Personal loans can be effective in giving you access to funds at short notice. Whether your fund requirement is for a planned expenditure or an unplanned need, this multipurpose loan can help you out.
However, it is important to remember that your loan approval depends highly on your CIBIL score. So once you submit your application, it is normal to feel inquisitive about the outcome of your credit request. During this time, make sure you check your loan status frequently to be aware of the progress of your application.
If you are wondering how to check your loan status? We’ve got you covered. This blog reveals how you can check your personal loan status in easy steps.
Steps to Check Your Personal Loan Status
The steps needed to check the status of your personal loan application online may vary from one lender to another. But broadly speaking, the procedure will involve the following steps:
Step 1: Visit the official website of the lending institution where you applied for the loan.
Step 2: Look for the ‘check loan status’ option on the site and click on it.
Step 3: Enter the required details, such as mobile number, loan application reference number, etc.
Step 4: Submit the details to know your loan application status.
Different Processes to Check Personal Loan Status
Based on your convenience, you can apply for a personal loan either online or offline. Similarly, you can check the status of your loan application both ways. You can also contact the customer care team of your lender to check your loan status.
Offline Process
To check your loan status offline, you may call the customer care number of your lender. You may visit a branch of the financial organisation where you applied for the loan and enquire about the status. Make sure to carry along your identity proof and the details of your loan application to know its status.
Online Process
You can visit your lender’s online portal or website and find your status. For this, you will have to share certain details, such as your name, phone number, application reference number, etc. You may also send an email to the customer care team of your financial organisation and request an update on your loan application.
Particulars Needed to Check Your Personal Loan Status
You can track your personal loan status using several methods, as mentioned below:
Your Registered Mobile Number
Many lenders use the applicant’s registered mobile number as a unique identifier for a loan application. In such a scenario, you can use your mobile number to track your loan application and know its current status.
Your Loan Application Reference Number
Once you submit your personal loan application, your lender will likely give you a loan application reference number. You can use This unique number while communicating with your lender regarding the application. You can use this number to know the result of your CIBIL check for loans and monitor the progress of your application.
Your Net Banking Account
If you apply for a personal loan from a bank where you hold an account, you can simply log in to your net banking account. Next, you can check the status of your application under the loans section.
Factors that Can Impact Your Personal Loan Application
Several factors can impact your chances of getting a personal loan. Some of the major factors include the following:
CIBIL Score
The outcome of your CIBIL check for a loan can indicate your creditworthiness. If your CIBIL score is above 700, you have a great chance of obtaining the loan.
Monthly Income
A high income and very few liabilities indicate that your loan repayment capacity is also high. This, in turn, increases your chances of getting a loan.
Existing Liabilities
If you are currently repaying a credit card debt or a loan, it can impact your loan amount and interest rate.
Age
The optimal age for availing a personal loan is between 25 and 55 years. If you don’t belong to this age group, it can reduce your chances of getting a loan.
You should be aware of factors of getting your personal loan rejected and how you can avoid it.
Conclusion
By remaining updated about your loan status, you can immediately take a call if things don’t work out as expected- this will help you to save time even as you start looking for other sources to fund your requirements. So make sure you follow the steps mentioned above and keep track of your personal loan application to stay updated and make informed decisions. Also, do not forget to check your CIBIL score beforehand.
