Top tips for tracking your personal loan online

    A personal loan is a loan that is done to get funds on an urgent basis. Typically, a type of emergency loan to deal with any circumstances may be a travel destination, home renovation, or other events. These loans go on a higher interest rate but are readily available with significantly less documentation. As you can see, a personal loan is a multipurpose loan that can be applied for both online and offline.

    Once a person has availed of the loan, they have to constantly track the application and check on the disbursal of the funds or in the rejection of the application form. Let’s find out how to do that –

    Online tracking of loans is a much easier process; once you get that loan reference number, you can easily log in and get the loan status, even through a mobile application. Banks have their online loan portals to quickly check the loan application and loan status and repayment schedule.

    Features of the online loan application:

    1. One can check the loan application status and its disbursal status.
    2. Once approved, one can check the repayment schedule.
    3. One can also pay the monthly EMI through an online portal
    4. It also shows the availability of offers on the loan portal
    5. One can also download their interest certificate and repayment schedule through the bank portal.
    6. One can also calculate the percentage of the loan and interest through the online personal loan EMI calculator.

    At times, a message may appear informing the user of the reason for the delay.

    If you forget the reference number, most banks will ask you to enter the following information:

    – To begin, enter your name and date of birth.

    – Then, from the drop-down menu, select the product. You must select ‘Personal Loan.’

    – Next, enter your mobile number. You will also need to enter your PAN number. Finally, click ‘Submit,’ and you will see your results.

    There are three ways from which one can track their online loan application

    • Mobile Banking
    • Net Banking
    • Reference number

    Through mobile banking:

    1. After opening the mobile application, one needs to enter the reference number, after which they receive the OTP (One Time Password)
    2. Once approved OTP, one can easily access the portal.
    3. In the dashboard, you can open the loan status tab and see the loan application with all the details regarding the date of disbursal and the outstanding balance of the loan.

    Through net banking:

    1. One can open the website on chrome and open the banking portal.
    2. Log in with the loan application number and mobile number where one will receive the OTP.
    3. After providing the OTP, one can access the portal regarding personal loan status.

    This online portal also lets you calculate the personal loan EMI in the personal loan EMI calculator. One can calculate the loan repayments through the interest rate and the tenure of the loan.

    Thus, one can easily track their loan status through the online portal, and this also is very beneficial in emergencies and ensures transparency between the bank and the applicant.