Almost all the lenders, whether NBFCs or Banks offer personal loans at different interest rates varying from lender to lender. The personal interest rates start at 8.95% to 15%.
You can check the status of a personal loan through two methods: Online and Off-line
Check Personal Loan Status Offline
Customer Service for Personal Loan
Call the customer care numbers for any financial questions, including personal loans. You may also check the status of the loan.
Visit a bank branch
To check your personal loan application, you can reach out to the branch where you have applied.
Check The Status Of Personal Loan Online
Banks have a quick and hassle-free way for clients to verify their personal loan status.
You will need to have the following inputs to verify your personal loan status from a bank.
- Name of Applicant
- Reference no. issued by the lender
- Birth Date
- Registered mobile number
- PAN details
Online Tracking methods of a Personal Loan Application.
Personal loan request monitoring through your mobile number and date of birth
Many lenders use the mobile number alone as a point of reference to track the applicant for personal loans. This way, the user would not have to look for a particular number to verify their application status, such as a reference number. The customer will be able to check the loan status from anywhere using this method. Some lenders may require the date of birth along with the reference number/application number for reference as an additional precaution.
Monitoring Personal loan through reference no.
The reference number is also a unique identification, much like a mobile number. The only drawback to monitoring the loan status for the customer using this form is that they need to keep this number ready as they may not have memorised it.
Monitor Application status of personal loan by net banking
You get a bonus if you are an existing client. You can apply and review your loan status on the net banking portal of the respective lender apart from negotiating to secure better loan terms. To check the status, you’ll have to log in and go to the loans category of your net banking portal. You can apply, verify or know the balance of the loan from here.
Check The Personal Loan Status
In the life of a human, there could come a time when they are hard-pressed for money. That may be for various purposes, such as marriage, paying for tuition costs, medical emergencies, etc. During these times, a person would need money from a few thousand to lakhs. This is where personal loans are helpful to provide relief from financial stress.
It is a multi purpose loan applied online or off-line, which is depicted as vividly. Since personal loans are unsecured loans, some stringent laws and regulations must be fulfilled by the borrower before the lender sanctions the loans. Once the bank or NBFC approves the loan, the borrower can review their loan status.
Apply Personal Loan Online
There’s an online portal at every bank’ website. To apply for a personal loan online, users can access the bank’s official website to provide information, such as name, salary, employment to property records. The bank will process your application and accept your personal loan after the application submission is made. Using easy steps, borrowers can also track personal loan applications online and off-line.
Apply personal loan off-line
Applicants can visit the lender’s branch, fill in and apply the application along with the documents needed. In general, the application will take up to 30 days to be reviewed and approved/rejected. The customer service number may also be called to apply for a personal loan.
Documentation needed for a personal loan
Essential documents to be presented for personal loans before applying
- Filled loan application form
- Passport size photos
- Bank Account Statement/ PassBook for the past six months
- Evidence of residence (photocopies of latest electricity/telephone bills)
- Proof of identity (photocopies of the Voters ID/Passport/Driving licence/IT PAN card)
- For self-employed individuals, three years of Income Tax returns
- Form 16 / IT returns for salaried workers of the past two financial years
What are the Personal Loan interest rates?
Personal Loan interest rates start from 8.95% (PNB) to 22% (HDFC and ICICI).
Conclusion: Tracking your personal loan application has been made very convenient after the introduction of online banking in the banks and NBFCs. Keep your necessary IDs always ready, check the status online and avoid wasting your precious time in visiting your lender just for checking the application status.