How to Check Your Personal Loan Status?

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Personal loans are some sort of lifesaver for many people out there. They come in to be extremely handy during the important stages in one’s financial journey. The best part of these loans is that they can be used for a variety of purposes – be it sending your child abroad for further studies, clearing out any previous existing debts, financing a wedding in the family, or for any other medical or financial emergency that may have occurred. 

Though there are various options when it comes to choosing the best personal loan in UAE, what actually matters is what comes after you apply for one. Once you are equipped with all the details of your personal loan, you can easily track the personal loan status online and offline to make it easier by knowing the stage that you have reached. Below in this thread, we will discuss the numerous ways via which you can track your personal loan status.

How to Check the Personal Loan Status Online?

The official websites of the banks have upgraded a lot in terms of functionalities via which people can have access to almost everything at their fingertips just while sitting at home. Below mentioned are some of the ways via which you can track your personal loan status. Some of the information that you might need to provide while doing so is, however it can vary from one provider to another:

  1. Name
  2. Mobile Number
  3. Personal Loan Reference Number
  4. Date of Birth

The following are the different steps via which you can track your personal loan status:

1.      Tracking the Personal Loan Status Online via Net Banking

All of the banks provide the customers with a Net Banking portal with which they can access all of the services on their fingertips, which includes checking the personal loan status online. This option can be found on the homepage of the bank’s website. You will be required to share your personal loan application number in order to proceed to check the progress of your application.

2.      Tracking the Personal Loan Status via Your Mobile Number

This is quite an easy and convenient way of checking your personal loan status. All you need to do is go to the official website of your bank and proceed onto checking the status of your personal loan through a mobile number. Once the mobile number is entered, you will receive an OTP (one-time-password) on your number and you will have to enter it in order to proceed to check the progress of your loan application.

3.      Tracking Personal Loan Status Offline

If you are someone who is not as comfortable with the process of your personal loan status online, you can easily opt for the offline methods of checking the progress for the application. You can easily contact the customer care helpline of the bank or visit the branch physically with the documents required.

How Can This Loan Be Useful For You?

The personal loans offered by the providers are collateral-free loans, this means that a borrower does not need to provide any collateral or security against applying for one. Some of the various benefits of applying for a personal loan to keep in mind are as follows:

1.      Multipurpose Loan

Personal loans can be taken up and used against numerous purposes. They are an immediate go-to solution when anyone faces any sort of financial crunch in their life. Be it for educational reasons or a medical emergency, the multipurpose usage of these loans along with the extreme convenience make it an ideal solution for financing.

2.      High Loan Amounts

With a personal loan, the borrower can opt for larger loan amounts so that any financial needs can be met immediately and easily.

3.      Online and Hassle-free Procedure

Applying for a personal loan is nothing but easy in today’s digital age. The borrower can apply for the loan just by sitting at home without having to visit the bank branch even once. Everything from submitting the documents to completing the entire process is done at one’s fingertips.

Features of a Personal Loan

The following are the features of these uncollateralized loans:

  1. They are quick, easy, and paperless. There is no need for the borrower to even visit the bank branch, the A-Z of the process can be carried out online.
  2. High loan amounts can be applied at various banks and financial institutions.
  3. Some of the banks and institutions allow the borrower to transfer their personal loan from one bank to another.
  4. Some of the lenders allow the applicants to apply for a top-up loan amount.
  5. As compared to the other loans in the market, these loans require a lesser processing time to get approved.

Personal Loan Interest Rate

These loans do not require the applicant to provide any security or collateral to back them. This is the main reason behind generally the interest rate on these loans being higher as compared to the other loans in the market. However, the banks and financial institutions look into the loan applicant’s profile and the loan amount that is applied before deciding the final interest rate that will be charged.

Eligibility and Documents Required

The eligibility to apply for a loan and the documents required for the same may vary from one personal loan provider to another. However, generally, they seem like:

Eligibility Criteria for a Personal Loan

  1. Age: Usually the minimum age for an individual to apply for the best personal loan in UAE is 21 years. Even though different lenders have different criteria when it comes to applying for these uncollateralized loans, an individual above the age of 21 years can easily apply for one of these loans.
  2. Credit Score: This is an important point while applying that the applicant must remember. A good credit score tends to get you a good interest rate along with being preferred as an applicant over an applicant with a bad credit score. If you are someone who does not have a credit score that can be considered good, you should start working towards it before you apply for a personal loan.

Documents Required for a Personal Loan

Some of the compulsory documents that you will need to present are mentioned below, however, you might be required to present some additional documents depending on your application:

  1. Identity proof
  2. Age proof
  3. Address proof
  4. Proof of income
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