Bank of India offers various loan products to its customers and helps them with their financial requirements. Personal loan is one of the top products offered by the bank. If you have applied for a personal loan at Bank of India, there are many ways in which you can stay up-to-date with the loan application status. Let's discuss some of the easy ways offered by the bank to help customers know their personal loan application status.
Once you have applied for a personal loan with Bank of India, you will receive a reference number from the bank. This number will also be sent to the mobile number you provide at the time of registration. Since this number is used for your further communication with the bank, it is better to keep the number safe.
At the time of tracking your loan status, you need to provide this number. You also need to provide your registered mobile number while tracking the status of your loan application.
As indicated above, the simplest way to track the status of your personal loan application is through the official website of the bank. The step-by-step instructions to check the status of Bank of India personal loans are as follows:
The mobile application of Bank of India can be downloaded from Google Play or Apple Store (if you are an iPhone user). Once you have downloaded the app, you can log in to the app with your credentials. After you have logged in, you can check out your account details easily.
You can locate the ‘loans’ section under your account details. Here, you can find your existing loans along with your application. To know the status of your application, you can click on the respective loan application. Once you have found the status of your loan, you may decide your next course of action.
Customers who have applied for a personal loan with Bank of India can use both online as well as offline modes to track the status of their application.
Even in this digital age, the offline mode is still one of the most preferred options among a lot of customers in India. Here, customers can easily visit a branch office of Bank of India to enquire about their loan status.
Bank of India has extensive presence all over the country. You can visit the nearest branch and speak to a bank official about your loan application. When you visit the branch office, make sure you have the reference number you have received at the time of loan application. You also need to have a valid identity proof to establish your identity as the applicant. The bank official can track the status of your loan with the help of the reference number and provide it instantly.
If you are not able to visit the branch office, you can still check the status of your loan application through the customer service department of Bank of India. You can use the helpdesk numbers 1800 220 229 / 1800 103 1906 / 022-4091 9191 to reach out to the bank’s customer service department. When speaking to a customer service representative, you need to provide your registered mobile number and the loan application acknowledgement number. When you contact the bank’s customer service department, results will be provided instantly.
You can use the services of a third-party aggregator like BankBazaar to compare multiple products simultaneously and pick the right product suitable for you. Customers who have applied for loans through the BankBazaar website or mobile application can easily keep track of their loans through the following steps:
Once you have filled the necessary details, the loan application status will be displayed instantly. You can use this information to determine your further course of action.
1. What is the best way to repay my personal loan?
Most lenders provide multiple payment modes for customers to pay their loan EMIs. With Bank of India, you can pay the EMIs in cash or cheque every month. However, the most effective way is to provide a standing instruction facility. Here, the amount will get auto-debited from your bank account every month. In this case, you need to make sure that you have enough balance for the EMI payment.
2. Do I have to be an existing customer of Bank of India to apply for a personal loan?
Bank of India offers some benefits for its existing customers. However, the personal loan product is not restricted to its customers. Anyone can apply for a personal loan from Bank of India as long as they meet the eligibility criteria set forth by the bank.
3. What are the reasons for rejection of personal loan applications?
If your personal loan application got rejected, there could be many reasons leading to it. Poor credit score is often cited by lenders as the reason for loan application rejection. If you have too many existing loans, your application may get rejected due to higher risk. In case of rejection, you can check your credit score to understand the reason. You can download your credit report for free from the BankBazaar mobile app or website. Once you have determined the reason, you can work on improving your score.
4. What is the next step if my loan application got approved by the bank?
Once your loan application has been approved by the bank, you can wait for the bank to get back to you. The bank will communicate its approval and let you know before disbursing the amount. If the bank needed any additional information, it will be communicated to the borrower. Within a reasonable time after approval, the loan amount will be credited to your bank account.
5. How do I calculate my personal loan EMI for repayment?
Bank of India has a simple EMI Calculator tool that can be used to find the EMI you will be expected to pay each month. You have to provide the loan amount, interest rate, and repayment tenure to calculate the EMI. Alternatively, you can use the EMI Calculator at the BankBazaar website to get an elaborate repayment schedule in a few simple steps.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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