Personal Loan Tracking: 4 Ways to Monitor Your Status

It is critical to do personal loan status tracking and loan details to be updated about the development of your loan. You can use a variety of methods to track the status of your personal loan progress. You may simply follow the loan tracking notifications and make appropriate arrangements based on the outcome if you remain proactive and know how to check your loan status. There are numerous methods to check personal loan progress. They are given below.

• Check online via the lender’s website or mobile app
• Use the facility of personal loan status tracking
• Contact customer service via phone or email for support on how to check my loan status.
• Visit the lender’s branch in person
• Turn on the updates via SMS or email loan tracking notifications

This blog is an in-depth study of the means of personal loan tracking updates. Read on to know more!

Methods for Personal Loan Tracking

With the evolution of technology and the needs of a customer, banks and NBFCs have evolved as well. There are now various methods that allow a customer to get loan tracking notifications or do personal loan status tracking. Some of the methods are explained below.

(1) Track Personal Loan Status Online

The online mode is the most convenient approach for personal loan application status tracking. Customers may track their personal loan progress online with all of the market’s main lenders. Simply go to the lender’s website and provide the following information for loan tracking updates:

• Application reference number
• Mobile number
• Date of birth
• Name

(2) Mobile Apps

Follow the below-mentioned steps for loan application status tracking via mobile applications.

• Install the lender’s app on your smartphone and sign up.
• Once you are logged in, go to the ‘Loans and Deposits’ section.
• The screen will display the personal loan application.
• You can simply tap on the application number to check its status.

(3) Customer Support Channels

Contacting the customer support channels is an offline method to get loan tracking updates. The applicant must give a call at the official number of the lender. This number can be found on the lender’s official website via a simple search. When performing a loan application status tracking, the applicant must be ready with the application number and personal information like phone number, date of birth, name, etc.

(4) Branch Visit

If applicants find themselves without the internet, they can go to a branch of the lender and enquire about their loan approval status tracking. The following steps must be followed.

• Visit the nearest branch of the lender and approach a representative
• Provide the representative with the loan account tracking information
• The representative will provide you with your loan tracking updates in a few minutes.

Why Personal Loan Tracking Matters

Personal loan tracking is an essential aspect of controlling current and potential debt. Personal loan status tracking matters because of the following reasons.

• It assists clients in staying on top of loan repayments, allowing them to avoid late fees and penalties.
• It keeps borrowers informed of prospective life events that may affect loan repayments, such as a change in employment or income or an increase in interest rates.
• It allows people to uncover any discrepancies between the loan agreement and the loan servicing, which may then be used to fight any unfair or erroneous fees or statements.
• There is an ease in detecting prospective refinancing or debt consolidation options, allowing the borrower to make more informed decisions regarding their loan status.

Common status of personal loan Tracking

The most common personal loan application status tracking is pending, approved, denied, and processed. The same terms are explained below.

Pending

The pending status of the personal loan status tracking indicates that the application is yet to be reviewed by the lender.

Approved

The next stage is ‘Approved’. Here, the application is approved by the lender, and the loan application amount is due to be disbursed.

Denied

If the lender does not approve the application, it will be marked as denied. This could be because of any mistake in the application or if any of the eligibility criteria is not met.

Processed

In this stage of the loan application status tracking, the application has been viewed and approved by the lender, and the loan amount has been disbursed into the borrower’s account.