Personal loans have the least turnaround time compared to other bank loans. If all the documentation formalities are correct and verified, the approval and disbursal process does not take much time. However, you would like to know how to check your personal loan application status at any point in time.
As you have various instant personal loan apps in India today, you can check out the instant loan app online and get online status. However, there are other modes of checking the personal loan application status. Let us discuss the different ways by which you could do so.
The Traditional Mode
In this age of connectivity, very few people approach the bank directly to apply for a personal loan. However, you can always check out your personal loan status by visiting the concerned branch and enquiring with the respective loan official. You might have to provide specific details of your application like your identity, the personal loan application acknowledgment, or the reference number to enable the bank officials to go through their records quickly.
The Phone Mode
The telephone mode is similar to the traditional mode of checking out the personal loan application status. However, instead of meeting the bank official directly, you correspond over the telephonic channel. Again, you need to provide your loan application reference number and identify yourself to update your personal loan status.
The Customer Service Number
Every bank or financial institution has a dedicated customer service number that allows customers to check out various aspects, including the status of their personal loan applications. It is similar to the Phone Mode discussed above with the difference that you speak to a customer service representative, usually, not a bank employee. It is because banks outsource such services to third parties. You will again need to provide the reference number of your loan application. Besides, the customer service executive would require verifying your identity.
Banks outsource their personal loans and other loans to third-party Direct Selling Agents specially appointed for such purposes. Therefore, if you have applied for personal loans through a DSA, you can contact the same agency to appraise your personal loan status.
Online Check up
Almost all banks provide online facilities to apply for your personal loans. You can apply through the internet banking mode or your smartphone app. These banks offer services where you can check your personal loan application status online. The process is simple. You access the bank website and click on the respective option to check the personal loan status. The page requires you to provide specific information like the application reference number or your name to confirm your identity. Besides, you need to submit your date of birth or mobile number as an additional means of verification before you get the status online.
Through SMS or Email
Many banks provide facilities where you can get the status of your personal loan applications through SMS/email. Generally, banks inform you through SMS and email about their decision. If they approve the loan, the applicant gets the sanction letter and the terms and conditions of the sanction. In the case of a rejection, banks provide the reasons for the rejection of the loan application.
Steps to follow in case of sanction of the loan
Once you know your loan status as approved or sanctioned, you have to complete the documentation formalities before seeking the loan disbursal.
- Generally, the public sector banks require you to visit the bank branch and complete the documentation formalities.
- The private sector banks and the instant personal loan app companies send their representatives over to your place to collect the documents.
- You need to sign the loan agreement and provide your repayment instructions. It can be either through post-dated cheques or ECS mandates. If you maintain your savings account with the same bank, you can also give a standing instruction to recover your EMIs on the due dates.
- Once you complete the documentation formalities, you can seek the loan disbursal into your bank account.
What to do in the case of rejection of the loan?
Banks generally provide you with the reason for the rejection of the loan. For example, you might have a low credit rating, or there could be any other purpose. In addition, banks usually state that your application does not conform to the prescribed rules of the bank. Under such circumstances, there is nothing much you can do because the bank’s decision is almost final.
How to check CIBIL score?
However, you can check out your CIBIL score to confirm its genuineness. At times, CIBIL does not update their data following which, it affects your score. You can apply for your latest CIBIL report online by paying a nominal fee from the agency’s website. Then, CIBIL sends you the report online.
You can take a printout and check out every entry carefully to ensure that the information furnished is accurate in all respects. It can happen that you might have closed many of your loans, and they might be shown as outstanding in the report. There can be double reporting of many loans. All these factors can pull down your credit score considerably.
How to rectify CIBIL score?
Every CIBIL report has a unique reference number. You have to mention this unique number when raising any dispute with CIBIL online. CIBIL offers an online dispute redressal solution where you can raise your objections. CIBIL does not change the records immediately but seeks confirmation from the respective banks on the status of the loans. The banks have to furnish the information within a specific period.
On receiving the information, CIBIL incorporates the same in their records and generates a new report. So if there are changes in your report, you get an intimation of the same along with a copy of your new CIBIL report.
If your CIBIL score has improved and falls within the qualification criteria for personal loans, you can reapply for the personal loan from banks.
We have discussed various methods how to check out your personal loan status. Simultaneously, we have discussed the steps you should take after the approval or rejection of your personal loan. This information should prove helpful to all.