Wednesday, February 13, 2019

A Guide on How to Track your Personal Loan Status

An unsecured personal loan is one of the widely availed finances in India with around 13.9 million accounts alone in Q1 of 2018 according to CIBIL. The total amount of unsecured credit (personal loans and credit cards) at the end of the FY2018 amounted to $82 billion.

The increasing popularity of personal loans is primarily because of the changing lifestyle of Indians, their growing needs, and increasing consumerism. Individuals use these loans to fulfil various objectives, from hosting a wedding to buying a 4-wheeler or going for higher studies or medical emergencies.

The easy and quick availability of unsecured personal loans has also made it hassle-free to avail them. Moreover, financial institutions offer several features and benefits with these products.

Checking the status of your loan is crucial after you apply. You have to know whether your loan application is approved or rejected.

How to check loan application status?

You can check the status of your personal loan from the lender’s website. Usually, financial institutions have a dedicated page that tells you about your loan status. The information that you have to provide may differ from companies.

Some of the general data that you have to provide include:

  • Application ID or Reference number
  • Form number
  • Name
  • Date of birth
  • Mobile number
  • Product type
  • Loan amount requested
  • PAN

Clicking the “Submit” button will enable you to learn your unsecured personal loan status.

What are the features of personal loans?

Personal loans can come with the following features:

High financing option

You can avail up to Rs. 25 Lakh with personal loans. Also, lenders don’t require collateral to sanction these loans.

Instant approval and disbursal

NBFCs can approve personal loans in 5 minutes. They can also disburse it within 24 hours or one working day.

Nominal documentation required

Financial institutions only need your KYC documents (Passport, Driving License, Aadhaar, PAN, Voter ID), employee ID card, bank account statements of the last 3 months, and salary slips of the previous 3 months for the approval procedures.

Simplistic eligibility criteria

The eligibility criteria for personal loans require you to be between the 23 and 55 years of age and employed with a private/public company or MNC.

Flexi Loan facility

Bajaj Finserv also has a Flexi Loan facility. With this facility, you have to pay interest only on what you withdraw from the sanctioned loan amount. You can also pay only the interest as EMIs. Repay the total amount of funds withdrawn at the end of the tenor.

The Flexi Loan facility lowers EMIs as much as 45% compared to traditional personal loans.

Pre-approved offers

Lenders bring pre-approved offers on Personal Loans that save you time when availing financing by making the process hassle-free. Pre-approved offers are valid on home loans, business loans, personal loans and range of other financial products & services. You only have to provide a few essential details to check your pre-approved offer.

What are the things to remember before applying for a personal loan?

Do remember these few things before you apply for a personal loan:

Opt for a reasonable amount

Financial institutions may reject your application if you apply for a high amount. Hence, it is recommended to use a personal loan eligibility calculator. It will help you learn the highest loan amount you are eligible for as per your income, outstanding credit card debt, and loan EMIs.

Calculate your EMIs

Calculating your EMIs helps you to know whether you will be able to pay them. Use an online EMI calculator if you don’t know how to calculate personal loan EMI.
Have a high credit score

Lenders need a credit score of 750 or more to sanction you a personal loan. Improving the credit score requires only a credit card. You can also avail a secured credit card by pledging a fixed deposit as collateral.

Pay the total amount due within the deadline and utilise 30% to 50% of your credit limit will improve your credit score.

You must lower your fixed monthly obligations

Ensure that the ratio of your monthly income to your fixed monthly obligations is lower than 50%. Closing your existing loans and clearing your credit card debt can help you achieve this ratio.

Opt for an unsecured personal loan today to fulfil your financial goals. Financial institutions give you the option to apply for these loans online. You only have to provide your personal details, income, and a few other basic details to apply successfully.

No comments:

Post a Comment

Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics