Things You Know About Personal Loan Statement

Statements of personal loans usually consist of four main components: activity, statement period, unpaid balance, and due amount. Your unsecured personal loan account statement also reports previous EMIs, outstanding balances, loan length, interest rates, and personal loan activity. As your bank has all the information regarding your current loan, it needs the loan statement to pay off the existing loan. Your loan provider should be able to provide you with the latest personal loan statement.

• The full name (or the borrower’s term) of the original borrower
• Number of accounts in full
• The statement’s date
• Principal and interest due on loan as of today (principal and interest accrued)

What to look for on your loan statement

Customers can seamlessly monitor their existing and new relationships using the loan app, which has an excellent user experience. You can always opt for the offline mode if you don’t like the online mode. The customer service department of your lender can give you the information you need over the phone, like your personal loan eligibility and other details. 

It is also convenient for customers since most customer care services are available 24 X 7. If you want to know your loan balance, you can easily ask them. Moreover, they can help you understand the metrics of your instant loan, such as tenor, interest rate, fees, and charges.

Alternatively, you can visit your lender’s branch in person and speak with their executive in offline mode or use a personal loan eligibility calculator. Some customers prefer the traditional method. To understand your loan details, the branch representative can assist you in every way.

Schedules of amortization or repayment show how payments (PMII/MI) will be made, how much principal should be paid, and how much interest should be charged. In the Ledger/ Loan Statement, the amount of interest, principal, and outstanding principal, along with other information regarding partial payments and additional charges, can be seen for each month.

Users can access their loan account statements online by logging into their bank accounts. You can access your personal loan statement with a net banking account. You can request a Loan Account Statement by following the steps below:

• Login with a registered password and username to “Access My Loan Account” to obtain the loan account statement generated by the system.
• Please submit your request using our online form (write to your bank).
• Get in touch with your local branch.
• You can send an email to your bank if you have a registered email address. Additionally, you can send your request by post, courier, or bearer (be sure to include the “Loan Account Statement” details on the envelope).