Personal Loan Application Status - Step-by-step Guide to Check Personal Loan Status

After submitting their loan application to the lender or bank, nearly every borrower becomes inquisitive to know whether their loan has been granted, denied, or is still being processed. As an applicant, your options for moving forward will remain unclear as you won’t know the loan’s status.

So, let’s continue reading to learn how to track personal loan application both online and offline.

Online Tracking of Personal Loan Application

The best option to verify the progress of your personal loan application is to go to the lender’s official site and look for the section where you may do so. The majority of banks and NBFCs offer a distinct page for this that simply needs to be filled out with the following information:

• Your full name
• Your registered mobile number
• The bank gives any unique reference number
• Registration or loan reference ID, if any
• Your PAN card details, including date of birth

Offline Tracking of Personal Loan Application

You can effortlessly track the personal loan status offline in the following ways:

• Call the lender’s toll-free number or personal loan customer care
• Visit the nearest branch of the bank or NBFC where you want to apply to
• If an existing customer, track the application status through net banking.

How to Check Personal Loan Status

You may use several methods to keep tabs on the current state of your personal loan. You can get a sense of what you’ll need to monitor the progress of your application for a personal loan from the list below:

• Mobile Phone Number:

  Never forget to give your registered mobile number to the bank when applying for a personal loan. Several banks and NBFCs enable applicants to determine their loan application status via their mobile phone numbers. Not only can you use the mobile number to chat with a customer rep, but also for online monitoring.

• Reference Number:

  The bank produces a reference number if you submit a personal loan application. Once you’ve applied, this number will be given to your mobile device. When monitoring the progress of your loan application, you can utilize this number at several points.

• Net Banking:

  By logging into your net banking accounts as a current bank customer, you can monitor the progress of your personal loan status. The application status must be checked under the loans area of the account when you log in.

• Tracking Through App:

  Tracking personal loan status through a mobile app offers unparalleled convenience and transparency. By utilizing the app, applicants can instantly access real-time updates on their loan progress, ensuring they stay informed.

  This method typically involves a user-friendly interface where individuals can log in securely, check their application status, view required documents, and receive notifications about approval or additional requirements. Additionally, apps often provide interactive features, allowing users to communicate with customer support representatives for immediate assistance directly. Overall, tracking through an app streamlines the borrowing experience, enhancing customer satisfaction by providing quick, easy, and on-the-go access to vital loan information.

Details Required To Track The Personal Loan Status

When tracking the status of your loan application, having the right documents and details readily available is crucial for a seamless and efficient process. Lenders typically provide various methods to check your loan status, such as online portals, mobile apps, or customer service hotlines. To access this information, you will need specific documents and details to verify your identity and loan application accurately.

So, let's learn about the documents and details you need to check your loan status: -

• Reference ID or Application Number

• This unique identification number is assigned to your loan application. It is a reference point for the lender to track your application in their system. You can find this number on the application confirmation email or the physical copy of your application form.

• Phone Number

  The phone number you provided during the application process is crucial. Lenders often send SMS notifications or use them for verification purposes. Make sure the phone number is active and can receive messages and calls.

• Unique Reference Number

  Some lenders issue a unique reference number or code when you apply for a loan. This number helps in identifying your application quickly. It may differ from the application number, so ensure you have both.

• Email Address

  The email address associated with your loan application is vital for electronic communication. Lenders send confirmation emails, updates, and sometimes, digital copies of the loan agreement to this address. Double-check your email inbox and spam folder to avoid missing any crucial updates.

• Date of Birth (D.O.B.)

  Your date of birth is a standard verification criterion. It helps the lender confirm your identity and prevent unauthorized access to your loan information. Ensure the date of birth matches the one provided in your application documents.

• Government-issued ID

  Prepare a government-issued identification document like a passport, driver's license, or Aadhar card. Lenders might request you to provide identification proof for verification purposes. A clear, scanned copy or photo of your I.D. can expedite verification.

• Application Submission Date

  Note down the date when you submitted your loan application. This information can be useful when discussing your application with customer service representatives. It helps in establishing a timeline for the application process.

• Loan Amount and Terms

  Have details about the loan amount you applied for and the repayment terms, including the tenure and interest rate. This information is vital for verifying your loan application and ensuring that any updates provided align with your initial request.

  By keeping these documents and details handy, you can efficiently track your personal loan application status. Regularly check the official website of the lending institution or use their mobile app to log in securely and access updates. If you encounter any issues or have questions about your application status, don't hesitate to contact the lender's customer support team. Providing accurate information and promptly responding to requests for additional documents or clarifications can significantly speed up the loan processing and approval process, ensuring you receive timely updates on your application status.

Bank Online Loan Portals’ Features

Nowadays, the majority of banks offer personal loans online. These websites serve as one-stop shops for applicants and all of their personal loan requirements. Here are a few features of the bank’s online loan portals:

• Application for Loan:

  Through the lending site, you can effortlessly and quickly submit your loan application. Currently, hassle-free online completion of all documents and KYC requirements is standard practice.

• Status Monitoring:

  You may follow the progress of your application for a personal loan using these loan portals. You may find out the current state of your personal loan application by entering only a few simple facts, such as your application reference number, cellphone number, name, and birthdate.

Conclusion

Applying for a personal loan can be a major step toward fulfilling your overall financial goals. However, by understanding the application process and utilizing the varied tracking methods available, you can surely stay informed and alleviate unnecessary concerns. So, remember to be patient and proactive during the whole application process which will ensure a smoother experience. By doing this you will be get your funds within no time.