How to check your Personal Loan status
3 min read
Aug 21, 2023
Managing finances is a crucial aspect of life. Personal Loans often serve as a life raft in times of financial turbulence.
Among the range of services offered by various banking institutions, keeping tabs on your Personal Loan status is paramount to maintaining a healthy financial lifestyle. This article will guide you through the different methods of tracking your Personal Loan status.
Methods of tracking your Personal Loan status:
1. Online through the lender's website
Today, virtually all banks provide online access to your loan account.
Today, virtually all banks provide online access to your loan account.
Log into your online banking account using your credentials to access your Personal Loan application. Here, you can review your loan details, check the Personal Loan interest rate and gauge your EMI with the help of our Personal Loan EMI Calculator.
It is a convenient and time-saving method.
2. Using the mobile application
Nowadays, your smartphone acts as a compact version of a bank. Nearly all banks offer a mobile application that allows you to track the status of your Personal Loan wherever you are. Simply download the app, log in, and head to the loan section to view all pertinent loan information, including the outstanding balance and payment schedule.
3. Through customer service
For those who are less comfortable with technology or prefer personal interaction, contacting customer service is an alternative method to check your Personal Loan status.The customer service agent will request your loan account number or other relevant details to provide you with the specific information you need.
4. Email alerts and physical statements
Banks regularly send email alerts about your loan details, including your EMI dues and outstanding balance.
If you favour more conventional approaches, opting for physical statements is another option. Banks regularly mail these statements, so regularly checking your mailbox will keep you informed about your loan status.
Also Read: [How to avail a Rs. 5 lakh Personal Loan]
Advantages of tracking your Personal Loan status
Monitoring your Personal Loan status has numerous advantages that streamline your financial management and planning:
- Better financial management: Regular tracking of your Personal Loan status allows for more effective financial planning. You're always aware of your outstanding balance, EMI due dates and the remaining loan tenure. This helps prevent any surprises or shocks regarding your financial commitments.
- Avoid late payment penalties: By keeping a close watch on your Personal Loan status, you can ensure timely payment of your EMIs. This reduces the risk of incurring late payment fees and damaging your credit score.
- Opportunity for prepayment or foreclosure: If you're consistently monitoring your loan status, you will be aware of your remaining balance at all times. This helps if you come into a lump sum of money and wish to prepay your loan or completely foreclose it.
- Improved credit health: Timely payment of your loan EMIs has a positive impact on your credit score. By tracking your loan status regularly, you can ensure your payments are on track and maintain a healthy credit score.
Conclusion
Checking your Personal Loan status doesn't have to be a daunting task. With the wealth of options available to you - from online access, mobile applications and customer service to email alerts and physical statements, it's easier than ever to stay in control of your financial commitments.
Taking a Personal Loan can help you manage your financial needs with ease. With flexible repayment options and competitive interest rates, Axis Bank offers a convenient solution to meet your immediate financial requirements. Ensure you regularly check your Personal Loan status to manage your EMIs efficiently, reduce your financial burden, and pave the way for a stress-free future.
Harness the tools provided by Axis Bank to regularly check your Personal Loan status and keep your financial health in check. The next time you ask, "How to check my all loan details?" - remember, you have the power in your hands.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
