How to Check your Personal Loan Application Status?

While getting approval for a personal loan is not a tough ride, there may still be times when you would face problems in getting your personal loan application approved. Hence, it is advised that you have your financial health maintained well before you plan to apply for a personal loan.

In any case, if you have applied for a personal loan, you will need to check your personal loan application status. Doing so, is much easier than applying for a personal loan itself. We have explained the steps on how you can check your personal loan application status, using both online and offline modes.

Key Factors to be Considered While Applying for Personal Loan

Before you go on to apply for a personal loan, it is recommended that you keep a check on the basic eligibility conditions. This will help to reduce the chances of rejection, which will eventually maintain/build your credit score.

Mentioned below are the key factors to be considered-

AgeThe applicant must be between 21 and 68 years of age
Type of ProfessionSalaried employees such as the ones working with the government, or reputed organizations, and self-employed professionals like Doctors, Architects, Professors, etc.
SalaryPersonal loan applicants must have a minimum monthly salary of INR 25000 or annual income of INR 5Lakh
Credit scoreIt is beneficial to have a credit score of at least 750 points to be eligible for a personal loan
Work experienceThe applicant must be working for at least 2-3 years, depending upon the loan amount and the bank’s conditions
EMI amountThe borrower’s maximum EMI should be equal to 65% of his income

You must note that the eligibility conditions slightly vary for salaried, self-employed and retired applicants. However, the majority of these conditions are applicable to the applicants of all these categories.

Ways to Check Personal Loan Application Status

With the ease of online banking services, it has become possible to track your personal loan application status. However, the old school methods to check personal loan status are still open. Let’s find out how you can check your personal loan application status using both online and offline methods-

Online

The online method to check your personal loan application status is considered to be the easiest one. All you need to do is follow the simple steps and you will immediately be updated with your personal loan status.

  • Log in to your bank’s official website or online banking portal
  • Enter the details as and when requested-
    • Application reference number
    • Applicant’s Mobile number
    • Applicant’s Date of Birth
    • Applicant’s Name
  • After entering these details, you will be redirected to a screen where you can see your current personal loan status

Note that you can find all the above details on the document that you would have received at the time of submitting your application for personal loan.

Offline

Lately, the offline methods of checking the personal loan application status have been fading out. However, the older generation still finds it easier to opt for such offline methods. Here’s all you need to do to check your personal loan status offline-

  • Contact the customer support service staff of your bank
    • You can easily find the contact number of your bank’s customer support team on the bank’s official website
    • All you need to do is give them a call and provide them with the required information such as your name, application reference number, your mobile number, date of birth
    • The concerned executive will immediately update you with your personal loan application status
  • You can visit the bank’s branch physically to find out your personal loan application status
    • Upon visiting the bank, you can get in touch with the concerned executive and give your personal loan application document, which has all the required details.
    • The executive will use your details to check your personal loan status

Using Online Method to Check the Personal Loan Application Status

Owing to the ease and convenience offered by the online banking system, it has become the most preferred mode to stay updated with the status of loan applications or other. Let’s find out how online method to check the personal loan application status is better than the offline mode-

  • The online mode offers you complete access to your account with the bank
  • You can check your personal loan status at any time, at the comfort of your home
  • You are allowed to download your bank statement and other documents easily
  • Online banking portals allow you to make your EMI payments while sitting at your home
  • You can easily update your contact details and the like at any time, from anywhere
  • Additionally, you can also keep a check on the bank offers available from time to time

FAQs
How can I check my personal loan application status?
You can check your personal loan application status using both online and offline methods. To check the status online, you need to log in to your bank’s official website and provide the required details such as your name, mobile number, application reference number and your date of birth. Alternatively, you can also contact your bank’s customer support staff through telephone or visit the bank directly to find out your personal loan status.
Is it possible to check personal loan status online?
Yes, you can check your personal loan application status online. All you need to do is log in to your bank’s official website and provide the following information mentioned on your application document-
  • Application reference number
  • Applicant’s Date of Birth
  • Applicant’s Name
  • Applicant’s Mobile Number
What should I do if I don’t have online ways to check my personal loan status online?
If you don’t have access to the online methods to check your personal loan status, you can either contact your bank’s customer support staff or visit your bank’s branch directly to find out your personal loan status.
What are the details required at the time of checking the personal loan application status?
At the time of checking your personal loan application status, you must have the following details in handy-
  • Application Verification Number
  • Applicant’s Name
  • Applicant’s Date of Birth
  • Applicant’s Mobile Number
What could be the reasons behind the rejection of a personal loan application?
If your personal loan application has been rejected, then you don’t need to panic. Instead, you must sit back and find out the reasons behind the same. There might be multiple reasons for a rejected personal loan application. These include a low credit score, poor credit history, multiple other active loans, or a bad loan repayment background. You must note that there may be more than one of these reasons behind a rejected personal loan application.
What should I do if my personal loan application gets rejected?
If your personal loan application gets rejected, then you must wait to improve your credit score and financial history before applying for it again. This is a recommended practice because getting multiple rejected loan applications will impact your financial health negatively. However, if you need a loan for any emergency, then you may opt for a secured loan, instead of a personal loan.
I have lost my personal loan application verification number. What should I do now?
If you have lost your personal loan application verification number, then you can use your registered mobile number and/or date of birth to find out your personal loan application status.
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