With the significant advancement in online technology, personal loan application has narrowed down to one’s fingertips. On top of that, borrowers also have the opportunity to track loan status online through a simple process on their mobile phones.
Various financial institutions have laid down different tracking processes for online personal loan applications. This article, therefore, aims to make individuals aware of such methods as associated with reputed lending agencies.
Procedure to check personal loan application status online
An individual can check his/her personal loan application status by considering the following steps –
- Visit the official website of a financial institution to which a borrower has applied for personal credit.
- Navigate to ‘My Account’ section under which a personal loan application has been forwarded.
- Open the customer portal via the login page.
- An applicant should then provide his/her username as well as the password accurately.
- Select ‘Track Application’ after logging in to track loan status online.
- Applicants will then receive an OTP on their registered contact number. In this step, they have to provide the OTP precisely to verify their authenticity.
- The following page will showcase the online personal loan application status of an individual.
Certain reputed financial institutions have their own apps. As a result, individuals can download such apps on their mobile phones for better accessibility to tracking their application status.
The process to track loan status online via the official app of a lending institution is as stated below –
- After downloading the official app, individuals should choose their customer profile – new or existing.
- After this, an applicant will have to choose his/her employment status. They can choose between self-employed or salaried categories.
- Choose ‘Personal Loan’ from the array of product options.
- The individual should tap on the ‘View Application Status’ option for further details.
These simplified steps conclude the process to check one’s application status of personal loan online.
Reputed financial institutions such as Bajaj Finserv also provide pre-approved offers to make the time-consuming loan approval process considerably shorter. Such offers are applicable on a numerous range of financial products like personal loans, business loans, credit cards, among others. You can also take a look at your pre-approved offer by just entering basic details such as your name and contact number.
Besides, there is also an array of options through which one can make sure that the personal loan application turns out to be successful.
Tips for a successful online application for a personal loan
Individuals should consider the following tips to convert their personal loan application process into a successful event –
- Check CIBIL score – An applicant can check his/her CIBIL score online, as financial institutions rely on this score to a large extent. One’s CIBIL score must be at least 750 to qualify for a personal loan. In case of a low CIBIL score, one can also find ways to improve personal credit score.
- Check eligibility criteria – Different lenders lay down various eligibility criteria for applicants. Therefore, individuals must be aware of the eligibility conditions associated with a lender to check whether they fit the bill for a personal loan.
- Keep relevant documents handy – Individuals should also keep certain documents such as KYC forms, salary slips, and account statements from financial institutions. It will help them apply for a personal loan without any delays in customer verification.
To conclude, an applicant must track loan status online to learn whether he/she has received approval or not. With the process being quite easy, one can gather such information without having to go from post to pillar.