There is hardly a person can be found who was never hard pressed for the urgent need of money. The need for money can arise because of many reasons such as marriage, education fees payment, medical emergencies etc. Whatever the reason may be behind the need, an easy way of availing quick funding is Personal Loans.  

Personal loans turn to be a life saviour in situations where an urgent boost of money can make you sustain. A personal loan is a multipurpose loan hence it can be used in any kind of need. Moreover, the disbursal of a personal loan happens within hours which makes it the best weapon to fight against urgent monetary needs. The minimal documentation and easy repayment methods are the advantages which have made a personal loan first choice of many of us.

Personal Loans: Applying Directly v/s Applying Through a DSA

A personal loan can be applied online and offline. One can visit the bank’s branch and apply for a personal loan by filling the loan application. The next method of applying for a personal loan is by applying online. If you want to apply for a personal loan online, first of all, you need to download the mobile application of the preferred lender in your smartphone. One can apply online for a personal loan by using the website of the lender.

The time span between the loan application and the disbursal is full of anxiety for the applicant. Once we submit the loan application, the loan processing starts. The loan processing consists of several steps. While the bank processes our loan application, it is the right of the applicant to know the progress of the application. Every loan applicant wants to know how far the application has been processed and how many steps away from the disbursal. Considering the fact, almost all online lenders, as well as loan aggregators provide the customer with the service where one can check their loan status both in online and offline.

How to Get a Personal Loan Online in 3 Easy Steps!

How to Check Personal Loan Application Status Offline

If you opt to check your personal loan status offline, you can call the customer service centre of your lender. The lender will ask you the loan application number or the reference number. The loan application number or the reference number both are found in the application number. So while calling the customer care to track your loan application, you are to keep this number handy. In case, you have lost your loan application number, the executive may ask you a few information such as name, date of birth, PAN number etc.

How to Check Personal Loan Application Status Online

How Frequently Can I Apply for an Instant Personal Loan

Most of the lenders have upgraded their websites where the loan applicant can check the loan status in real time. Checking personal loan online can be done just with a few clicks. Here are the inputs you are to provide in order to track your personal loan application online.

    • Applicant Name
    • Reference Number
    • Date of Birth
    • Mobile Number
    • PAN Number

However, you have forgotten the reference number, most banks will ask you to input the given below details:-

    • First, input your name and enter your date of birth.
    • Next, choose the product from the drop-down menu. You will have to choose ‘Personal Loan’.
    • Next, enter your mobile number.
    • You will also have to give your PAN number.
    • Lastly, click ‘Submit’ to get the result.

Different Methods Lenders Use for Personal Loan Tracking

The Technology behind FinTech’s Instant Personal Loans

Though the common goal is to check the loan status, different lenders may make you reach the same destination via different routes. Depending on the user-friendliness of the website of the lender, loan applicants may experience different ways to find the loan status. Here are the three main ways of checking personal loan status.

Personal Loan Tracking by Mobile Number

As mobile numbers are taken as a unique identifier, many of the lenders use the mobile number alone to check the authenticity of the loan applicant. This method makes the tracking process faster as the applicant has to fill the mobile number and the OTP that comes to that specific number. This method does not require the loan application number or the reference number.

Personal Loan Tracking by Reference Number

The next method is tracking a personal loan using the reference number or the loan application number. The loan application number is unique for every applicant hence can be used for tracking the loan application.

Personal Loan Application Tracking by Net Banking

If you are an existing customer of the bank, and now applied for a personal loan, you can check it through net banking too. Let’s say, you have a salary account with ICICI bank and now you have applied for a personal loan from the same bank. In such scenarios, one can log in to their online account and go the loans section. While opening the loan section, you can find the applied loan along with all details and the status.

All You Need to Know about Personal Loan Disbursal Process

The Last Lines

A personal loan can be tracked at any stage – right from the day of application submitting to the last EMI of the loan. Each and every step of the loan can be checked both online and offline. One can check the status of their ongoing loan by using the mobile application and the website of the lender. Tracking personal loans online makes it much more transparent which is an added advantage of applying for a personal loan.