Considering the economic downturn of the last two years, there has been a massive change in the borrowing pattern of Indians. As per reports, the personal loan sector has revealed substantial year-on-year growth of 13.5%. The primary reasons behind this robust growth are easy online application procedure, minimal documentation, no end-use restriction, and likes.
To enhance the borrowing experience further, lenders extend convenient ways for debtors to check their personal loan status online. To know how to check loan status online, one can resort to the brief guide presented below.
Steps to check personal loan status online
The advancement of technology has simplified the process of accessing required financial services. Reputed lenders like Bajaj Finserv have curated a dedicated customer portal and mobile app to streamline this process for their customers.
Among its myriad features, one can check the status of a personal loan online. Check out the steps below to know how to check loan status online –
Using the Experia app
Step 1: After installing the mobile application, select customer profile, i.e. new or existing customer
Step 2: Select from salaried or self-employed options, as per the current employment status of an individual
Step 3: Select ‘personal loan’ from available credit options
Step 4: Click on ‘view application status’ and track personal loan application without any hassle
Using the Bajaj Finserv customer portal
Step 1: Go to the official website and find the ‘my account’ option
Step 2: It will redirect applicants to the Bajaj Finserv Experia customer portal
Step 3: Complete the login process with username and password
Step 4: Navigate to the ‘track application’ option
Step 5: Complete an OTP verification
Step 6: Get access to loan application status
Following these steps can save time by applying for a personal loan online and checking the application status conveniently. After the approval of credit, one can keep a check on the outstanding balance and interest component using these dedicated customer portals.
How to know your loan status offline?
Besides knowing how to check personal loan status online using the customer portals, one should also learn how to complete it offline as well. This procedure is straightforward, and potential borrowers can visit any of Bajaj Finserv’s nearest branches to get the required information.
Otherwise, they can always contact a customer service executive to learn more about it.
Being aware of the procedure of checking personal loan application status is essential. It helps borrowers to keep a tab on it and proceed accordingly. It is also imperative to learn a few vital factors that one must consider before availing of this financial product.
Things to check before applying for a personal loan
Along with reviewing loan status, one should also check whether he/she has submitted all the needed documents or not. Since failing to submit is one of the few reasons for a personal loan rejection, it is imperative to take care of it.
Moreover, one must consider a few more factors that can help him/her to make an informed borrowing decision.
- Eligibility criteria
The first point to review here is the eligibility parameters of Best personal loans. Since it will decide one’s ability to get this financing solution, individuals must check and fulfill them without fail.
Besides, borrowers must know what affects their personal loan approval and try to improve them to obtain their preferred amount without any hassle.
- Interest rate
An interest rate accrued on loans decides their total outstanding amount, and not considering it beforehand can strain one’s finances significantly. In this regard, individuals can use personal loan calculators to see how a change in this rate will make a difference in their total debt.
- Loan terms and associated charges
Another notable point to keep in mind here is the terms and conditions of a credit option and its associated charges. Going through the loan terms can help borrowers to avoid any future complications. Whereas considering the additional charges beforehand helps them to estimate the cost of borrowing better and plan accordingly.
- Availability of pre-approved offers
Reputed financiers like Bajaj Finserv extend pre-approved offers for eligible borrowers. These offers are available on a wide range of financing options such as business loans, credit cards, personal loans, etc. Moreover, these exclusive offers significantly expedite the loan application procedure and save time. Therefore, individuals can check their pre-approved offer by mentioning their name and contact information.
Knowing about how to check loan status may be effective in several situations. For instance, if a borrower’s loan application is rejected, he/she can quickly determine the same. Therefore, this facility helps in improving the transparency of a lending procedure.
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