Customers can check the status of their loan application and get a better idea of when they can expect the money. Let’s go over the various methods for tracking the status of your pay loan in detail.
How to Check the Status of Your Personal Loan Online
The online mode is the most convenient way to track your loan application status. Customers can track the quality of their loan applications online with all of the market’s top lenders. Go to the lender’s website and enter the following information to track the status of your loan:
- Reference number for the application
- Phone number
- Name, Date of birth.
Any of the above details may be requested for verification. Once you’ve entered your information, you can quickly check your loan application status online.
Different Ways to Monitor Your Loan Status
You can check the status of your pay loan in various ways. The following is a list of what you will need to track the status of your loan application.
- Mobile phone number: You must provide your mobile phone number to the bank when applying for a loan. Many banks enable customers to track the status of their applications using their mobile phone numbers. This can be used for online tracking and speaking with a customer service representative.
- Reference number: When you apply for a loan, the bank will generate a reference number. Once you have applied, this number will be sent to your mobile phone. This number can be used to track the status of your loan application at various stages.
- Net banking: Existing bank customers of IIFL gold loans can use their net banking accounts to track the status of their loan applications. Log in to your account and go to the loans section to check the status of your application.
Personal Loan Management strategies
Over the years, India’s economy has undergone a significant transformation. This has also influenced consumer behavior and how customers perceive credit. According to data, India’s credit economy is booming, with approximately 22 million people applying for credit opportunities each month. However, while credit can tremendously help assert creation, it is also effortless to get carried away and fall into a debt cycle.
- Begin repaying your debts.
The key to getting out of debt is to prioritize. Prioritize loans based on the interest rate (highest to lowest), repayment term, EMI, and other factors, and stick to it religiously. Taking on the loans with the highest interest rates first helps to reduce the interest payable, lowering the loan burden indirectly. and to save money you need to make IIFL online loan payment before the due date every month.
- As your income grows, increase your EMIS.
Any substantial increase in income should go toward loan repayment. Therefore, increasing the value of EMIs with each increase in revenue is one of the most effective methods.
- Consider converting EMIs to installment payments.
Credit cards are a boon, but they can burn a hole in your pocket if not used wisely. Credit cards are expensive debts that can result in large outstanding balances. If you cannot pay your credit card bills, credit card companies will allow you to convert your accounts into EMis. This helps you break down your loan into smaller manageable payments and will enable you to reap the benefits of lower interest payable compared to late payments.
Conclusion
If you are unable to repay a loan for any reason, you should contact your lender. Your lender will collaborate with you to come up with a solution. The sooner you notify your lender, the less likely it is that you will fall behind on payments.
If you miss a payment of IIFL gold loan as a one-time occurrence, you will certainly only be charged a late payment fee. The strategies listed above will help you manage your loans.