Quick Ways To Track Your Personal Loan Status – Buddy Loan

How to check personal loan status

How to check personal loan status

Financial requirements become stressful when you need them instantly. It can be medical emergencies, pursuing education overseas, buying a new bike or car, consolidation of loans, home refurbishment, etc. In such situations, instant personal loans are efficient and suitable for helping you cover your monetary needs and improve your credit score. Buddy Loan, the largest loan aggregator in India, enables you to get a personal loan at affordable rates from top trusted lenders. Moreover, it has the highest approval rate on personal loans. Though personal loans can be applied in just a few clicks, it is necessary to check the status of your personal loan regularly. Moreover, the loan approval depends on your credit score and income. This way, it will help you be prepared for your loan’s acceptance or rejection.
Read until the end to learn quick ways to track your personal loan status online and offline through Buddy Loan.

Also Read: 5 Types of Personal Loans For Both The Unemployed And The Employed

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How to Check Personal Loan Status Online?

Thanks to the advanced technology that has made accessing the status of personal loans easier. Digitalization has helped banks and NBFCs upgrade their functionality via websites. The best part is the application process, i.e. equally transparent to us as the operators.

Most of the top lenders in the market provide an online facility for customers to track the status of their loan applications online. You can visit the official website of the lender and track your loan status with the following details:

  • Application reference number
  • Mobile number
  • Date of birth
  • Name

How To Check Personal Loan Status Offline?

Via offline, you can always probe the lender, NBFCs or bank staff to know the status of your instant personal loan. Though there are more efficient methods, it is still used by many customers in the market. You have to visit your bank’s branch office and enquire about your application’s status. While visiting your bank, you must have the reference number you received at the time of application. You must also carry valid identity proof to confirm your identity. Once you have submitted these details, a bank representative will help you track the status of your loan application.

What Determines Your Personal Loan Approval?

With all the possibilities of loan approvals, there are specific standards by which these financial institutions bifurcate your applications into approved and rejected.

  • Your credit history plays a vital role in your loan approval.
  • The lower the credit score, the more the chances of rejection.
  • The higher the credit score, the higher the chances of quick approval.
  • The higher your credit score, the easier loan approvals are, and you can be approved with fewer interest rates.
  • Personal loans, like education & travel loans, two/four-wheeler loans, and medical loans, have better loan tenures to enhance your credit score.

Also Read: Get 5 Lakh Instant Personal Loan Approval In Just 24 hours – Buddy Loan

Personal Loan with a Higher Chance of Approval Rate – Buddy Loan

Buddy Loan is one of the largest loan aggregators that helps you apply for and get personal loans from the top lenders of your choice. It also provides business loans with customized EMI options and minimal documents. You can borrow anything from Rs. 1000 to Rs. 15,00,000 with a loan repayment tenure of 3 months to 5 years.

You can start by accessing your credit reports every once in four months to gauge your financial behaviour and then apply for a loan. However, you could always use the website panel to know your application status under process. In the Buddy Loan app, the loan aggregator has vivid app facilities that provide you with timely updates on EMIs payments, referral codes, gift vouchers, and more facilities.

Also Read: How to Get a Personal Loan with a Bad Credit score?

How Can I Check My Eligibility For a Personal Loan?

It would be essential to find ways to increase the chances of your approval rate. The websites have a clear link to showcase your application process with the following loan ID.

1.    Determining Your Loan Amount

Take stock of your requirements. Always borrow more for incumbencies and not for unnecessary spending. Personal loans are pricier than home loans, so borrow with caution. Analyze your take-home salary or yearly income vis-à-vis the personal loan EMI.

2.    Follow These Guidelines

  • Check your credit score. Some banks want credit scores over 700; some can do with a little less.
  • Non-Banking financial institutions usually cap personal loans at Rs. 15 lakhs. Individuals can get a personal loan 30 times their net take-home salary or monthly income in other cases.
  • EMIs of loans are roughly 45% of the monthly salary or payment of the borrower.
  • Check for pre-approved offers. Call up the financial institution’s customer care to check.
  • Approach the bank.

Also Read: How to Get a Personal Loan: A Complete Guide on Eligibility and Documents

How To Check Personal Loan Status Through Buddy Loan?

  1. Download the Buddy Loan App, or you can visit the official website.
  2. Apply for a personal loan by entering the required information, such as your email, employment, PAN Card details, mobile number, etc.
  3. Once you apply for a personal loan, the lender will contact you based on your eligibility.
  4. Next, you have to visit the official website or download the app of the lender that you chose.
  5. Apply for a personal loan by providing personal and professional information and submitting the required documents.
  6. Once you have applied for the loan, you can visit the lender’s website to check your loan status.
  7. After loan approval, your loan amount will be disbursed within a few hours to your bank account.

Also Read: Get a Personal Loan of 50,000 on Aadhaar Card with Buddy Loan

Conclusion

Tracking the status of your loan application will help you in various situations. For instance, if your loan application is not approved, you can immediately start looking for other sources to finance your requirements. Therefore, you can choose either online or offline mode to check loan status and take informed decision depending on whether your loan is approved or rejected.