Now that you have fulfilled your preferred lender’s loan eligibility criteria and applied for a loan, it’s time to track your loan status. Nowadays, tracking your loan application has become easier than ever. Let’s see how.
Checking loan status online
You can check your loan application status quickly by heading over to the financial institution’s official website. The lender typically provides you with a reference or application ID when you apply for a personal loan. This reference number acts as a unique identifier and can be used at any stage of your loan tracking process.
Input it to log in to your customer account on your lender’s portal and check your loan status.
Some lenders can also request the following details-
Tracking loan application via lender’s mobile app
Just like you can use an online personal loan EMI calculator to get hold of your potential EMIs and interest payable, you can also keep track of your loan application through a mobile app. Why, yes! Download your lender’s mobile app on your smartphone. Nowadays, a “check loan status” option is readily available on the app.
Click on it and provide your user id and password to check your application status on the dashboard. Some apps may request you to sign in with a One-Time Password (OTP) that you’ll receive on your registered mobile number.
Checking loan status offline
#1 Customer care
You can contact the lending institution by calling their customer care number for any queries regarding your loan application. You need to provide them with your reference number and date of birth to check your loan status.
#2 Visit the lender personally
You can also visit the nearest branch office of your lender. Once there, you can provide them with the reference number you were given at the time of application. You also need to carry ID proof and other relevant documents to confirm your identity. Your loan representative will inform you about the status of your loan.
To sum up
Nowadays, a competitive personal loan interest rate isn’t the only thing you should consider to choose a reliable financier. It is crucial to see if your lender provides accessible online facilities to track your loan’s status, calculate EMIs, and ensure hassle-free loan processing and quick disbursal of funds.
With flexible personal loan repayment options, personal finance is your easiest way out of a financial bind. And once your loan is approved, use the tips mentioned above to check the status of the loan application.