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How to Track Your Personal Loan Application Status Easily

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Jun 15, 2024
5 Minutes

Monitoring your personal loan application status is essential to stay updated and prevent surprises. There are various methods available, each with unique conveniences. Here’s a guide to track personal loan status through multiple offline and online options.

Methods to Check Personal Loan Status

Offline Methods

  • Customer Care Service: Reach out to the bank’s customer care to easily check your loan status. Banks typically provide a dedicated helpline for such inquiries. With information like your application reference number or mobile number, representatives can swiftly inform you about your loan status.
  • Bank Branch Visit: Going directly to the bank branch where you applied can be advantageous for personal communication and immediate responses.

Online Methods

  • Bank's Official Website: Many banks allow you to track your personal loan status via their online portal, requiring details such as:
    • Applicant Name
    • Reference Number
    • Date of Birth
    • Mobile Number
    • PAN Number
  • Net Banking Portal: Existing customers can use this service to check loan details. Log in and access information on your application, balance, and more under the loans section.
  • Mobile Application: Banks typically have mobile apps enabling loan status tracking anytime, anywhere. Simply log in and navigate to the loans section.

Specific Methods of Personal Loan Tracking

  • Using Mobile Number and Date of Birth: Many banks consider your mobile number as a unique identifier. Enter your mobile number and DOB for loan status updates.
  • Using Reference Number: This number, provided during application, can be used for tracking via the bank’s system for detailed updates.
  • Through Net Banking: Seamlessly check loan status by logging into net banking; find the current status, outstanding amount, and payment history in the loans section.

Applying for a Personal Loan

  • Online Application: Access the bank’s website, fill in required information, submit your application, and track the progress online.
  • Offline Application: Visit a bank branch, complete the application form, and submit necessary documents. The process may take up to 30 days, with updates available via customer care.

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., electricity, telephone bills)
  • Proof of identity (e.g., Passport, Voter ID, 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

  • Age: 21-65 years
  • Nationality: Indian
  • Employment Type: Salaried/Self-employed
  • Employment Status: At least 2 years employed/business, with 1+ year with the 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: Affects minimum salary requirement
  • Income: Higher income can enhance loan eligibility
  • Housing Situation: Renting can impact disposable income and eligibility
  • Company of Employment: Working for a reputed company might lead to better loan terms
  • Existing Credit: Current loans/credit cards affect eligibility and interest rates
  • Credit History: Essential for loan approval decisions, rates, and tenure

Repaying Your Personal Loan

  • Standing Instruction (SI): Automate EMI payments from your account.
  • Electronic Clearing Service (ECS): Set up debits from another bank account if it’s not with the lender.
  • Post-Dated Cheques (PDCs): Provide PDCs covering the loan tenure.

Personal Loan Status Check FAQ

  • Tracking Application Status: It can be done online/offline using Applicant Name, Reference Number, DOB, Mobile Number, or PAN Number.
  • Eligibility for Personal Loans: Not limited to existing bank customers, though they might enjoy favorable terms.
  • Approval or Rejection Notifications: Via SMS, Email, or post. Approval letters outline loan details, while rejections state reasons.
  • Loan Repayment: Through EMIs using SI, ECS, or PDCs.
  • Prepayment Options: Generally available, with potential charges of 1-3% on the outstanding amount.

Conclusion

Personal loans offer flexible solutions for various financial needs, including emergencies and debt consolidation. Knowing how to track your loan status, eligibility requirements, documentation, and factors affecting loans can simplify the process. Be informed and proactive to handle personal loans effectively while avoiding pitfalls.

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