- Tracking Personal Loan Application Status
- What does a Personal Loan mean?
- You should apply for a Personal Loan because of the subsequent reasons:
- How to Check Personal Loan Status on Fincity
- Advantages of Checking your Personal Loan Application on Fincity Portal
- Personal Loan Eligibility Criteria
- Interest Rates
Tracking Personal Loan Application Status
With Fincity, now you can easily check the status of your personal loan application and stay up-to-date on whether you are likely to get the amount credited. Here we describe a few ways you can check the status of your loan.
There are many ways to keep track of the status of application of your loan. However, the online method is the easiest one for customers, mainly because everything can be done from the comfort of one’s home! Here, all you have to do is visit the Bank’s or NBF’s official website and enter a few generic details. The status will be provided instantly. It saves you the gruesome task of visiting the branch office of the bank to know the status.
You can track the status of your personal loan by providing the reference number you have received at the time of application. You will receive this number in the form of message from the bank. It is crucial to save this number for future reference. You will also be asked to provide your registered mobile number to receive the application status.
What does a Personal Loan mean?
Personal Loan may be defined as a short to medium term unsecured loan, that doesn’t need any collateral/security for disbursal. They’re usually disbursed in a few hours to some days with token or no paper work at all. A flexible end-use is the unique selling point of Personal Loans. Thus, this unsecured loan is meant to meet a range of wants starting from emergency medical expenses to planned expenditures like home renovation, wedding, etc.
You should apply for a Personal Loan because of the subsequent reasons:
- No collateral needed: A personal loan is an unsecured loan, therefore you do not any collateral/security to avail a personal loan.
- Different types of end-use: A personal loan can be used for a multitude of purposes, unlike a home loan or a car loan, ranging from medical emergency expenses to home renovation.
- The minimal mandate of Documentation: The documentation process to avail a personal loan is far simpler and faster than the process to avail a secured loan like a Home Loan.
- Debt consolidation: Multiple loans and/or credit card dues can be merged by taking up a personal loan. This will make repayment of debt not only easier but will also help you to save on interest pay-out.
How to Check Personal Loan Status on Fincity
It’s easier than ever to track your personal loan status on Fincity. Here are the steps involved:
1) Visit https://app.fincity.com/
2) Login with your credentials
3) On the homepage of the portal, you can see your Active Application(s). Click on the View Application Button under the application concerned.
4) Here you can see your personal information, loan application details as well as the loan application status.
Checking Personal Loan Status on the Official Website of the Bank:
Please note that every well-known lender offers their customers the option to check the status of their loan application status on their website. You just need a few basic details like the following to know the status immediately:
- Application Reference Number
- Mobile Number
- Date of Birth
In case the individual does not remember his or her Reference Number, he or she will be required to provide some additional details. These details are listed below:
- Applicant’s Name
- Applicant’s Date of Birth (DOB)
- Name of the product
- Amount of loan in the application
- Applicant’s Permanent Account Number (PAN)
Checking the Status of Your Personal Loan Offline
The most common way to track your personal loan application status is to visit the bank’s branch office. Make sure to carry a valid identity proof and have your personal loan reference number handy. This is the number associated with your application and will be unique to each borrower. Once you share these details with a bank representative, they can easily help you find out how soon you can get the loan disbursed.
An alternative offline mode for tracking of the application of your personal loan involves contacting the customer care department of the bank. While in contacting a customer service executive, you may raise a query for your personal loan application status. By doing this, you will be able to see the loan application status instantly when you enquire through this mode.
How to Track Personal Loan Status through Fincity Customer Service
You can avoid the hassle and time taken to check your personal loan application status altogether by simply calling the Fincity helpline on (+91) 7022987485 and having an expert loan advisor find the details for you. Once you share a few basic information like your loan reference number and mobile number, they can quickly track the status on your behalf. Alternatively, you can also choose to email us at email@example.com to know your loan application status within 48 hours.
Features of Bank Online Loan Portals
Many banks and NBFCs have their own online portals to assist customers to manage and track their current loans. Here are a few main features of these portals:
- You have the option to track the status of your loan
- You can also make payments of the EMI or even request for a foreclosure
- You can update your personal contact details
- You can download the statements and certificates related to your loan.
Though these are the primary required details, additional details may also be required, which can vary from bank to bank.
Advantages of Checking your Personal Loan Application on Fincity Portal
Here are some reasons to check your personal loan application status on the Fincity portal.
- You can check your Credit Score and you can check Report for free.
- You have the ability to add a co-applicant for your loan on the portal
- You can see exactly which stage your loan application has reached
- You can find details of all your loans in one single location
These steps seem too tedious? Don’t worry, you can avoid these steps by just writing or giving a call to Fincity!
Fincity makes life easier! Just call us on (+91) 7022987485 and have an expert loan advisor find the details for you.
There’s another way! You can also choose to email us at firstname.lastname@example.org to know your loan application status within 48 hours.
