How to check your personal loan statement?

Taken a personal loan? You can now access all the details at your fingertips. All you need to do is request your lender to send your personal loan statement as per your preferred mode of communication, whether online or offline.

A personal loan statement is a transparent document and records all critical transactions and information related to your loan. It helps you pay your loan dues on time and plan your finances better.

Components of a personal loan statement

Viewing your statement for the first time can be confusing as you can be bombarded with numbers and financial jargon. Don’t worry; we have you covered. Take a look at some details seen in personal loan statements:

Statement number

As soon as your loan begins, your lender will send you statements according to your preferred mode of communication i.e. online or offline. The records denote the number of statements you have received from the beginning of the loan.

Interest rate

Your statement will also mention the current personal loan interest rates —fixed or floating —as applicable. You have to pay the EMI based on the rate of interest disclosed by your bank or financial institution. Therefore, any changes in the rates will automatically appear in your personal loan statements. 

Summary

Your document will also include a loan snapshot section which details the credit transactions that have been processed and the outstanding debt at the time of the statement period. In addition, the summary outlines key details of the loan, such as interest rates, personal loan charges, etc. 

EMI dues

To make sure you repay your EMIs on time, lenders mention the EMIs you have paid to date along with details of the monthly dues. If in case you miss any repayments, even the penalty charges levied will appear in your personal loan statement.

Loan balance

After EMI, you can also find the outstanding loan dues in the PDF or document sent to you. The loan balance keeps reducing as you clear your dues. This amount is calculated from the date you began repaying the loan. Any part payment towards your loan will also reflect in the statement.

Other information

The statement will also reflect any adjustments made in payments, reversals, redraws, etc., that were made during the statement period.

Benefits of personal loan statements

For many reasons, it is prudent to review your personal loan statement, at least when you receive it. One of the biggest advantages is that you can plan your finances better. Since you are aware of the dues and loan balance, you can allocate your expenses, savings and investments effectively. Your personal loan statement also disciplines you to repay your dues on time. Finally, since it is transparent, it helps avoid any dispute between the lender and the customer.

Ways to track your personal loan statement 

You can view your personal loan statement online and offline once you have requested it. We, at Andromeda, have outlined six ways through which you can access this important document:

Through the customer portal

As soon as you become a borrower, you get access to your lender’s customer portal, which shows all the details about your loan, such as personal loan interest rates. To log in, you will have to enter your unique customer ID along with your OTP or password. Once you log in successfully, you will have to navigate the portal to view your e-statement or download it on your computer.

Through your email

You may also request your bank or financial institution to email you the statement, provided you have shared the correct email address. You should receive the e-document every month in your inbox. You will have to enter an OTP to access the PDF statement, the details of which will be shared in the email sent by the official email address of your lender.

Through the lender’s customer support

Some lenders also enable you to get your personal loan statement through the Interactive Voice Response service. For that, you will have to contact your lender’s customer service number and follow the instructions as prompted. If unable to do so, you may connect with a customer service executive, confirm the necessary level of verifications, and place a request for the statement. 

Through the mobile app

Lenders are also mitigating borrowers to mobile apps through which they can access essential loan details, including personal loan interest rates. To use the app, you will have to download it from the smartphone’s app store. After you log in with your customer ID, email ID, mobile number, password, or OTP, you can access the app to view your personal loan statements. 

Through the chatbot

Another way to view details of your personal loan online is through your lender’s chatbot. To do so, you will have to select the appropriate options and enter the details as prompted by the AI assistant.

Through a branch

If you are looking for a hard copy of your personal loan statement, you may visit the nearest branch of your bank or financial institution and request for the same. Your lender may ask you to fill up a form. You can also request the lender to send your statement by post. Make sure you have provided accurate contact details, such as address and phone number, so that you can receive the document hassle-free every month.

Checking your personal loan statement is crucial. You are in the loop of important details such as repayment dues and outstanding balances, which help you sort out your finances better. You can check the details of your personal loan online as well as offline. To receive the essential document, do ensure that you have provided the correct contact details to your loan provider.

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