Tracking your personal loan application status is crucial to remain informed and avoid unexpected surprises. Multiple methods are available, each offering different levels of convenience and accessibility. This guide provides an overview of checking personal loan status through various offline and online channels.

Methods to Check Personal Loan Status

Offline Methods

• Customer Care Service: Contacting the bank’s customer care service is one of the simplest ways to check your loan status. Most banks offer a dedicated helpline for loan-related queries. By providing basic details such as your application reference number or mobile number, the representative can quickly provide your loan status.
• Bank Branch Visit: Visiting the bank branch where you applied for the loan allows face-to-face interaction with the loan officer. This method is particularly useful for those who prefer personal communication and immediate feedback.

Online Methods

• Bank's Official Website: Most banks offer an online portal for checking your personal loan application status. Typically, you’ll need details like:
• Applicant Name
• Reference Number
• Date of Birth
• Mobile Number
• PAN Number
• Net Banking Portal: Existing customers can use net banking to check loan status. Log in, navigate to the loans section, and find details about your loan application, outstanding balance, and more.
• Mobile Application: Many banks offer mobile apps to track loan status on the go. Log in and find detailed information in the loans section.

Specific Methods of Personal Loan Tracking

• Using Mobile Number and Date of Birth: Many banks use the applicant's mobile number as a unique identifier. Simply enter your mobile number and DOB to get updates on your loan status.
• Using Reference Number: Track your loan status with the reference number provided during application. Enter this number in the bank’s tracking system for detailed updates.
• Through Net Banking: Existing customers can seamlessly check loan status via net banking—login, navigate to the loans section for current status, outstanding amount, and payment history.

Applying for a Personal Loan

• Online Application: Visit the bank's official website, fill required details, and submit the application. Track the status online.
• Offline Application: Visit the bank branch, complete the application form, and submit necessary documents. Typically processed within 30 days. Contact customer care for updates.

Documents Required for Personal Loan

• Completed loan application
• 3 passport-sized photographs
• Bank Account/Pass Book statement for last 6 months
• Proof of residence (e.g., telephone, electricity bills)
• Proof of identity (e.g., Voter ID, Passport, Driving license, PAN card)
• IT returns for last 3 years (self-employed)
• Form 16/IT returns for last 2 years (salaried)

Personal Loan Eligibility Criteria

Eligibility criteria generally include:

• Age: 21-65 years
• Nationality: Indian
• Employment Type: Salaried/Self-employed
• Employment Status: Employed/business for 2+ years, 1+ year with current employer/business
• Minimum Income: Rs.4000 - Rs.20000/month (varies by location)
• Maximum Loan Amount: Up to Rs.70 lakhs
• Tenure: 6-60 months
• Credit Score: Preferred 750

Factors Affecting Personal Loan Application

• Location: Influences minimum salary requirement
• Income: Higher income increases loan eligibility
• Housing Situation: Rented property affects disposable income and loan eligibility
• Company of Employment: Employment with a reputed company may improve loan terms
• Existing Credit: Existing loans/credit cards impact loan eligibility and interest rates
• Credit History: A good credit score is crucial for determining loan approval, interest rates, and tenure.

Repaying Your Personal Loan

• Standing Instruction (SI): Setup SI for automatic EMI debits from your bank account.
• Electronic Clearing Service (ECS): Automated debits from another specified account if you don’t hold an account with the lender.
• Post-Dated Cheques (PDCs): Submit PDCs for the loan tenure duration.

Personal Loan Status Check FAQ

• Tracking Application Status: Check online or offline by providing Applicant Name, Reference Number, DOB, Mobile Number, or PAN Number.
• Eligibility for Personal Loans: Not restricted to existing bank customers, though they may benefit in terms of loan conditions.
• Approval or Rejection Notifications: Notification via SMS, Email, or post. Approval letters include loan details, rejection letters state reasons.
• Loan Repayment: Repay through EMIs using post-dated cheques, ECS, or SI.
• Prepayment Options: Available, but usually incur a charge of 1-3% on the outstanding.

Conclusion

Personal loans are versatile financial tools for various needs, from emergencies to debt consolidation. Understanding how to track your loan status, eligibility criteria, required documents, and affected factors makes the process smoother. Stay informed and proactive to navigate personal loans efficiently and avoid pitfalls.

TDS