Loan customers can check their personal loan application status on their own through online or offline mode to know when they can expect the loan proceeds. Here, we will discuss various ways to track your personal loan status in detail.
Note that you can expect the loan proceeds to be disbursed on the same day of submission of loan application in case of submission of application for an instant personal loan through the bank’s instant loan app online. Such personal loans are pre-approved and are offered to only those customers with a strong credit profile.
How can you check for the personal loan approval status online?
Online mode is one of the simplest ways to keep a check on the personal loan status. Most of the top class lenders present in the market offer their customers the online medium to track their application status. To check their loan status, one can either visit the bank’s instant loan app online platform or their website to check the loan status with the listed details:
* Mobile number
* Application reference number
* Name
* Date of birth
The details mentioned above may be asked for verification purposes. Once you provide the above details, you simply can see your personal loan’s status on the online platform.
How can you check for your personal loan application status offline?
This is one of the most widely used ways for checking personal loan application status among most customers. It is a simple method, which includes visiting the official branch of the bank and then enquiring regarding the application status. When you approach the lender’s branch office, you require having the reference number that you received when you submitted the personal loan application. Also, you should carry your identity proof for confirming your identity. In the provision of all such details, a bank’s representative can assist you with tracking your personal loan application status.
How can you check your application for a personal loan through customer service?
The lender’s customer service team can even assist you in tracking your personal loan’s application status. You can approach them either by mailing or calling the customer service team for tracking the personal loan application. When you get in touch with the customer care service through a call, you require providing them with the details of your reference number and registered mobile number. Once you have provided them with the details, your application status can get tracked within some time. In case you submit a mail, you require providing all your details that include your loan’s reference number, mobile number, your name etc., clearly to the financial institution. Bank may get back with an answer to your query in 2-3 working days.
Other ways to track your application status for a personal loan:
One can track their personal loan application status in other ways.
Mobile number: When you submit a loan application, you require providing your mobile number. There are many banks that permit customers to track their application status through their mobile numbers. One can even use their mobile number to speak to their bank’s customer care support directly.
Reference number: Reference number gets generated by the financial institution on submission of your personal loan application. The reference number is sent to you on your mobile number once you submit the application. One can even use this reference number at any stage for tracking their loan application status.
Net banking: The existing bank’s customers can easily track their loan application status through net banking.
Crucial features of the bank online portal
Most of the banks have their own credit portals online. Such portals are formulated solely for managing one’s loan. Customers can avail of loans instantly in case of a pre-approved loan or apply for the loan through the portal. A few of the crucial features of such loan portals are:
* It permits one to view their loan status
* It provides a section for download where the customers can easily view & download all their certificates and statements.
* It permits the customers to make their EMI repayments and even includes prepayment and foreclosure options.
* It permits the customers to easily update their personal details such as their contact info etc.
* It assists the customers to see all their customized offers, which are available to them from time to time basis.
Crucial questions asked by customers when tracking their personal loan application status:
* What crucial details should you have handy when checking for personal loan application status?
When checking for your personal loan application status, you need to keep some important details handy like the loan’s reference number, your identification details etc.
* What should you do if your personal loan application status is not visible on your official online portal?
If your status of loan application is not visible on the bank’s portal, you should approach the bank directly through their customer care support. You can even consider visiting the bank’s branch office for the same purpose.
* What should you do if your application for a personal loan is turned down?
Your application for a personal loan can be turned down due to various reasons. Financial institutions consider various factors like credit score, credit repayment history, and other active credit accounts for approving one’s loan application. In case your application is turned down owing to a low or no credit score, you can apply for secured loans such as gold loan, top-up home loan or loan against property as lenders, when approving such loan options, do not give higher weightage to one’s credit score owing to their secured nature. Moreover, like personal loans, loan proceeds of such secured loans come with no restriction on end-users of their loan proceeds.
Bottom line
To sum it up, knowing your loan application status might, in today’s time, come in handy owing to the availability of the online medium. For instance, in case your loan application is rejected because of any reason, you can simply know about it through your net banking or by visiting the bank’s instant loan app online platform. Provision of different modes by the lenders for tracking personal loan application status is crucially aimed at improving the transparency linked with the lending procedure
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