Personal Loan Eligibility Criteria
A personal loan is given to individuals and not to organizations or businesses. Most of the banks and NBFCs (Non-Banking Financial Companies) offer personal loans to both salaried and self-employed individuals/professionals. The eligibility criteria for a personal loan differs slightly depending on the applicant type. Given below are some of the primary personal loan eligibility factors that need to be kept in mind:
|Age||21 – 60 years||21 – 68 years|
|Minimum Income||Rs. 15,000 per month||Rs. 5 lakh per year (gross)|
|Employment stability||Total experience– Minimum 2 years Experience in the current organization- Minimum 1 year||Minimum 2 years in current business|
|Minimum Credit Score||>750||>750|
*The personal loan eligibility criteria mentioned above are of a generic nature. Actual eligibility factors and criteria will differ from one provider to another.
An interest rate is the proportion of principal charged by the investor for the borrowing of its cash. The principal is the quantity of cash loaned.
An interest rate can either be the worth of cash borrowed or the incentive for saving the same. It’s calculated as a proportion of the quantity borrowed or saved.
Interest Rate Comparison
The percentage of Interest may differ across the providers. The below table is a comparison of the personal loan interest rates of a few leading banks and NBFCs in India:
|Providers||Rate of Interest (p.a.)||Amount Loaned (Rs.)|
|Allahabad Bank||9.05% onwards||As per customer profile|
|Andhra Bank||8.90% onwards||Maximum 15 lakhs|
|Axis Bank||10.49% onwards||50,000 up to 15 lakhs|
|Bajaj Finserv||12.99% onwards||Up to 25 lakhs|
|Bank of Baroda||10.50% onwards||50,000 to 10 lakhs|
|Bank of India||9.35% onwards||Up to 10 lakhs|
|Bank of Maharashtra||9.55% onwards||Up to 10 lakhs|
|CASHe||33% onwards||9,000 to 3 lakhs|
|Central Bank||8.45% onwards||Up to 20 lakhs|
|Citibank||9.99% onwards||10,000 to 30 lakhs|
|Early Salary||24% onwards||8,000 to 5 lakhs|
|Federal Bank||10.49% onwards||Up to 25 lakhs|
|Fullerton India||11.99% onwards||Up to 25 lakhs|
|HDFC Bank||10.75% onwards||50,000 to 40 lakhs|
|Home Credit||24% onwards||Up to 2.4 lakh|
|HSBC Bank||10.50% onwards||Up to 30 lakhs|
|ICICI Bank||11.25% onwards||50,000-20 lakhs|
|IDBI Bank||12% onwards||25,000-5 lakhs|
|IDFC First Bank||10.75% onwards||1 lakh-40 lakhs|
|Indiabulls||13.99% onwards||Rs.1000 to Rs.15 lakhs|
|Indian Bank||9.05% onwards||As per customer profile|
|Indian Overseas Bank||10.30% onwards||Up to 15 lakhs|
|IndusInd Bank||11% onwards||50,000 – 15 lakhs|
|Kotak Mahindra Bank||10.75% onwards||50,000 – 20 lakhs|
|Kreditbee||1.02% p.m. onwards||1000 – 2 lakhs|
|Moneytap||1.25% p.m. onwards||Rs. 3000 to Rs. 5 lakhs|
|Moneyview||1.33% p.m. onwards||Rs.10,000 to Rs.5 lakhs|
|Muthoot Finance||13.50% onwards||Rs. 50,000 onwards|
|Punjab National Bank||8.95% onwards||25,000 to 15 lakhs|
|RBL Bank||14% onwards||1 lakh to 20 lakhs|
|Standard Chartered Bank||11.00% onwards||1 lakh to 50 lakhs|
|State Bank of India||9.60% onwards||Up to 20 lakhs|
|TATA Capital||10.99% onwards||75,000 to 25 lakhs|
|UCO Bank||8.70% onwards||Up to 10 lakhs|
|Union Bank of India||8.90% onwards||Up to 15 lakhs|
|Yes Bank||10.99% onwards||1 lakh to 40 lakhs|
How to Calculate EMI
An EMI calculator does its work on the basis of a few parameters. They are:
- Loan Amount: This refers to the personal loan principal borrowed from any bank. Generally, a higher loan amount results in higher EMI, if the interest rate and tenure are kept constant.
Fincity offers personal loan for amounts as low as Rs. 50,000 and as high as Rs. 50 lakhs.
- Loan Tenure: Loan tenure is the duration over which a personal loan is repaid. For a personal loan, the tenure currently varies from 12 to 72 months. In practice, a shorter tenure results in higher EMIs, but helps you save on the total interest pay-out of the loan.
- Interest Rate: A higher rate of interest typically leads to higher EMI pay-outs over the loan tenure.
|Loan Amount||Interest Rate||EMI for 1 Year Loan Tenure (Rs.)||EMI for 2 Year Loan Tenure (Rs.)||EMI for 3 Year Loan Tenure (Rs.)||EMI for 4 Year Loan Tenure (Rs.)||EMI for 5 Year Loan Tenure (Rs.)|
So quickly apply for a Personal Loan with Fincity.
Fincity has a plethora of options to choose from – Banks to Interest Rates. Be spoiled for choice here!
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