How To Track Personal Loan Status?

Applying for a personal loan can be an exciting step towards fulfilling your financial needs. However, it can also be a nerve-wracking experience, especially when you're waiting to hear back from the lender. The uncertainty of the status of your loan application can be frustrating, but the good news is you can check your personal loan status.

There are various methods to track your loan application and get real-time updates on your loan’s status. Whether you prefer to check online, by phone, or through the lender's mobile app, here are a few ways to check your personal loan status.

How To Check Your Personal Loan Status?

To check your personal loan status, you can follow these steps:

1. Contact Your Lender:

You can call or visit the lender who approved the loan and inquire about its status. You should have your loan number handy to make this process smoother.

2. Check Your Account Online:

If you have an online registered account with your lender, you can log in to check your personal loan status and other details.

3. Check Your Email:

Lenders generally email updates about your loan status. Check your inbox and the spam folder to see any updates from your lender.

4. Visit The Lender's Website:

Many lenders have a section where you can check your personal loan status by entering your loan number or personal information. Additionally, some lenders have loan application trackers.

5. Send A Written Request:

You can also send a written request to your lender asking for an update on your loan status.

Keeping track of your loan status is essential to ensure that you make timely payments and avoid any potential late fees or damage to your credit score.

Different Methods Of Tracking Your Personal Loan Status

You can track your personal loan status via various channels/mediums. The following list provides options for monitoring the progress of your personal loan application.

1. Mobile Phone:

When applying for a loan, the bank may ask for your mobile number. Some banks allow customers to monitor the status of their loan application through this channel, both online and when speaking to customer service.

2. Reference Number:

The financial institution will assign a reference number upon submitting your loan application. They send this number to your mobile phone to use at various stages and track the progress of your loan application.

3. Registered Account via The Website:

If you are already an existing customer, you can track your loan application status through your registered online account. Simply log in and check the status of your application under the loans section.

How to Check Your Personal Loan Status with Customer Service

If you choose to check the status of your personal loan application through customer service, you will need to keep your loan application number or reference number handy. Plus, you will also need to provide your registered mobile number.

Here are the steps to follow:

Step 1

Locate the customer service number, which can usually be found on the lender's website, loan application documents, or previous communication.

Step 2

Dial the customer service number and be patient, as you might be expected to wait on hold. 

Step 3

Once you get connected with the customer service representative, clearly mention your loan application number or reference number and your registered mobile number.

Step 4

Politely ask the representative about the current status of your loan application. They can provide information about whether the application is under review, approved, or declined and any next steps involved.

Avail Of A Personal Loan With IIFL Finance

We offer a range of personal loan products. The loan application is straightforward, and the disbursal is quick. You can easily track your loan application. With competitive interest rates, flexible repayment options, and a supportive customer service team, IIFL Finance makes it convenient for you to get the funds you need. If you need a personal loan, consider applying for IIFL Finance and experience the benefits of responsible borrowing.

FAQs

Q.1: How to track loan applications?
Ans: You can track your loan application online via your registered account, email, or the lender’s website. You can also contact the lender customer service or visit the branch personally.

Q.2: What should I do if my personal loan is rejected?
Ans: Multiple factors could lead to your personal loan rejection from lenders like banks or non-banking financial companies. These factors include your credit score, current loan accounts, credit background, and payment history on previous loans. To approve your loan application, you must meet one or more of the criteria specified by the institution. If your request is denied, consider opting for a secured loan as a temporary solution or wait until you improve your credit history and score, then reapply.

Q3. What information should I check on my personal loan status online?

Ans. The specific information may vary from lender to lender. However, here’s a list of things that you can look for in your personal loan status online:

• The most crucial information of all, it should specify if your application is pending, approved, or rejected.
• If your application is approved, the approved loan amount will be displayed.
• The interest rate applicable to your loan.
• The repayment period for the loan.
• If at all there are any charges associated with processing the loan.
• The estimated date when the loan amount will be credited to your account.
• A list of documents needed for further processing or disbursement.
• Information on how to contact the lender in case of any queries or issues.

Q4. How can I track my loan approval?

Ans. You can track the status of your loan approval by logging into your account or calling the customer care number. In both cases, you will need the application number or any reference number provided at the time of application. 

Q5. How to track my personal loan status if I lose my reference number?

Ans. If you want to track the status of your personal loan but you have lost the reference number, you can still message, call, or email the customer care centre to track your application status. Try explaining your situation to the NBFC's representatives and verify your credentials, like date of birth, contact details, etc. Based on this information, they can track your loan status and know where you stand in the application procedure.