personal finance

How to track personal loan status


When one has not put a financial plan in place to meet their short-term goals or for an unforeseen expense, personal loans can come handy.

Some people take such a loan for financial emergencies, then there are some who may take one to fund a vacation or to buy a high-end gadget (these can be for planned or unplanned holidays or purchases).

As the requirement for funds is immediate or within the span of next few days, the borrower needs to ensure that the entire process of applying for the loan and the money landing up in one’s bank account is as fast as possible.

To apply for a personal loan, one may get in touch with a bank, preferably the bank where one holds a savings account, or NBFCs such as Tata Capital and Bajaj Finserv, or a peer-to-peer lending platform.

Further, there are aggregator sites such as myloancare.in, bankbazaar.com, paisabazaar.com, and indialends.com from where one may apply for the loan.

The entire process from applying for the loan, sanctioning of the loan to the actual disbursement is streamlined with most such institutions. However, the specifics such as documentation, tracking mechanism may be different.

Knowing application status
If you are applying for the personal loan offline, get to know the tracking process from the bank executive. Most banks have developed user-friendly online loan status tracking tools to help you be aware of what is happening to your application. One may also keep the application, loan form or the reference number handy so as to contact the call-centre in order to get the updates.

Check loan application status
On the website, on the relevant ‘application tracking’ page, one needs to input the loan application form or the reference number to know whether the loan has been approved or still pending approval. At times, there could be a message indicating the reasons for the delay.

If, however, you have forgotten the reference number, most banks will ask you to input these details:

* First, key in your name and enter your date of birth.

* Next, choose the product from the drop-down menu. You will have to choose ‘Personal Loan’.

* Next, enter your mobile number.

* You will also have to key in your PAN number.

* Lastly, click ‘Submit’ and you will arrive at your result.

To know the loan application status of Axis Bank click
here.

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To know the loan application status of ICICI Bank click
here.

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To know the loan application status of HDFC Bank click
here.

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Check personal loan status
Once the loan is approved and disbursed, with every payment of equated monthly instalment (EMI), the outstanding amount keeps reducing. The borrowers may either get in touch with the nearest bank branch or the institution’s call centre to enquire the loan outstanding and other details such as interest rate and the remaining tenure of the loan. Alternatively, some institutions including banks offer these details online through the net banking facility. Every lender will have its own way to track loan status, hence, it is better to know it in advance while applying for the loan.





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