According to a recent report, small ticket personal loan has grown three times in terms of disbursement and 11 times in volume between FY17 and FY21. However, the delinquency rate for the small personal loan segment has spiked to 8.8% as of March 2021.
Checking one’s bajaj finserv loan statement regularly helps borrowers keep track of loan status, repayments, and other changes. Borrowers can check and download their personal loan statements through the easy steps discussed below.
Methods to Check Personal Loan Statements
A personal loan statement contains detailed information about EMIs payable, EMI paid, remaining loan balance, repayment due date, and others. Customers can check their personal loan statement in any of the two methods mentioned below:
- Statement check via customer portal of the website
Step 1: First, visit the official website of your lender and go to its customer portal.
Step 2: Now, enter the customer ID credentials that have been provided.
Step 3: You will receive an OTP on the registered mobile number.
Step 4: Provide the OTP to proceed.
Step 5: You will be able to access your loan account after a successful verification process.
Step 6: After logging into your loan account, select the ‘services’ option.
Step 7: Tap on ‘view details’ and select the ‘e-statements’ option.
Now, you can view your loan statement. You can also download the statement to use it for future references.
- Statement through the mobile app
Alternatively, borrowers can also check their personal loan statements through the lender’s dedicated app. One can check and review all the necessary details and even download them through the app.
Download and install the app and log in with valid credentials such as e-mail, phone number or customer ID. After a successful login, go to your personal loan account and click on ‘e-statements’.
Individuals can also access their loan statements offline by simply visiting the nearest branch of their lenders.
Top Benefits of Checking Personal Loan Statement
Checking the personal loan statement regularly can help borrowers in various ways:
- By reviewing the loan statement details, one can stay updated about the loan amount repaid and the amount to be paid.
- One can receive updates about any additional charges that are levied due to late payments.
- Overall, with a statement for personal loans, customers can easily manage and plan their finances.
How to apply for a personal loan?
A personal loan can help to meet one’s financial needs in various ways. Individuals looking to avail of a personal loan can follow the steps mentioned below to complete the process effortlessly:
- Visit the website of the preferred lender and fill up the online personal loan application form. Make sure to provide all the necessary personal, financial and employment details accurately.
- Now, choose the personal loan amount and the repayment tenor. You can use an online personal loan EMI calculator to understand how much loan you can afford.
- You will need to provide certain documents for personal loan verification. Lenders usually require some primary documents such as KYC and income proof. However, you might have to provide additional documents if asked by the lender. You can either scan and upload them online or hand them over to the financier’s representative.
- The lender will credit the loan amount to your account after successful verification.
However, borrowers must be aware of the things to avoid while availing of a personal loan to avoid any chances of rejection.
