How to Check/Track Personal Loan Status?

In today’s day and age, it is extremely important to be on top of your finances. You should have a clear idea about all of its aspects like your income, expenses, savings, investments, insurance and debt.

One of the most essential steps is to manage your debt well. It gives you more financial flexibility and helps you in achieving your financial goals.

To consolidate your debt, it’s very important to know your loan status. In this blog, we’ll learn all the necessary information about checking your personal loan status.

Why is It Important to Check Personal Loan Status

1. You will get clarity on whether your loan has been approved or not. This will help you to plan your finances accordingly. In case of loan approval, you would also need to plan for your EMI payments.

2. If your loan is denied, you can take the necessary action after checking your loan status. You can start looking out for other ways to avail funds.

3. If you need money for some important or urgent expense, knowing that your loan is approved can reduce your stress and give you peace of mind.

Information Required for Checking Personal Loan Status

To do a personal loan status check, a lender might ask for some information to verify your identity and prevent data breach.

Lenders usually ask for these information –

1. Loan Application Number – Along with your name, lenders might ask for your application number which is assigned to you when you apply for a loan.

2. Date of Birth – For security reasons, a lender might ask for your date of birth to verify your identity.

3. Lenders can also ask for your mobile number or identity details like PAN number.

Must Read: How to Check and Download your Personal Loan Statement?

How to Track Personal Loan Status

Here 4 ways to check and track your personal loan status:

1. Customer Care

In order to know your loan approval status, you can get in touch with the customer support team of the lender. You can either call their customer care number or send them an email. Make sure that you mention all the relevant details in your communication.

2. Loan App

This is the fastest and most hassle-free way to do a personal loan status check. In fact, if the lender has a loan app, you can read about all the details of your loan from the same.

A loan app is also the fastest way to apply for a loan. For example – Individuals can apply for an instant loan from the Zype app in less than 8 minutes.

3. Branch Visit

You also have the option to visit the branch of the bank or NBFC from where you have applied for the loan. Make sure that you visit them during their working hours and carry required documents.

4. Net Banking

You can check your loan status using this medium if you have applied from the bank where you have a savings account and have availed their net banking services. You can check your loan status from the ‘Loans’ section of the dashboard.

Must Read: Why Opting For an NBFC Personal Loan is a Better Option?

Checking Loan Status Online

  • Checking loan status online is a convenient way to know whether your loan is approved or not.
  • You can check this online either on the lender’s website or app.
  • Once you enter the necessary details like your mobile number or loan reference number, you can see your current loan status.
  • ‘Pending’ or “Under Review” means the loan application is under process. In this case, you can check your loan status later for an update.
  • If the screen displays ‘Approved,’ it means that you have cleared the eligibility criteria and you will be able to avail the personal loan.
  • If it shows ‘Declined,’ your loan application is rejected.
  • As this process requires entering your personal information, you should use your device for this process. In case you are checking this from someone else’s gadget, make sure that you log out from the website.

Checking Loan Status via Customer Service

You can get the customer service phone number or email id from the official website of the lender. Keep all the required information handy before reaching out to the lender.

The customer service executive will check your loan details and inform you about its status. In case your loan is approved, you can ask for more details like the time it will take for money to be transferred to your account and EMI options.

If your loan application is declined, you can enquire about the reason for rejection and take adequate measures to avoid this situation in future.

Using the Loan App to Check Loan Status

Checking loan status on a loan app is even faster than net banking. If you already have the app installed and have availed the loan from the same, you wouldn’t even need to enter your credentials.

Along with checking your loan status, a loan app comes with a host of other features as well. Once your loan is approved, you can check all the important details like your loan limit, repayment options and processing fees. Once you avail the loan, you can also track your EMI dates from the app.

Importance of Regularly Checking Your Loan Status

It is crucial that you track your loan status after applying for a loan. This will ensure that you are aware of your financial situation. In case there is a discrepancy like an incorrect interest rate, you can take action quickly and get it rectified.

Checking your loan status will also be helpful in case your loan application is rejected. You can start looking for other ways to avail money like applying from a different loan app or borrowing from friends and family.

Also Read: Personal Loan Rejection: Top 5 Reasons & Recovery Tips

Using your Loan Status for Financial Planning

Checking your loan status will inform you whether your loan application is approved, declined or still under review. This will enable you to make more informed financial decisions.

If your personal loan is approved, you can figure out the best way to use the money and plan to manage your money in such a way that you don’t default on repayments. You can also revise your financial goals and budget as per your loan status.

Conclusion

In short, keeping yourself updated with your personal loan status is non-negotiable.

There are many things you can do to increase the chances of your loan approval – Always check the eligibility criteria of the lender before applying for the loan, make all your loan and credit card payments on time and keep your credit card utilization ratio below 30%.

With Zype, you get loan approval in 60 seconds. Download the app now to avail instant personal loans up to ₹5,00,000 and get the money transferred to your account on the same day of the loan application.

Also Read: How to Get a 50000 Loan on an Aadhar Card?

Frequently Asked Question

Why should I Check my Personal Loan Status?

It is important to check your loan approval status so that you can accordingly take further decisions. In case of loan approval, you can work on the repayment plan and in case of loan rejection, you can figure out other ways to manage money.

How to Check Personal Loan Status Online?

You can check your loan approval status online by visiting the lender’s website. You will need to log in by entering your credentials and go to the loan section.

What Information Do I Need to Check My Personal Loan Status?

Every lender would need different details to inform you about your loan status. They usually ask for your name, mobile number, loan reference number, date of birth and email ID.

Can I Use SMS Services to Check my Personal Loan Status

If the bank or NBFC offers an SMS service to do a personal loan status check, you can send a message to a number mentioned by them with your application number or mobile number. You can read about the steps on the loan company’s website.

What do Different Loan Status Mean, And How do I Interpret Them?

Pending or under review – This means that your loan application is being evaluated.

Approved – Your loan application is approved. You can avail the loan by completing the formalities.

Rejected – This means that the lender has decided to not give you the loan & your loan application is declined.