Financial requirements become stressful when you need them instantly. Be it medical emergencies, pursuing education overseas, buying a new bike or car, consolidation of loans, home refurbishment, etc. In such situations, instant personal loans are efficient and suitable for helping you cover your monetary needs and improve your credit score. Though you can apply for personal loans in just a few clicks, it is necessary to check loan status regularly. Moreover, the loan approval depends on your credit score and income. This way, it will help you to be prepared for your loan’s acceptance or rejection.
Hence, Read until the end to learn how to check your personal loan status online and offline. By the end of this blog, you will have a detailed insight into checking loan status from top banks and NBFCs like Buddy Loan.
Introduction
Personal loans act as a boon when you have a sudden financial requirement. Be it a medical emergency, higher education, travel, business needs and a wedding; you can use this loan for any purpose. However, once you apply for the loan, the verification process may take time and waiting for the loan to get approved can bring a lot of anxiety. But, thanks to the advanced technology that has made accessing the status of personal loans easier. Digitalization has helped banks and NBFCs upgrade their functionality via websites. The best part is the application process which is equally transparent to us as the operators. You can check your personal loan status either online or offline.
Also Read: 5 Types of Personal Loans For Both The Unemployed And The Employed
Check Personal Loan Status Online
Most of the top lenders in the market provide an online facility for customers to track the status of their loan applications online. You can visit the official website of the lender and track your loan status with the following details:
- Application reference number
- Mobile number
- Date of birth
- Name
And if you are looking for a personal loan online, Buddy Loan can help you get one hassle-free! Apply Now and get an instant loan in just a click with minimum documentation!
Check Personal Loan Status Offline
Via offline, you can always probe the lender, NBFCs or bank staff to know the status of your instant personal loan. Though there are more efficient methods, it is still used by many customers in the market. You have to visit your bank’s branch office and enquire about your application’s status. While visiting your bank, you must have the reference number you received at the time of application. You must also carry a valid identity proof to confirm your identity. Once you have submitted these details, a bank representative will help you track the status of your loan application.
Alternate Methods To Check Personal Loan Status
Apart from online and offline modes, you can also check loan status through other alternate ways, as mentioned below:
Mobile number
You must provide your mobile number to the bank during a loan application. And many banks give access to customers to track the status of their loan applications using their mobile numbers. You can use this for online tracking, where you enter your registered mobile number. Or you can also contact the customer care representative and tell your registered mobile number to check loan status.
Reference number
Once you apply for a personal loan, the bank will generate a reference number. You will receive the reference number on your mobile once the application is complete. Hence, you can check your personal loan application status using this reference number.
Net banking
If you are an existing bank customer, you can check loan status through your net banking accounts. You must log in to the account and click on “check status of the application” under the loans section.
Chatbots
Many banks have chatbots that help customers assist with their queries 24*7. So you can also check your loan status by texting the chatbot.
Mobile App
You can download the app of your bank or your lender (if available) to track your loan status. Just log in with your credentials and submit your application ID to know the status at your fingertips.
Also Read: Get 5 Lakh Instant Personal Loan Approval In Just 24 hours -Buddy Loan
The main reason behind tracking your loan status is to know if your loan will get approved. Understanding how credit score and other factors influence your personal loan approval is necessary. So, read on further to know!
What Determines Your Personal Loan Approval?
With all the possibilities of loan approvals, there are specific standards by which these financial institutions bifurcate your applications into approved and rejected.
A Healthy Credit Score
Your credit score plays a significant role in the approval of your personal loan. It shows your repayment history and your experience with managing debt. It also helps lenders determine your ability to repay the loan on time. This means that the higher the credit score, the higher your chances of getting your loan approved. Hence, if you have a clean and consistent repayment history devoid of any defaults, it is preferable to the lender. Generally, lenders assess your creditworthiness from major credit bureaus, such as CIBIL, CRIF Highmark, etc. Most importantly, the credit score is generated after measuring certain aspects such as – the amount of debt, repayment track record, how frequently you paid your EMIs, credit mix, old credit accounts, etc.
Income
Your income is directly linked to your ability to repay your personal loan. When you provide your income details to your lender, show additional sources of revenue. The additional income can be from leased-out properties, spouse’s salary, business income, etc. This is to assure the lenders that you will promptly repay your dues. Lenders also consider your current debt obligations, source, and duration.
