What Is a Personal Loan Account Statement? How To Read It?

personal loan

You can monitor all your repayments against personal loans when you get the loan account statement. The lender will provide you with access to the statement. You will be tasked with logging in to your loan account online.

If you are a novice, be aware that the personal loan account statement features the necessary details about your loan. You must ideally monitor the loan statement to ensure regular personal loan payment. It enables you to remain updated about your personal loan status.

People increasingly request personal loans at banks or money-lending firms to cover more significant expenses. If you are new to the issue, you should know that demand for personal loans is increasing. Because this is an unsecured loan, no collateral is necessary. Furthermore, it guarantees a short processing time.

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What Is a Personal Loan?

This unsecured credit type is available through banking and non-banking financial institutions. You can apply for a personal loan after qualifying the requirements, which include employment history, repayment capability, income level, profession, and credit history. A personal loan is a multi-purpose loan that you can utilise to meet your urgent needs.

How To Check Personal Loan Statement?

The growing technological advancement in 2023 allows you to access all personal loan details within seconds. You will need to request your lender for personal loan account statements. You can avail of personal loan account statements both online or offline.

All critical transactions and information related to personal loans are available in this statement. You can refer to your personal loan account statement to make your loan payments on time and manage your money well.

Personal Loan Statement: Contents

It can become a challenge for you to view your statement for the first time. This is because you can be bombarded with numbers and financial jargon. Don't worry; the experts have you covered. Take a look at some details seen in personal loan account statements:

  • Statement Number

    You will start receiving Loan Account Statements from the bank as soon as your loan begins. This will follow your preferred mode of communication. The records speak about the number of statements you have received from the beginning of the loan.
  • Interest Rate

    Moreover, you will also find the current personal loan interest rates mentioned in the statement—fixed or floating —as applicable. You should ideally be paying the EMI based on the pre-determined rate of interest by your bank. Therefore, you will find any rate changes automatically reflected in your personal Loan Account Statements.
  • Summary

    Thirdly, the personal statement will also feature a loan snapshot section. This space will carry details regarding the credit transactions processed and the outstanding debt at the time of the statement period. In addition, the summary outlines critical information about the loan.
  • EMI Dues

    Your personal loan account statement will also mention the EMIs you have paid to date and details of the monthly dues. This is to make sure you make the EMI repayments on time. It's necessary to mention that the penalty charges levied will feature on your statement if you miss any repayments.
  • Loan Balance

    Like the EMI, the personal loan account statement also features the outstanding loan dues in the PDF or document. Your loan balance will be going down as you pay your dues. The lender will calculate this amount from when you began repaying the loan. Remember that the statement will also reflect any part payment towards your loan.

Other Information

Lastly, your personal Loan account statement will feature potential adjustments in payments, redraws, reversals, etc., that you may have made during the statement period.

Are There Any Foreclosure Charges?

Personal loans have a pre-determined maturity date. However, you can always choose to repay the debt early. While this will alleviate your financial strain, it will incur a foreclosure charge. As a result, if you opt to return the loan before the end of the term, the lender may levy foreclosure fees as a penalty.

Benefits Of Personal Loan Account Statements

You must make it a point to review your loan account statement. Monitoring the personal loan account statements is necessary. The headline benefit is that you can manage your money well.

Since you know the loan dues, you will be in a better position to effectively distribute your expenses, savings, and investments, per the experts. A personal loan account statement contributes to disciplining you in timely repayment. Finally, since the document is transparent, it avoids disagreements between the lender and the customer.

Ways To Track Personal Loan Account Statement

As mentioned, you can view your personal Loan account statement online or offline. The experts have indicated six ways that can help you access your personal Loan Account Statement:

  • Through The Customer Portal

    You can access the lender's customer portal as soon as you take out the personal loan from the lender. This portal shows all the details about your loan. To log in, you will have to enter your account credentials. Once you log in successfully, you must explore the portal to get your e-statement.
  • Through Your Email

    Secondly, you can request that your bank email the personal loan account statement. You should receive the e-document in your inbox every month. You must ideally enter an OTP to view the statement.
  • Through The Lender's Customer Support

    Some banks allow people to access personal loan account statements through the IVR service. If you are a novice, Interactive Voice Response is a concept that can fast-track the loan statement generation process for you. Contact your lender's customer service number for instructions for enabling this feature. If unable, you may sit with a customer service executive at the lender's office. They can help you confirm the necessary level of verification and place a request for the statement.
  • Through The Mobile Application

    You can view the personal loan account statement from a mobile application. Download it on your smartphone to use this dedicated application. You must log in to the application using your credentials to access personal loan account statements.
  • Through The Chatbot

    Chatbots also offer a convenient way to access personal loan details online. You should ideally follow the appropriate instructions to avail of the service. Moreover, you must enter the details as encouraged by the AI assistant.
  • Through A Branch

    Lastly, there's always the nearest branch of your personal loan lender. Take the old-fashioned route and visit their office to collect the hard copy of your statement. You may be asked to fill out a form. Alternatively, you could also opt for the lender to send your statement by post. For the latter, you will have to provide accurate contact details.

How Do You Read a Personal Loan Account Statement?

You can break down the Loan account statement into four separate parts.

  • The Header
  • Current Payment Overview
  • Activity On Your Loan
  • Important Additional Information
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The Header

The header will feature the borrower's details. Moreover, it will also carry the amount due today and, most importantly, the loan title and number. Simply put, this could be like an ID number for the loan and account.

Current Payment Overview

This space will contain all you need to know about your loan at a glance. You should ideally remain informed of all the nitty-gritty of personal loans!

Activity On Your Loan

This space will feature a detailed breakdown of your latest transactions for your loan. Moreover, it will analyse the payment due so you remain aware of where your money is going.

Important Additional Information

The additional information section discusses specific account details regarding this month's payment.