Get the Personal Loan Statement in Simple Steps

A Personal Loan statement helps you keep track of the unsecured personal loans you may have acquired from your lender. 

Personal Loan statements are generally records of your loans. Not only this, but it also includes the date your payment is due, your remaining balance, and your interest rate. Additionally, it will also feature EMIs you have paid, the EMIs you have to pay, and the monthly interest amount. Your lending institution maintains this document and will grant you access to it every time you log into the portal and access your account.

How to Get your Loan Amount Statement

• Go to the customer portal
• Input your customer ID
• Input the password and login
• Select “services”
• Click on the loan type
• Select “view details”
• Click on the section labeled e-statements 
• Download the e-loan statement

Your loan statement 

Details of your loan in your Personal loan statement should include the following information – 

1. The loan holder’s full name
2. Your exact loan account number
3. Statement number and date, wherein the statement number of your loan is a count of the series of statements made since the loan was approved.
4. Rate of interest – This document reflects the current rate of interest, as well as records of any previous revisions of the rate of interest applicable to your loan. You have to pay your EMIs based on this rate of interest.
5. Repayment history – It is a record of the EMIs that have been paid and also the remaining EMIs. It also keeps track of penalty charges if you make a late EMI payment.
6. Loan balance – As you keep paying EMIs, your loan balance reduces. Your loan statement will also contain these details. Your loan balance is calculated starting from the day of your first EMI payment.
7. Summary – It is an overview of the total debt and the credit transactions made during the period;
8. Additional details, like adjustments in redraws, payments, and reversals also included.

Benefits of a Personal Loan Statement

A personal loan statement accrues the following benefits –

• It assists in managing your finances;
• It makes you aware of all the payments already made and the dues remaining;
• Additional penalty amounts included in the statement inform the customer about the exact amount to pay;
• After going through the statistics, you can figure out how to improve personal loan eligibility; 

Loan statement from a lender’s perspective

Usually, lenders ask the applicants of a personal loan to provide a loan statement. Discussed as follows are the reasons for doing so –

Checking the applicant’s monthly savings

Lenders ascertain the financial status of the applicant through the loan statement. This document reveals the financial standing of the person. So, lenders use it to judge creditworthiness and repayment capability. Accordingly, lenders decide on aspects like the EMI, interest rate, and the tenure for repayment. 

Defaults – If you have missed any installment of an existing personal loan, this will reflect in your loan statement. Likewise, any error in the credit card debt will also show up in the document. Lenders look for these points before granting a personal loan. 

Liabilities – From your Personal Loan statement, lenders ascertain your existing liability and how these would impact your financial standing. If you have many liabilities your capacity to pay EMI on a new unsecured personal loan is less. 

Besides this, potential borrowers must ensure that they opt for a reputed financial institution offering the best interest rate on personal loans. This will enable them to enjoy several offers extended by these renowned lenders.

For instance, reputed financial institutions extend several pre-approved offers on unsecured and secured financial products. These offers help simplify and accelerate the lending process. Applicants can check their pre-approved offers by providing a few details, such as their name and contact number.

There is undoubtedly a massive demand for personal loans, given that this credit instrument comes with zero end-use restrictions. However, online loan applicants must punctually repay their acquired credit. To manage personal loan EMI repayment efficiently, individuals can use an EMI calculator before application.

Individuals who want to apply for a personal loan must also note that they can save substantially on the interest paid towards their personal loan by opting for a full prepayment relatively early before completing the set loan tenor.

Thus, individuals willing to access or download their personal loan statement must follow the abovementioned steps.

Final thoughts

On taking a personal loan, your Personal Loan statement helps to keep track of your finances. In the long term, this helps with efficient management of your assets and also enables you to improve personal loan eligibility. After checking the figures, you can use the personal loan eligibility calculator to estimate the EMI that you would need to pay and avoid defaults in the future.