Personal loan application status: A complete guide to online and offline methods | Mint

Personal loans are a popular choice amongst people who want to get quick funds to cater to their urgent financial needs. However, It is important to monitor your personal loan details for good financial management. By knowing your loan application status, you are also being informed about the loan statements and can plan your repayments in the most efficient ways.

Offline methods

1. Customer service:

• Contact the lender’s customer care through their toll free number. You can then give your application reference number, registered mobile number to the representative and get an update.
• Some banks provide SMS service through which you can send a particular keyword with the application number to a certain number to get a real time status update.

2. Branch visit:

• Go to the lender’s nearest branch with your application reference number and a valid ID proof. You will be able to get your loan application status by a bank representative.

Key factors to consider for tracking your personal loan details

Timely monitoring: Ensure to monitor your loan details such as EMI due date, interest rates, remaining balance and any terms and conditions updated by the lender at frequent intervals.

Secure credentials: Always use a secure network and device to access loan information online to protect your personal and financial data.

Contact information: Update your contact details with the lender to get timely notifications and statements of your loan.

If you are in urgent need of funds, personal loans can solve your problems because they have quick loan disbursement without any collateral. Though, these loans have a higher rate of interest when compared to other loans that are on offer in the market. It is therefore essential that you look at other options before making a decision to apply for one so that you can get the best deal that will suit your budget.

(Note: Raising a loan comes with its own risks. So, due caution is advised)