Well, we all understand the importance, need and urgency of people applying for business loans. Any delay in getting funds could lead to severe business losses, debts or missed opportunities. Eagerness to know the status of your business loan application should be the utmost priority, for you as an applicant.
You just need to be always aware that there is no delay or complication from the side of the respective financial institution or lender. Sometimes due to lack of minor documents, loan applications get stuck somewhere in the process and the applicant gets to know days later. You should keep a regular check on the status of your business loan application to be well informed regarding the time required, as the loan disbursal time or days varies from bank to bank.
To make things convenient and simple for you, we shall discuss some ways to track the status of your business loan application.
Ways to Check the Status of Your Business Loan Application
Every bank manages their official website and most of them have their mobile apps on ‘Play Store’ to be accessed via smartphones from anywhere and everywhere. On a timely basis, lenders upgrade their websites and software required for the efficient working of their mobile apps. So to track your loan application, you just need to provide some basic information, such as your full name, registered mobile number, PAN details, date of birth, loan reference number or application ID number.
a) Tracking application status via Net Banking
If not yet registered with Net banking, then it is advised to do it at the earliest. Every bank and NBFC offers a feature of ‘Net Banking’ through which you can access your account and perform banking transactions. Net banking also offers information related to your accounts, credit cards or existing loans (if any). Therefore, by entering basic loan details on this banking platform you can track the status of your loan application.
b) Tracking application status via Mobile App
Almost every financial institution has come up with a mobile app to serve you better. If not having a mobile app then you can download it anytime. Next you can simply enter the required details to track the status on the mobile app to get a One-Time-Password (OTP) to further enter in the app. Once the OTP is verified, the bank’s mobile app shall provide you with the status of your business loan application.
c) Tracking application status Offline
For people who are not much aware of net banking and mobile apps can check the status of their loan application offline or by sending email to the respective bank in which requesting bank to provide status of their loan application. Checking loan status offline requires the applicant to call the customer care department of the concerned bank or lender and provide the loan information to the bank’s customer care representative. Secondly, applicants can personally visit the nearest bank branch to know the exact status of the loan application.
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The processing time of a loan application varies from bank to bank and the loan approval depends on the sole discretion of the respective bank, NBFC or other lending institutions. Your credit or CIBIL score also plays a vital role in the loan approval process, as higher the credit score is; better are the chances of loan approval. Any credit/CIBIL score above 650 out of 900 is generally considered good by financial institutions, as it depicts your creditworthiness and repayment capability. Therefore, you should always maintain a good credit score for any credit requirements in due future.
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Business loan application trackers are created by most of the banks and NBFCs. You can simply download their mobile app or visit the bank’s official website to check the status of your business loan application, simultaneously you can also check all other banking features that may be helpful for you.
Also Know: PMMY: Pradhan Mantri Mudra Yojana Loan
