A personal loan can be helpful during emergencies. However, urgency often leads to constant curiosity about the status of your loan application. Tracking the status of your personal loan application can help ensure a smooth and transparent loan journey, right from processing to closure.
Let’s look at how to track your personal loan application status, ensuring you’re always in the loop.
Importance of Checking Personal Loan Status
Here is why it is important to check the status of your personal loan:
Monitoring Application Progress
Understanding the stages of your loan application—from submission to disbursement—allows you to analyze and prepare for each step. This is particularly important if you need the funds for a time-sensitive purpose, such as medical expenses, home renovations, or consolidating high-interest debts.
Tracking Repayments
Knowing your current loan status helps you plan for future financial needs. Whether you’re considering taking out another loan, making a large purchase, or budgeting for monthly expenses, being aware of your current loan status allows better financial planning and decision-making. This not only prevents any negative impact on your credit score but also avoids late payment fees and penalties.
Avoiding Overpayment
By regularly reviewing your loan status, you can keep track of the outstanding balance and interest accrued. This helps you avoid overpayment and ensures that any extra payments you make are correctly applied to the principal amount. Moreover, now with the option of auto-debt, you can easily plan your monthly EMIs.
Preventing Fraud and Errors
By frequently checking your loan status, you can quickly identify any unauthorized transactions or mistakes, allowing you to address them immediately with your lender.
How to check LoanTap Personal Loan Status?
There are two ways to check LoanTap personal loan status:
- First, visit the LoanTap website or the app.
- Next, click on the “Contact Us” section and select “Track Your Application.” You can then log in to your account and check the status.
- Another way to check your application status is to go to the “My Account” section and log in to your account.
- Your application status will be visible on your screen.
What Factors Affect Personal Loan Application?
Here are some of the factors that affect the personal loan application:
Monthly Income
Your monthly income helps determine your eligibility to apply for a loan. Since personal loans don’t require collateral, lenders check whether you have sufficient and stable income and a good credit score.
Credit Score
A credit score is assessed through your credit history. It shows your past behavior with credit, such as loans and credit cards. In India, the CIBIL score which ranges from 300-900, is commonly used. A score above 700 is generally favorable, increasing the likelihood of loan approval. If your score is below 700, it’s advisable to improve it before applying to enhance your chances of meeting the lender’s personal loan criteria.
Age
Lenders use age as a factor to determine how many working years you have left. The preferred age range for individuals applying for a loan is between 23 and 58. However, the age criteria may vary depending on the lenders.
Work Experience
Lenders often prefer applicants with stable employment histories, as this suggests a secure financial future. The specific requirements may vary, but lenders usually require salaried professionals with at least two years of work experience, including one year with the current employer. Business owners should have a minimum of two years in the current business.
Current Liabilities
Lastly, lenders assess your existing financial obligations, such as home loans, education loans, or other debts. This is to ensure that you have enough income to manage these existing liabilities along with the new personal loan you wish to apply for.
Conclusion
Staying updated on the status of your personal loan application is important throughout the borrowing process. By following the given steps, you can track the progress of your application, allowing you to plan and make informed financial decisions.
Frequently Asked Questions
What information do I need to check my loan application status?
To check your loan application status, you’ll need your application ID, registered mobile number, or email ID.
What should I do if I notice an error in my application status?
If you notice any discrepancies or errors in your application status, contact LoanTap’s customer support immediately. Provide them with the necessary details, such as your application ID, so they can assist you in resolving the issue immediately.
What happens if my loan application is rejected?
If your loan application is rejected, you will be notified and given the reason for the rejection. If necessary, you may also contact LoanTap’s customer support for further clarification.
Is my personal information secure when checking my loan status online?
Yes, LoanTap ensures that your personal information is protected when checking your loan status online. The platform uses secure encryption and authentication measures to safeguard your data and privacy.
