How to check your personal loan application status

Applied for a loan and don’t know where your application stands? Almost all banks and financial institutions give you the option to track your loan status.

You can use this facility to find out exactly where your application stands and by when you can expect the funds. It brings transparency in the entire loan application and disbursal process. You can also use this tool to figure out if the bank has rejected your application. If you know the status, you can then look at alternatives and apply for a loan elsewhere.

 

Details required to check Personal Loan Application Status

You can check the status of your personal loan application online or offline. In both cases, the status of application can be checked in a few simple steps. You can log on to the website of the bank or financial institution where you have applied or raise a query with the bank.

You will have to provide some details of your application to be able to check your application status. First of all, keep your application reference number handy at the time of checking the status of the application. You will also need to mention your contact details and date of birth if you want to check the status of your loan application.

 

How to check Personal Loan Status Online

It is very easy to check the status of your loan application online. All it takes is a few simple steps. You can begin by visiting the official website of the bank. On the website look for the option to check loan status.

Here, fill in your details that you have provided in your loan application such as contact details and date of birth. After you make the inquiry, the bank will tell you the exact status of your loan application. You can also use other online methods of checking your loan status such as mobile banking and netbanking. In both cases the process remains the same.

 

Tracking the Loan Application through Net Banking

Loan applications can be tracked online using the bank’s Netbanking facilities. This works best for existing customers You can log in to the Netbbanking facility of the bank and go to the loans section of the page. You can use your contact information or application reference number to find out the status of the loan application,

 

Tracking the Loan Application using Mobile Number

All banks and lenders ask for your mobile number at the time of submitting application. This is the number on which the bank will continue all possible communication. Therefore it is simpler to track your loan application using your contact details. The bank verification code to your phone. Enter the verification code ill send and you are through to your loan tracking page.

 

How to check Personal Loan Status Offline

If you are not too tech savvy, don’t worry, you can check your personal loan status offline as well. You can simply visit the branch where you have applied for the loan. Meet a relationship manager and ask for help regarding your loan application. You need to tell him or her your reference number that was allotted to you at the time of application of loan. The relationship manager will check the status of loan for the reference number on the bank’s system.

 

Tracking the Loan Application through Customer service

Some banks also have customer service numbers where applicants can call to check their loan status. You can call this toll free number, provide your registered mobile number and reference number to the customer service executive. The executive will check the status of your application on the bank’s system and let you know. The customer service number for each bank is different from one another and can be found on the bank’s website.

 

FAQs

What happens when my loan is accepted?

Once your loan is approved, the bank will contact you at the earliest. Thereafter, you need to complete certain formalities such as paying the processing fee. Once the formalities are complete, the bank will disburse the loan to your account or issue a cheque in your name. In case the bank hasn’t contacted you yet and it has been a while since your application was accepted, you can call the customer service number of the bank and check with the bank.

I am an existing customer of the bank. Does it give me an advantage while applying for a loan?

Yes. An existing customer of the bank will have an advantage over a new customer. Banks let existing customers negotiate the rate of interest and the loan amount while taking a personal loan. Some banks also offer attractive discounts to existing customers.

What is the process for repayment of my loan?

The easiest option for repaying a loan is the Standing Instruction method wherein the EMI amount is deducted from your existing bank account directly every month. This is done automatically on a preset date and you need not worry about missing EMI deadlines. If you do not have an account in the same bank, you can make use of the Electronic Clearing Service, in which you authorise the lender bank to deduct monthly EMIs from your account in another bank. This, too, is deducted monthly from your account automatically. So you don’t have to worry about missing deadlines. Another method is to issue post-dated cheques to the lender bank which will be deposited by the bank every month.

What is prepayment of personal loan?

In simple terms prepayment means any payment towards your loan ahead of your loan tenure. For example you have opted for a personal loan worth Rs6 lakh for a period of five years. In the third year into the loan, your income may have increased and you may have a lumpsum amount that you can pay towards your loan. This helps reduce the outstanding loan amount.