Every financial institution tends to provide borrowers with a loan statement. These statements are given to all the borrowers. It provides the payment due date, the outstanding balance equated monthly installment payable towards the loan amount, and other necessary and useful details. Being a borrower, one should be responsible enough to check the statement. It can help them to make timely payments. However, one should stay updated about repayment progress so that they don’t have to pay an extra amount. Whether banking or non-banking, every financial institution tends to provide the statement in both online and offline mode.
Check the statement with the help of the website.
Check your account statements by opening the customer portal. You need to enter your customer id to get the required OTP on your registered phone number. With that, you can log in to the portal and get the option of services. Once you click on the view details option, you can select your e-statement. In addition to that, you can also download the statements and keep them as your record.
Use mobile application
You can also take the help of a mobile application to check the status of your statement. You need to download it first and log in with the required email ID, phone number, and customer ID, along with your passcode. Once you log in to the application, you need to visit the personal loan account and choose the e-statement to check your statement.
Physically go to the branch.
If you don’t want to check the statement of your instant personal loan online, then you should visit the nearest branch of the financial institution. You need to carry your statement ID along with your Aadhaar Card or PAN card. Once you visit the branch, you can instantly access your personal loan statement.
Moreover, you can send an email to the required branch to check the application status of the statement. While writing the email, you should input some important details, including your mobile number, application ID, or date of birth. Apart from that, you can also call them directly to share the queries with them. They will provide you with a live update of your statement. Some of financial institutions also provide the facility of missed calls. You need to give a missed call to the institution only to get a call back from the team regarding your loan statement.
Every personal loan account statement includes some of important mentions. These mentions are:
- Statement number
The financial institution would keep sending you the statement number that speaks about the number in the statement series of the loan.
- Rate of interest
Before checking out the loan, you should take the help of a loan EMI calculator to check the rate of interest. Your statement also snapshots some of the details regarding your interest rates.
The statement includes all the credit transactions and the debt encouraged during the statement period. Besides, you should take care of your personal loan eligibility criteria before applying for the loan amount
- Track of repayments
The statement contains some of the details regarding your monthly EMI. Make sure that you pay your EMI without fail. Else the lender will add it with penalty charges.
- Remaining balance
After paying off the equated monthly installments, the statement would reflect the leftover quick loan balance. One should be aware that the amount gets calculated from the repayment date. As you keep on paying your EMI, the balance will start declining.
- Other necessary pieces of information
The documents reflect the various adjustments that one made in various repayments and payments during the statement period.
If you wish to check your loan statement, you should instantly use one of these methods. It is recommended that you give it a check every month to avoid any hassle.