Financial requirements can arise anytime in the form of medical emergencies, urgent home repairs, travel plans, overseas education programmes, last-minute wedding expenses, etc. In such circumstances, Personal Loans are suitable and efficient funding options that help cover monetary needs. Most reputable NBFCs now support 100% digital loan procedures with easy eligibility conditions and minimal documentation requirements, making the loan process much smoother than earlier.
Nowadays, you can quickly calculate EMI for your Personal Loan using an EMI calculator before applying for an instant loan online.
Once you apply for a loan, it’s natural to become curious about whether your loan is under process, rejected, or approved. You remain in a dilemma for the next actions without knowing the loan status. In this article, you will find out some tips and tricks to track the status of your Personal Loan application in multiple ways.
Why do You need to Check your Personal Loan Status?
Once you apply for a Personal Loan, the duration between the application and disbursal is full of anxiety. The lending institution starts processing the loan immediately after you submit the application. However, it consists of several steps like checking your eligibility for a Personal Loan, scanning the documents you provided, verifying your details with the help of documents, and accordingly determining your loan amount, interest rate, repayment tenure, and other terms and conditions. However, while the lender processes your application, it is your right to know the correct status.
As an applicant, you would want to know how far the lender has processed your application and how long it might take for approval and disbursal. It provides transparency about the process and ensures you stay updated about your application and disbursement status. Almost all finance companies allow their applicants to check their Personal Loan status through different online and offline ways. Choose your preferred method to check your loan status and act adequately.
Details Necessary to Check Your Personal Loan Status
You can easily check your Personal Loan status online and offline methods. The process takes a few minutes, and you must enter details like your name, date of birth, mobile number, email address, etc. When you apply for a Personal Loan, you get a unique reference number you must provide to place any kind of query about your loan application. Once you enter these details, the lender will inform you of the loan application status.
Different Methods to Check Personal Loan Status
Checking the Personal Loan status gives a better understanding of when the money will arrive. Accordingly, you can plan your finances and expenses. Let’s look at the various ways to check your Personal Loan status:
While most NBFCs now support a 100% digital loan process, including checking the loan status, many customers still use the age-old method of visiting the lender’s branch office and enquiring about their loan status. If you prefer the same, visit the lender’s branch office during working hours and provide the reference number you must have received after submitting the loan application. Remember to carry a valid ID proof to verify your identity. After evaluating these details, a customer representative will inform you of the exact status of your loan application.
You can check your loan application status by calling the lender’s customer service department. When you call their customer care number, the representative will ask you for the reference number to check your status. So, keep your reference number handy before reaching the customer service number. You must have received this number at the time of the loan application. Instead of talking to a human customer service executive, you may also hear IVR (Interactive Voice Response). Follow the instructions to enter your reference number, and you will listen to your loan status within seconds. If you have lost your reference number, you may need to provide information like your name, PAN number, date of birth, etc.
Most technologically-advanced NBFCs have Personal Loan apps that you can easily download on your smartphone. You can use these apps to check your eligibility for a Personal Loan, apply for one, and check the application status whenever and wherever you want. Once you download the app, you must create an account. Since it is your smartphone, the details remain saved in the app, and you don’t need to enter the details every time you open it, not even your reference number. So, checking the Personal Loan status using a loan app is much faster and easier than other methods.
Almost every lending institution requests your mobile number while submitting the application form. They register this number and use it for all further loan-related communication. Once you calculate EMI for Personal Loan and apply for an appropriate loan plan, you receive an OTP (One-Time Password) to authenticate and register the mobile number. So, you can use your registered mobile number instead of a reference number to track your loan application status or any other query.
Most loan companies have chatbots that resolve your queries over WhatsApp. Using this method, you don’t need to call a customer service number and talk to a representative, log on to the lender’s website, or install a loan app on your smartphone. You can simply send ‘Hi’ to the lender’s chatbot over WhatsApp and choose the correct options to check your application status. Since chatbot replies do not involve any human interaction, you can use this option to place your query 24/7.
Personal Loans are lifesavers and the best go-to options when you need instant funds. Although modern NBFCs have made the application procedure extremely convenient from home, checking the Personal Loan status is equally important. For instance, if the lender rejects your application, you can start looking for financing sources suitable for your Personal Loan eligibility and financing requirements. Use the above methods to check your loan status online or offline and make an informed decision based on whether your application gets approved or rejected