Due to the current volatile economic condition, there has been a shift in the borrowing sentiment of individuals. A recent study reveals a robust YoY growth of 13.5% in the personal loan segment. The major factors attributing to this growth are the lack of end-use restrictions and an easy application procedure.
To further facilitate its application and assist borrowers, lending institutions extend various methods for individuals to track their personal loan status.
How to check the personal loan status online?
To check the status of their personal loan online, borrowers need to provide the following details:
- Name
- Contact number
- PAN
- Date of birth
- Reference number of their personal loan application
Mentioned below are various methods through which one can track the status of their personal loan:
- Tracking loan application via reference number
Major lenders provide a unique number against the loan application, which helps the borrowers check the status of their online instant personal loan. One can follow the below-mentioned steps to find loan status using loan or application ID:
Step 1: Visit the lender’s website and share loan ID
Step 2: Click onsubmit to check the status of the personal loan
- Tracking loan application via mobile number
One of the most convenient ways to track personal loan application status is through a mobile number. Individuals need to follow these steps:
Step 1: Visit the lender’s website and locate the personal loan option
Step 2: Under the personal loan option, search for track application status
Step 3: Under the new tab, enter the mobile number to proceed
Step 4: Upon filling in the contact number, an OTP will be generated. The user needs to confirm the OTP to comprehend their personal loan application status
- Tracking loan application via net banking
Existing customers can utilize their benefits by tracking the status of their loan application through the following steps:
Step 1: Log in to the net banking portal by entering the respective credentials
Step 2: Visit the loans section to proceed further
In this portal, one can easily apply, check, and know relevant details regarding their personal loan application status.
How to check personal loan status offline?
Borrowers can also track their personal loan statusoffline through one of these methods:
- Tracking loan applications via customer care
Follow these steps to know the status of loan application via customer care:
Step 1: Find the customer care number of the preferred lender
Step 2: Address various financial queries and seek the loan application status by dialing the appropriate customer care number
Willing borrowers can also visit the financial institution’s branch and follow these steps to know their application status.
Checking a loan application status depends primarily on an individual’s capacity to meet the eligibility criteria set by a lender and the documents required to complete this process.
Personal loan eligibility
There are a few things that lenders take into consideration before processing personal loan applications, and personal loan eligibility is one such criterion. Here are the details –
- Age: 20 to 60 years
- Credit score: Above 750
- Employment status: Salaried with MNC or public and private limited companies, or self-employed with required business vintage
- Monthly income: As per the requirement of a lender
Personal loan documents
- KYC papers
- Employee ID card for salaried individuals and business proof for self-employed ones
- Salary slips for salaried professionals and business turnover documents for self-employed ones
- Bank account statement as specified by lenders
Prospective borrowers must meet these parameters to obtain high-value loan amounts at competitive personal loan interest rates.
Meeting/exceeding the eligibility parameters also deliver added benefits to existing customers. Leading financiers like Bajaj Finserv extend pre-approved offers to customers who meet the eligibility. These offers help streamline the application process and are available across a wide range of financial products, like credit cards, business loans, etc. Individuals can check their pre-approved offer in seconds by entering their essential contact details.
Besides fulfilling the eligibility, borrowers must also make an informed borrowing decision by knowing when it is a good idea to avail of a personal loan.
Additionally, borrowers must decide their monthly instalments before borrowing to determine the loan’s affordability and overcome any delinquencies. A personal loan EMI calculator can be beneficial in calculating EMIs and planning loan repayment efficiently.
Knowing the personal loan status may be instrumental in various situations. For instance, if a lender rejects a loan application, the applicant can determine the same quickly without any hassles. The multiple modes offered by lending institutions to facilitate this process aims to improve transparency corresponding with the lending process.
