So, you’ve applied for a personal loan. Now, you’re waiting for approval. But what really is happening? Only if there were a way to track your application. Why, yes there is!
Lenders these days give an option for tracking your loan application online. By logging on to your lender’s web portal and entering your login details, you can figure out where your application stands and the time it’ll take for loan disbursal.
Another critical reason you should track your personal finance application is to know if there is a rejection coming your way. As soon as you know your application’s status, you can search for alternative institutions to apply for a loan.
How can you track personal loan status?
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.
Additional Read: Dos and don’ts for an instant personal loan in India
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 my 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.
Additional Read: Should You Apply for A Personal Loan Online or Offline?
To sum up
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 require minimal documentation from your end.
Before applying, you can also log on to our website and use our EMI calculator for free. This calculator can help you figure out your potential monthly instalments should you apply for a loan with us.