How You Can Check Personal Loan Status?

Posted on Thursday, October 24th, 2024 | By IndusInd Bank

There are many reasons for applying for a personal loan. It could be for a wedding, education, or an emergency. Having the option of taking a personal loan is a relief. However, the uncertainty of your loan status can be stressful.

Even in cases of quick loan approval, the time between application and approval can feel endless. This is especially true if you are unsure where to check the status. If you have ever thought, “How do I check the active loans on my name?” or “How can I check my loan status online?”, this article will guide you on how to track your loan application status.

Loan Status Tracking: Know Where You Stand

Most banks and financial institutions have systems in place to help you know about your loan status. You can log in to online portals or apps for real-time updates.

IndusInd Bank ensures you stay informed through alerts sent to your mobile via SMS, email, and even WhatsApp. This seamless communication keeps you in the loop every step of the way.

Ways to Check Your Personal Loan Status

Here’s how you can check your loan status:

1. Reaching Out to Customer Service

You can contact your bank through its customer service if you want an update about your loan application status. The bank’s representatives will provide you with the current status of your loan application. They can help address any issues that may arise during the process.

• Phone Banking: Call IndusInd Bank’s customer service helpline for immediate assistance with your loan status. Have your application number handy for quicker service.
• Branch Visit: If you prefer a more personal touch, visit your nearest IndusInd Bank branch. You can speak with a representative to get updates on your loan status.

2. Using Online Portals and Mobile Apps (for Other Banks)

Many banks offer online portals or mobile apps where you can log in and check your loan status directly. You have to enter your loan application number to access your loan details.

3. Tracking via SMS, Email, and WhatsApp

IndusInd Bank keeps its customers updated by sending regular notifications. These notifications are shared via SMS, email, and WhatsApp.

• SMS Alerts: Shortly after submitting your loan application, you will receive an SMS confirming receipt. You will receive further updates about approval, disbursement, and even repayment schedules.
• Email Notifications: Email alerts provide a detailed overview of your loan application. This includes any documents required, approval status, and loan amount disbursement. It is advisable to check your inbox from time to time to stay updated.
• WhatsApp Messages: IndusInd Bank also offers the convenience of WhatsApp alerts.

Also Read: What is the Minimum Income Requirement for Applying for a Personal Loan?

Understanding Loan Status

Understanding what the status updates mean is very important. Here are the typical stages your loan application will go through:

• Confirmation that the bank has received your loan application and is processing it.
• The bank will review your documents and application details. They may contact you for more information.
• The bank will inform you whether they approve or reject your loan application.
• If approved, the bank will disburse the loan amount to your account. You will receive a notification of the disbursement.

Why Staying Informed Matters?

Staying updated on your loan status helps you be prepared. If your loan is approved, you need to plan for the repayment. You can use tools like the Personal Loan EMI Calculator on the IndusInd Bank website for the same.

But, in case of a rejection, knowing the status means you can explore other options. You will have to correct any issues with your application or consider different financial products.

Along with keeping you informed, IndusInd Bank offers a range of benefits for those looking to borrow.

Additional Benefits of IndusInd Bank Personal Loans

Here are all the benefits that IndusInd Bank Personal Loans offer:

Attractive Interest Rates: IndusInd Bank provides Personal Loans at attractive interest rates, which makes them affordable borrowing options.

Versatile Loan Amounts: You can avail loan amounts ranging from ₹30,000 to ₹50 lakhs to meet a variety of financial needs.

Flexible Repayment Terms: Select repayment periods between 12 and 72 months as per your repayment capacity.

Simple Application Process and Swift Disbursal: Benefit from an easy application procedure with minimal paperwork. Enjoy quick approvals and fast fund disbursement.

Conclusion

Checking your personal loan status is essential to managing your finances. IndusInd Bank’s alerts ensure you are always updated. It helps provide peace of mind throughout the loan process.

If you are considering applying for a Personal Loan, consider IndusInd Bank. We offer competitive rates, flexible repayment options, and a host of other features to make your borrowing journey easy. Apply today and experience a truly hassle-free borrowing experience. 

Disclaimer:
The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.