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 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.
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?
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.
What are the various methods for tracking the status of your personal loan?
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.
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 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.
FAQs
1. 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.
2. 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.
3. 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.
4. 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.
17 July 2024
6 mins read
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