How to Check Loan Status?

There are many instances in our lives where we must apply for loans to fulfil our financial needs. A personal loan is one of the most popular and common types of loan people opt for when they are in need of extra funds. We could need money to expand our business, pay for college fees, a dream holiday, or any other reasons.

Once we apply for a loan from any bank or financial institution, the lender will verify our details and eligibility for the loan before sanctioning the loan. This verification can take a while, and the period between applying for the loan and getting it approved can be a little overwhelming. We would be eager to know the status of our loan and get the funds in our account as soon as possible. The loan status will indicate the stage of your loan process, and it is quite easy to check your loan status. It is also important to know the status of our loan so that we can take the necessary steps to expedite the process if required.

There are many ways to track the loan application and get updates on its status. It can be done online, via phone, or in person. Checking loan status helps us know where our application process has reached and how long it will take to be approved.

How to Check Loan Status?

All of us get curious to know when we will receive the loan amount once we have applied for a personal loan. The loan status can easily be checked online or offline, and there are many ways to check the loan status:
 

1. Online Banking

   Most banks and financial institutes have websites that allow customers to access loan information online. Thus, you can check your loan status online without needing to visit the local branch.

   1. Open the bank’s website and log in to your online banking account.
   2. Open the “Loans” or “Accounts” tab.
   3. Select the loan you need to check the status of.

   View the loan details. You will get information such as loan balance, payment history, due date, and interest rate.

 

2. Mobile Apps

   All banks and financial institutions now have mobile apps that allow customers to easily access all banking information and check loan status online.

   1. Download the bank’s mobile app.
   2. Log in to your account with your banking credentials.
   3. Select the “Loan” or “Accounts” option in the app.

   You can check the status of a specific loan by tapping on it. Then, you can see all the details.

 

3. Customer Service

   Your lender’s customer service department is always available to help you check your loan status.

   1. Call the bank’s customer service on their toll-free number or the number provided by your relationship manager.
   2. You will have to give your loan account number and the registered mobile number to the customer service representative.
   3. Then, ask them for loan status information, and the representative will provide you with an update on your loan status.

 

4. ATM Machines

   If you are around your bank’s ATM and want to check your loan status, you can do so by visiting the ATM.

   1. Go to the nearest ATM of your bank.
   2. Insert your ATM card and follow the usual procedure to access your account.
   3. Check loan status (if available).

   Some ATMs offer this option to view loan information.

 

5. Visit Branch

   You can also check the loan status offline by visiting the lender’s branch.

   1. Go to the lender’s branch nearest to you.
   2. Find the loan department and the relevant desk where you can get the loan status information.
   3. Provide them with the necessary details, such as your application number and registered mobile number, and you will be able to know the loan status.

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Conclusion

The loan application process is not complete until you receive the money in your account. So, after you have applied and before you receive the money, you need to keep track and check your loan status. By staying informed about your loan status, you can estimate when you will receive the money and also get to know if there are any issues with your application process. There are various methods to check your loan status, both physical and online, and you can check your loan status in the way most convenient to you. All the methods aim to make the application process more transparent and easier for customers, so you should find the method that best suits you to check your loan status.

Frequently Asked Questions (FAQs)