Work Experience
Your work experience and current employment show whether your income is steady. A stable job implies that there is regularity in your income. Lenders also check the organisation you work with. The main objective is to make sure that your employer is financially sound. This assures the lenders that you have a reliable source of income. Moreover, if you have long work experience and stable employment, you can quickly get the lowest interest rate on a personal loan. Overall, the stability and designation of your job matter a lot.
Age
Most lenders have set the age starting from 18 to 65. The reason is that your age gives an insight into your earning ability and financial stability. Usually, in your early 20’s, you might not have financial stability. Hence lenders expect you to be within a specific age limit where you have good work experience and financial stability.
Repayment Tenure
You can select a shorter repayment tenure and have a higher chance of getting the personal loan approved at a low-interest rate. However, remember to calculate the EMI you will be paying before choosing your repayment tenure. The EMI amount must be easily adjustable to your monthly budget. Various websites help you calculate your personal loan EMI calculator to determine your preferable term.
With that said, let us now see how to check loan status from top banks and NBFCs.
Also Read: How to Get a Personal Loan with a Bad Credit score
Tracking Personal Loan Status From Top Banks and NBFCs
HDFC Personal Loan Status
HDFC bank offers an online and offline mode to check your loan status. You must enter the required information and keep track of the loan application at any stage. There are various methods to check loan status at your convenience:
- Using your HDFC Bank Account Number
- Through your Registered Mobile number
- Using your reference number or proposal number to check online
- HDFC mobile application
- Through offline mode
Steps to check HDFC personal loan status online:
- Visit the official website of HDFC bank.
- Select the “Status of Loan Applications”
- Enter the required information, such as your Name or the Name of the Applicant, Reference number, Date of Birth and Mobile number.
- After entering the details, click on the “Submit” button and get your loan application status.
Offline Mode:
You can check your loan status offline by visiting the nearest HDFC bank branch. You must provide the application or reference number and your registered mobile number. Moreover, you can also contact the bank’s customer service and provide your application number and registered mobile number. They might also ask for other information, such as name and Date of birth, for verification, after which you will get your loan status.
Axis Bank Personal Loan Status
Axis bank offers both online and offline modes to track your status. You can check either by visiting the official website of Axis Bank or the bank’s nearest branch. There are multiple ways to check the status of your personal loan:
- Using Axis Bank Account Number
- Using Your Application ID
- Through Axis bank Mobile Application
- Using Offline Mode
- Through Customer Care
Steps to check Axis bank personal loan status online:
- Visit the official website of Axis Bank
- Log in to your account using your credentials.
- Select “Loan Application Status” under the “Loans” section.
- Enter the required details, such as your Mobile number, application number, Date of birth and the captcha.
- Once you have entered the required details, click on the “Enquiry” button and get the loan status immediately.
Offline Mode:
If you want to check your loan status offline, you can visit the branch office of Axis bank, where you have availed of a personal loan. You must submit the application number or reference number or your registered mobile number. Moreover, you can also contact customer service and provide your application number and registered mobile number. They might also ask for other information, such as name and Date of birth, for verification, after which you will get your loan status.
ICICI Bank Personal Loan Status
ICICI bank gives access to its customers to keep track of their loan status through its website and mobile application. Both offline and online mode is available to check the personal loan status. There are multiple ways to check the status of your personal loan:
- Using ICICI Bank Account Number
- Using Your Application ID
- Through ICICI bank Mobile Application
- Using Offline Mode
- Through Customer Care
Steps to check ICICI personal loan status online:
- Visit the official website of ICICI bank.
- Select “Check Loan Status” under the “Loans” section
- Enter the “Reference number” or “Form Number” that you would have received.
- Next, click the “Submit” button, and you will get your loan status immediately.
Offline Mode:
If you wish to check your loan status offline, you can visit the branch office of ICICI bank where you have availed of a personal loan. And to know the status, you must submit your application number, reference number, or registered mobile number. Moreover, you can also contact customer service and provide your application number and registered mobile number. They might also ask for other information, such as name and date of birth, for verification, after which you will get your loan status.
