How to Check the Status of Your Salaried Personal Loan Online?

If you need a loan for personal reasons like funding your holiday, paying credit dues, financing your child’s education, or meeting an urgent medical emergency, then you should go for a personal loan. Unlike a home loan that requires an asset to be pledged as collateral, a personal loan does not require collateral or assets to back it up, hence it is an unsecured loan. Reputed lenders like SMFG India Credit offer customers a smooth onboarding and simplified online application process, making it a swift and convenient personal loan journey for you.

All About Personal Loans

As mentioned earlier, a personal loan can be taken up for various purposes. Getting a personal loan is easy to avail. SMFG India Credit offers competitive  interest rates along with minimal documentation. 

A personal loan is offered to all individuals, be it a businessman, an entrepreneur, a salaried person, and more. When it comes to income, salaried applicants must earn at least INR 25,000 per month (Mumbai and Delhi residents) or INR 20,000 (other Indian cities). Income of an individual lets the lender understand the repayment capacity of the borrower. The lender will also check if you have made any defaults on the past loans or credit dues taken up. 

A person’s credit score is another important factor in determining personal loan eligibility. To ensure that you enjoy low-interest rates and higher loan amount approval, having a credit score of at least 750 helps. You are advised to review your financial obligations, and repayment capacity to repay the loan before you take up a personal loan. Analyse your monthly disposable income, existing liabilities, and stability of your income sources. The higher your income, the higher are your chances of getting a loan offer. 

Try to find a lender that offers a customized loan offer as per your requirements. You can also use the personal loan EMI calculator to have a deeper understanding of your repayment schedule. 

Must Read: Tips to Qualify for Personal Loan for Salaried Employees

Personal Loan Application Process

Step-by-step guide to apply for a personal loan at SMFG India Credit:

1. Enter Basic Information
   Submit your mobile number, PAN, pincode, and employment type (salaried or self-employed).
2. Mobile Number Verification
   Complete verification for your mobile number by entering the 6-digit OTP sent to your device.
3. Fill in Additional Personal Details
   Enter more details such as email address, date of birth, gender, and annual household income. It is also necessary to verify your email ID.
4. Enter Employment Details
   For salaried individuals, it is important to provide your employment details.
5. Submit a Bank Statement
   Please provide your bank statement using one of these methods: Net Banking, Account Aggregator, or by uploading the statement. The information shared will be used to generate a loan offer (applicable only to salaried individuals).
6. Identity Verification
   Go through the digital verification steps for identity via established methods like CKYC, Offline Aadhaar XML-based KYC, or DigiLocker. Share your address details and take a selfie to complete identity verification.
7. Provide Bank Account Details
   Submit your bank account details, which we will verify.
8. Enter Additional Information
   After we have verified the bank account, proceed to add details such as marital status, father’s name, mother’s maiden name, and loan purpose in the 'Additional Details' section.
9. Set Up E-NACH
   Decide on your preferred re-payment method from debit card and internet banking, and set up E-NACH.
10. Review and Sign the Loan Agreement Digitally
    Digitally sign the loan agreement after carefully reviewing, and validate with an OTP.

These easy-to-follow personal loan application steps from SMFG India Credit will guide you closer to your financial targets.

Steps to Check Status of Personal Loan Application Online

You need to visit the lender’s official website and check the loan status. Most banks or financial institutions have a separate page for the same. All you need to do is fill in your details to understand your personal loan status. The details required are:

• Applicant’s name (in full).
• Verified contact number.
• Date of birth OR ID Proof (PAN card, Aadhaar card, etc.)
• Any unique allocated code that was provided during the application process, needs to be filled in. (Also known as Application Reference Number).

Conclusion

If you have a good credit score, a history of repaying your credits before the due date, and a stable income, the chances of getting your salaried personal loan approved are high. You can check your personal loan status online as well as offline by visiting the respective branch. You can also contact the SMFG India Credit customer care to get an understanding of the same.