows a customer’s creditworthiness based on their history of credit repayment. The score should be between 300 and 900, and a score above 750 is considered perfect for getting a “yes” for a personal loan application. A low credit score indicates poor debt management and may result in the loan being denied. Automating the payments is a good way to keep the score up. Another way is to pay the credit card instalments on time.
The other benefit of having a good credit score is low-interest loans. Checking credit scores on a timely basis is important to understand what steps to take to improve them. One can get free credit reports from credit agencies like TransUnion, CIBIL, Experian, or CRIF Highmark.
2. Never send multiple queries
If someone applies for a personal loan, they should never apply for multiple loans. It will reduce their credit score. How? When one applies for multiple loans in a short period it is called a “hard inquiry” and reduces the score every time. Instead, one should check out financial markers online and see the personal loan options from different lenders.
3. Compare interest rates from different lenders
This is an important task when one applies for a personal loan. Check the sites of different financial institutions or aggregators, which will give one an idea of what the interest rate in the market is and how much the instalments will be for the loans. Get the best personal loan financing at the lowest personal interest rate.
4. Choose the right amount
One should make a list of all the needs and expenses they have and then add on top, of the ones they need a loan for. It could be buying a car or paying for a medical emergency. Based on one’s income and expenses, including the instalments, it will help one decide how much of a loan one can afford.
5. Don’t fall for gimmicky plans
Many lenders promise low-interest loans, but in reality, they turn out to be much more expensive than expected. These are often based on floating interest rates. Many also include costs and charges in the paperwork. Therefore, choose a lender who is transparent about the personal loan and the total cost.
Now, banks and lenders have made the process to check loan status easy, both online and offline. The loan status can either be checked on the lender’s website by providing information for verification or by visiting a bank. The processes are clear, and the information is just a click away. That way, one can read about instalments, the interest rate, and the loan term.
If you wish to know more about personal loans or finance, check out Piramal Finance. Don’t forget to look through their amazing services!