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How to Track Personal Loan Status

How to Track Personal Loan Status

If you’re wondering how to check loan status online, it’s easy! After applying for a personal loan, most lenders offer an online portal to track your application’s progress. By logging into your lender’s website and entering your details, you can see the current status of your loan and know when to expect disbursal.

Tracking your loan status is important as it helps you stay informed about your application. If your loan is rejected, you’ll know early and can start looking for alternative lenders. In this article, we discuss how to check personal loan status both online and offline, along with various methods of checking it.

Understanding the Personal Loan application process

Here’s a look at the entire personal loan application process:

  1. Personal loan application review: The lender receives your loan application and checks your details and the attached documents to confirm everything is in order.
  2. Evaluation of credit: The lender then enquires into your credit score and credit history to ascertain your creditworthiness.
  3. Application approval: Once the initial screening is successful, your personal loan application moves to the approval stage. This is the stage where your loan terms are finalised.
  4. Loan offer and agreement: Next, you’ll receive the loan offer. Once you accept the terms and sign the loan agreement, the funds will be disbursed into your account.
  5. Funds disbursement: The loan amount will be deposited into your account, and you can withdraw it for your needs.

Also, read – What is Personal Loan?

How to Check Personal Loan Status Online?

While tracking the progress of your personal loan application online is the most common way to check its status, there are other ways as well. However, let’s begin with the most common one.

Track your loan status through the lender’s official website

One way you can track your application online is through your lending institution’s official website. Once you have applied for a loan with a particular institution, it will give you a reference or application id. Use it to log on to its official web portal and track your application.

Track your loan application through a smartphone

  • Another convenient way to track your loan application online is by using your lender’s mobile app. You can download the app on your smartphone. Generally, most apps by financial institutions carry a “check loan status” option.
  • Once you click on it, the system will ask you for your user id and password to access your application status. You might also be able to log in using a One-Time Password (OTP). After accessing its main dashboard, you can proceed to check loan details online.

How to Check Personal Loan Status Offline?

If you can’t access your personal finance loan application status online, do it offline. Begin by contacting the customer care department. If they are unauthorised to divulge your application status, visit the lender’s branch with all the loan papers you have to inquire about your status. Make sure you carry a photo id when you visit the respective branch, as the lender will need it for verification.

Also, read: Should You Apply for A Personal Loan Online or Offline?

How to Check Your Personal Loan Status Through Customer Service

Most lenders allow you to connect with customer service via email or call to get answers to your queries. To track the status of your loan application, you can call customer service and provide your loan reference number and the registered mobile number to the representative. Your loan status will be tracked within a few minutes.

Alternatively, you can write an email with all the details of your personal loan application, and the lender will get back to you within a few hours.

Common Reasons for Personal Loan Application Delays

Here are some common reasons why a personal loan application can get delayed:

  • Incomplete or inaccurate loan application: Your personal loan status of approval can be delayed if your application has incomplete or incorrect details. Be sure to check your application thoroughly to avoid missing information, typos, etc.
  • Poor credit score: The status of personal loan applications can also be updated slowly in case the applicant has a poor credit score. In such a case, the lender will conduct a more in-depth, manual review, which takes more time.
  • High existing debt: Lastly, if your existing debt obligations are too high as compared to your income, the lender will require more time to evaluate whether you can manage the loan.

How to Recover Your Lost Personal Loan Application Reference Number

To check your personal loan application status, you will require your personal loan application reference number. In case you have lost it, here are some steps to take to recover it:

  • Check loan application documents
  • Check your personal loan status-related email and SMS alerts you might have received from your lender
  • Log in to your lender’s website or mobile app and navigate to the ‘loan’ section, which might list your loan details
  • Check your bank statements, since ongoing loans can sometimes be visible in your monthly or quarterly statements
  • Contact your lender’s customer service

Tools and resources for tracking

Here are some tools and resources you can leverage to check personal loan status and more:

  • Personal loan eligibility calculator: This tool allows you to check your eligibility before you apply for a loan.
  • Personal loan EMI calculator: This tool allows you to calculate your potential monthly payments to plan your loan application better.
  • Email and SMS notifications: You can track a personal loan application’s status by signing up for periodic alerts via email and SMS.
  • Lender website and customer portals: You can also check your personal loan application status by logging in to your lender’s website, accessing customer portals, or contacting their customer service.

Also, read – How to Check Two wheeler Loan Status

Different Methods of Tracking Your Personal Loan Status

There are various ways to track your personal loan application status with the lender, as listed below-

  1. Mobile number: At the time of loan application, you have to provide your mobile number to manage your loan account with the bank. You can use this registered number to track your loan status when you call customer service or use online tracking.
  2. Reference number: When you apply for a personal loan, the lender will generate a reference number, which will be sent to your registered mobile number. You will need to provide this number while tracking the loan application status.
  3. Net banking: Most banks also allow their existing customers to track their loan status via their net banking account. All you have to do is log in to your net banking account and check the status of your application under the loans section.

Conclusion

The number of people opting for personal finance is soaring by the minute. And, why wouldn’t it! You can avail of this loan at competitive personal loan interest rates and without pledging any collateral or guarantee.

At Tata Capital, we offer loans at customisable repayment terms and minimal required documents from your end.

Before applying, you can also log on to our website and use our personal loan EMI calculator for free. This calculator can help you figure out your potential monthly instalments should you apply for a loan with us.

Before applying, you can also log on to our website and use our personal loan EMI calculator for free. This calculator can help you figure out your potential monthly instalments should you apply for a loan with us.

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FAQs

What details are required to check the status of my personal loan online?

To check your loan application status online, you will need details such as your loan reference number, registered mobile number, and date of birth. The details required might differ from one lender to another, so it is best to check with the lender while applying.

What steps should I take if my personal loan application is rejected?

If your personal loan is rejected, you must review the reason for rejection provided by the lender. Most lenders review your income level, repayment history, credit score, and more to approve the loan. If the loan is rejected, it could be possible that you haven't met one of the criteria. Additionally, it can also be due to an error in your application. As a result, it is best to understand the reason behind the rejection to make the right decision, such as reapplying or exploring other lenders.

I misplaced my personal loan application reference number. How can I check the status of my loan now?

You can contact your lender's customer service for further guidance. You can also share your personal details, such as your registered mobile number and date of birth, to retrieve your application reference number.

Is it possible to check the status of my personal loan application if I applied through a third-party platform?

Yes, you can check the loan status online even if you've applied through a third-party platform. Lenders offer customer service channels and online portals to check your application details.

Can I check my Personal Loan status if I applied through a third-party platform?

Even if you applied for a personal loan through a third-party platform, you can still check your loan status. Lenders typically offer online portals or customer service options to help you know how do I check the status of my personal loan - that is, how to know loan status and how to track personal loan status.

How long does it take to process a personal loan application?

The time it takes to process a personal loan application can vary with the lender. Be sure to discuss the approximate loan approval time with your lender at the time of application.

Can I cancel my personal loan application after applying?

Yes, typically, you can cancel your personal loan application at any time before the loan amount is disbursed to your account. It is best to contact your lender at the earliest if you want to cancel your loan.

How often should I check my personal loan status?

You can check your personal loan’s status once every few days. This frequency is sufficient to stay updated on your loan’s status.

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