How to Track Personal Loan Application Status Online?

Personal Loans are the best funding options for people who need cash quickly for various expenses. These are collateral-free loans with no end-use restrictions. Moreover, they are easy to apply for, and those with a good income and decent credit score get quick approval at the best terms and conditions.

We at Hero FinCorp support 100% digital application procedures, making the entire process much easier and faster than ever. However, the waiting time between loan application and approval can bring a lot of anxiety among the applicants. That is why they should check their loan status to see where they stand and what's currently going on with their application. Let's find out ways to track Personal Loan application status.

Ways to Check Loan Status

Personal Loan are lifesavers, whether a borrower plans to use them for higher education, throw a lavish wedding, clear prior debts, pay medical bills, or handle other financial emergencies. While the applicants have their fingers crossed for the loan to get approved, it’s important to get real-time updates on loan status without visiting our office in person. Those thinking “how can I check my loan status”, here are different ways they can use:
 

• Calling the Customer Care Centre: Once applied for a loan, applicants can reach out to our representatives by calling our customer care centre. While calling, they must keep their personal and application details ready to complete the conversation. Some NBFCs allow applicants to know their Personal Loan application status via IVR, some allow one-to-one conversation with a customer representative, and others support both. We allow applicants to call any day during working hours except Sundays and public holidays.
• Connect on WhatsApp: Knowing how to check Personal Loan status helps appease anxiety amid a busy schedule. We allow applicants to get in touch with their representatives by sending a ‘Hi’ on our WhatsApp number. Once the applicant connects through chat, the representative chats with the applicant and helps them resolve their queries including loan status.
• Sending a Query by Email: After submitting a loan application, the applicant can get in touch with our customer care centre by sending an email. Mention all the crucial loan details in the email, especially the application ID, contact details, date of birth, etc. The customer care department will reply to the query that the applicant is waiting to hear back on.
• Downloading the Mobile App: We have an advanced loan app that allows customers to apply for a loan, check loan status, accept the loan offer, pay EMIs, calculate EMIs, and do many other things. Download the Hero FinCorp Retail Customer Service App (RCSA) to get regular updates from your loan account, track the status of your loan application or your EMI payments, or make real-time payments. One can also update important details and download necessary documents as per their need.
   

Also Read:  What Hidden Charges Should You Expect with Personal Loans
 

What Happens if the Applicant Forgets the Application Number?

The applicant gets an application number when they apply for a loan. They can use this number for various purposes, including checking the loan status. However, many need to learn what would happen if they forgot their application number or cannot track it. Although the application number is an important piece of information that helps check loan status, applicants can still message, call, or email the customer care centre to track their application status. They can explain their situation to the NBFC's representatives and verify their credentials, like date of birth, contact details, etc. Based on this information, they can track their loan status and know where they stand in the application procedure.
 

If an applicant forgets to note the application number or loses it anyhow, they can check their status using any of the information below:
 

• Mobile Number: Applicants provide their mobile number to the NBFC while applying for a loan. They use this number for further communication, OTP, important messages, special offers, etc. If the applicant loses the application number, they can ask the NBFC’s representatives to check the application status using their phone number. They have the applicant’s mobile number in their records and can quickly check the loan status.
• Net Banking: In the case of banks, customers can track their loan application status through their net banking account. They must log in to the account and track their application status under the loans section.
• Email ID: Many NBFCs identify their customers through their email IDs. Emails stay saved in their records, which they can refer any time for tracking the loan status. Send an email through the same email ID and request the application status in real-time.

Also Read : When Should I get a Personal Loan

Applying for a loan and waiting for its approval is a process full of anxiety and nervousness. Loan seekers can shorten this duration by maintaining a high credit score, checking loan offers, reducing the DTI ratio, and retaining the old job for a long before applying. Those with high credibility are low-risk borrowers that often get faster approval than others.
 

Conclusion

To sum up, knowing how to check loan status online is useful during different situations. For example, if the loan application gets rejected for some reason, the applicant can start looking for funding at other places right away after checking the Personal Loan application status. Use a convenient mode of tracking the loan status to improve transparency during the lending process.