Tracking your Personal Loan application status can help you stay ahead of the curve and tackle any shortcomings. Most banks and NBFCs today provide tools to track the status of your personal loan application. Thus, you can easily check the status of your personal loan application both online and offline. In this article, we will be describing the various methods to check the status of your personal loan application.
Most lenders these days allow you to track the status of your personal loan application online on their website. It is the most convenient method to track your personal loan application. All you need to do is visit the lender’s website and provide a few basic details such as:
Application Reference Number
Date of Birth
You can also track the status of your personal loan application through the conventional offline method. Simply visit your nearest branch office of the lender and raise a request to know the status of your personal loan application. You must keep your loan application number and an identification proof handy to know the status of your personal loan application.
Apart from the online and offline ways to track the status of your personal loan application, you can also call the lender’s customer care desk to know the status of your application. You will still need to provide your loan application number and your mobile number to the customer care executive. The executive will then inform you about the status of your personal loan application.
Through Application Reference Number: When you submit your personal loan application to the lender, you are provided with an application reference number. You can use this number to track the status of your loan application, online, offline, or through customer care.
Using Your Mobile Number: Most lenders also allow you to track your personal loan application using the mobile number that you provided at the time of submitting the application.
Through Netbanking: If you have applied for a personal loan where you are already a customer, you should most likely be able to track the status of your application via netbanking. Just log in to your netbanking account using your credentials and check the status of your personal loan application under the loans section.
These days, most banks have an online portal for personal loans. These portals are one-stop destinations for borrowers and all their personal loan needs. Some of the salient features of the online loan portals of banks are as under:
Loan Application: You can easily submit your loan application online via the loan portal. Nowadays, all documentation and KYC processes are also completed online in a hassle-free manner.
Status Tracking: These loan portals also allow you to track the status of your personal loan application. All you must do is enter a few basic details such as your application reference number, mobile number, and name and date of birth to instantly know the status of your personal loan application.
EMI Payment: Online loan portals allow you to pay your loan EMIs with ease. Most banks today allow the auto-debit of your EMIs from your savings account through standing instructions.
Customised Offers: You can also view customised offers curated specially for you by the bank based on your CIBIL score and loan repayment history on these online portals.
You can check the status of your personal loan application either by visiting the lender’s website on your computer or you can also take the offline route and check your application status by visiting the lender’s branch.
Your family members or acquaintances can check the personal loan status on your behalf. However, they would need the application reference number and the registered mobile number.
If your personal loan application is rejected, you should try to find the reason behind it. Once you know the reason, take the necessary action and resubmit your application after improving on the factors. However, remember to wait at least three months before putting in a new request so that your credit score is not adversely affected.
If your loan application is accepted, depending upon the lender, you might be required to complete a few additional formalities before the loan amount is disbursed to your bank account.