Tata Capital Personal Loan Status
Tata Capital offers several products, including personal loans, to its customers. You can visit the official website of Tata Capital to apply for a personal loan. The best part is that you can also apply for a personal loan through WhatsApp. Once you have applied for a loan, you can check the loan status online and offline. There are multiple ways to check the status of your personal loan:
- Using Tata Capital Account Number
- Using Your Application ID
- Through your Mobile Number
- Using Offline Mode
- Through Customer Care
Steps to Check Tata Capital Personal Loan Status Online:
- Visit the official website of Tata Capital.
- Select ‘Track My Application’ under the ‘Personal Loans’ section.
- Choose ‘Loan Application No.’ from the options under the ‘Track Your Application By’ section.
- Enter your Loan Application Number in the given box.
- Enter your date of birth, month and year in dd/mm/yy format in the given tracker.
- Click on the ‘Submit’ button after entering all the details.
- Once you submit, you will immediately get the current status of your loan application with Tata Capital on the page.
Bajaj Finserv Personal Loan Status
You can check the status of your personal loan online and offline mode at your convenience.
Steps to check loan on status Bajaj Finserv Online:
- Visit the official website of Bajaj Finserv and choose “My Account”
- Log in to your account with your username and password.
- Select “Track Application”
- Enter your mobile number after which you will receive an OTP for verification.
- Enter the OTP and view your loan application status immediately.
Personal Loan Through Buddy Loan
What is Buddy Loan? Buddy Loan is one of the largest loan aggregators that helps you apply for and get personal loans from the top lenders of your choice. It also provides business loans with customized EMI options and minimal documents. You can borrow anything from Rs. 1000 to Rs. 15,00,000 with a loan repayment tenure of 3 months to 5 years.
You can start by accessing your credit reports every once in four months to gauge your financial behaviour and then apply for a loan. However, you could always use the website panel to know your application status under process. In the Buddy Loan app, the loan aggregator has vivid app facilities that provide you with timely updates on EMI payments, referral codes, gift vouchers, and more facilities.
Also Read: How to Get a Personal Loan: A Complete Guide on Eligibility and Documents
Check Your Eligibility For a Personal Loan
It would be essential to find ways to increase the chances of your approval rate. The websites have a clear link to showcase your application process with the following loan ID.
Determining your loan amount
Take stock of your requirements. Always borrow more for incumbencies and not for unnecessary spending. Personal loans are pricier than home loans, so borrow with caution. Analyze your take-home salary or yearly income vis-à-vis the personal loan EMI.
Follow these guidelines
- Check your credit score Some banks want over 700; some can do with a little less.
- Non-Banking financial institutions usually cap personal loans at Rs. 15 lakhs. In other cases, individuals can get a personal loan 30 times their net take-home salary or monthly income.
- EMIs of loans are roughly 45% of the monthly salary or payment of the borrower.
- Check for pre-approved offers. Call up the financial institution’s customer care to check.
- Approach the bank.
Check Personal Loan Status Through Buddy Loan
- Download the Buddy Loan App, or you can visit the official website.
- Apply for a personal loan by entering the required information, such as your email, employment, PAN Card details, mobile number, etc.
- Once you apply for a personal loan, the lender will contact you based on your eligibility.
- Next, you have to visit the official website or download the app of the lender that you chose.
- Apply for a personal loan by providing personal and professional information and submitting the required documents.
- Once you have applied for the loan, you can visit the lender’s website to check your loan status.
- After loan approval, your loan amount will be disbursed within a few hours to your bank account.
Also Read: Get a Personal Loan of 50,000 on Aadhaar Card with Buddy Loan
Conclusion
Personal loans are a lifesaver and have become the go-to option when it comes to instant funds. Though it is easy and convenient to apply for a personal loan, it is equally important to track your personal loan status. For instance, if your loan application is not approved, you can immediately start looking for other sources to finance your requirements. Therefore, you can choose either online or offline mode to check loan status and make informed decisions depending on whether your loan is approved or rejected.
Hope the article gave you clarity on the importance of checking your personal loan status. And if you are looking for a personal loan to fulfill your financial needs, get one using the best loan aggregator app, Buddy Loan, that ensures an easy loan approval just within a few hours. To know more about Buddy Loan.
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