A loan is the lending of money by one or more people, businesses, or other entities to other people, businesses, or other entities. The recipient, or borrower, incurs a debt and is often responsible for both the main amount borrowed as well as interest payments on the debt until it is repaid.
The promissory note used to prove the obligation will typically include information like the principal amount borrowed, the interest rate the lender is charging, and the due date for repayment. When a loan is made, the subject assets are temporarily reallocated between the lender and the borrower.
You must record all the transactions you incur while repaying your loan. Therefore, your bank provides a personal loan statement where you can track your loan details and all the transactions conducted by you.
You can view your personal loan statement via many methods. Here are five simple ways to view your statement.
1. Log into the Portal
Visit the lender’s official website and select ‘loan’ under the products section. Select personal loan under loans and that will direct you to a separate page. You can then login using your credentials and view your loan statement.
2. Mobile App
You can download your bank’s mobile app onto your phone. You can log in using your credentials and select loan. Under this section, you can view your loan statement and other details of the loan obtained by you. By checking your loan statement regularly, you can ensure you will not fall behind on payments and thus improve personal loan eligibility for any future loans.
3. Net Banking
Today, every bank offers net banking as a facility to its clients where they can avail different banking facilities. You can also view your loan statement using this facility. You will require your banking credentials to access this facility. The bank’s website will have a loan section where you can view all the details of your loan. You can even download the statement or view your unsecured personal loan statement online.
4. Email ID
You can also email the lender on their official email ID and request them to send you your loan e-statement. The bank will then email you your e-statement. You can also provide your email ID to your bank via a mobile app or via net banking and thus receive your e-statement on your email.
You can also visit your bank’s branch from where your loan was processed to get your loan statement. You will be required to carry all the documents to the bank. You will have to meet a bank employee who will assist you and provide you with the loan statement.
You can also contact your bank’s customer care number where a bank representative will assist you in the process of viewing your loan statement online.
What can you see in your loan statement?
You can see all the details of the loan availed by you under the bank’s scheme. You can see the repayment tenor, the total amount of your personal loan, the nature of your interest, whether it is fixed or floating, and more such details.
Your personal loan statement also displays the last date for the EMI payment and the amount of EMI payment expected in the coming month. This statement has the entire history of all the EMI payments made by you for your loan. If you have ever missed a loan payment, then that will also be visible in your personal loan statement. This statement will also display any penal interest that may have been levied in case of payment delay for your EMI. Part prepayment of the loan is also reflected in the bank statement since it is a loan transaction. Anything and everything related to your loan can be viewed on your statement.
If you have a personal loan, then you must regularly check your personal loan statement. This statement has all the transaction records and other details related to your personal loan. The loan statement is a transparent and easy document, which avoids any disputes or confusion between the customer and the lender. If you have regularly paid off your loan, then you can check your credit score using a personal loan eligibility calculator to monitor your CIBIL score.