When you apply for a Loan, it is natural to feel excited about the Loan status. Tracking your Loan application status is crucial for peace of mind. Once you apply for a Loan, the verification process varies between banks. Here are useful tips for monitoring the Personal Loan status:

Online portal

Most lenders offer an online portal accessible via their website. You can easily check the Loan status through this portal. Once you submit your Loan application, register for an account on the lender’s website. Log in to your lender's website to check updates, pending documentation, and other important information regarding your Loan application.

Set up alerts

Many lenders provide the provisions to receive email or SMS alerts regarding your Loan application status. Sign up for these notifications to stay updated regarding any changes. You can also take quick actions to improve your Loan application.

Reference number

When you submit the Loan application, the lender will send you a unique reference number to check your application status. Keep this number secure always. You need it to track your application through the lender’s system.

Take the help of customer support

Call the lender's customer support if you have not received any updates regarding your Loan application. Provide your application reference number and ask for the status. Customer support helps you with every query. List any questions or doubts you have in advance to make the most of the conversation.

Use lender’s mobile app

If your lender has a mobile app, download it. Mobile apps are more accessible than websites. You can log in to mobile apps at your convenience from anywhere. These apps are user-friendly. You can check your Loan status, view documents, and even communicate with customer support.

Be aware of documentation

Documentation varies between lenders when it comes to Personal Loans. If you are applying for a Loan for a low CIBIL score you may need to submit some additional documents to support your Loan application. If the lender requests additional information, respond as quickly as possible to avoid delays in processing.

Monitor your email

Make it a habit to check your email regularly for communication from your lender. Important notifications about your application may be sent via email. If you miss the emails or fail to respond on time, your application will likely remain pending for a longer period.

Be patient

Loan applications can take time due to various factors, including credit checks, documentation verification, and other internal policies. In the meantime, you can look for suggestions regarding how to improve CIBIL score or other factors that can speed up the process. While you need to stay updated, being patient during this period is also essential.

Conclusion

Tracking your Loan application status need not be a stressful experience. The awareness helps ease your mind and prepares you for the next steps in your financial journey.