Want To Track Your Personal Loan Application Status? Know The Process And Documents Required
Customers can check the status of their loan application by gaining insight into the possible amount of loan they could avail from the particular bank using their credit score
Regardless of income, everyone needs extra money to accomplish their miscellaneous work and resolve many emergencies such as marriage, education fee payment, medical emergencies, and starting a business. In times like these, individuals often require funds ranging from a few thousand to lakhs. It is during such circumstances that banks offer personal loans to assist.
This loan is multipurpose and can be applied using an online or offline method in any bank that is registered with the RBI. Customers can check the status of their loan application themselves by gaining insight into the possible amount of loan they could avail from the particular bank using their credit score.
What Is Credit Score?
This score is represented numerically and is derived from an individual's repayment history and credit reports spanning various loan categories and lenders. It is a person’s creditworthiness, or their ability to repay debt.
Check Personal Loan Status Online
Monitoring the status of your personal loan application is most conveniently done through online channels. Major lenders in the industry offer online platforms for customers to check the progress of their loan applications.
By visiting the lender's or bank’s website, you can easily track your loan application status using the following details:
- Applicant Name
- Date of Birth
- Mobile Number
- Reference Number
- PAN Number
Check Personal Loan Status Offline
During offline, customers need to visit the bank's branch office and inquire about the status of their application. When visiting the lender's branch office, it's essential to have the reference number received during the application process. One must also carry valid identity proof to confirm his/her identity. Once an individual provides his/her details, a bank representative will assist in tracking the status of the personal loan application.
You may also follow the progress of your loan application with the assistance of the lender's customer care division. To find out how your loan is progressing, you may email or phone the customer support team. You must give the reference number and your registered cellphone number to the customer service agent.
Methods of Tracking Personal Loan Status
Mobile number: Customer can track their personal loan status with their mobile number as the bank asks for the number while applying for the loan so that it can be used to track and remain in contact with the customer care representative.
Net banking: It enables current bank clients to monitor the progress of their loan applications directly through their online banking accounts. To do so, individuals must log in to their accounts and navigate to the loans section to access the status of their applications.
Reference number: The bank will provide you with a reference number when you apply for a loan. After you apply, this number will be delivered to your cellphone number. This number can be used at different phases to follow the progress of your loan application.
List Of Important Documents Required While Applying For Personal Loans
- Completed loan application form
- Passport size photographs
- Proof of identity (photocopies of PAN card/ Voters ID card/ Passport/ Driving license)
- Proof of residence
- Statement of Bank Account/passbook for the last six months
- Form 16/IT returns for the last two years for salaried employees
It might be useful to know the status of your loan application in many circumstances. For example, you can immediately begin seeking money from other sources after monitoring the loan progress if your application is denied for whatever reason. Therefore, it is always a wise decision to understand credit scores to figure out the possible amount of loan that can be availed.
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