Managing your money and keeping an eye on your debt payments, interest rates, and loan balance are essential when taking out a personal loan.
You can do all of the aforementioned with the aid of a personal loan statement. Here is all the information you require regarding personal loan statements and downloading them.
Meaning of Personal Loan Statement
Lending institutions provide a Personal Loan statement to access details and transactions related to a Personal Loan. It records borrowing activity, including payments made, outstanding balance, EMIs payable towards the loan, interest charges, and any other relevant information. This statement is typically sent to a borrower regularly, usually monthly or quarterly, depending on the lender’s policy.
It helps you stay up-to-date with the repayment progress and make timely payments. Reviewing your Personal Loan statement regularly will also help you manage your loan obligations, ensure the accuracy of the information, and plan your finances accordingly. It serves as a reminder of your financial commitments.
What Does a Personal Loan Statement Include?
A Personal Loan statement will typically involve the following information
Statement Number
When the lender disburses your loan, a 14 or 15-digit number known as the statement number or Loan Account Number is provided to your loan account. You can see it on the top of your Personal Loan statement. This helps the lender keep track of every borrower’s loans.
Personal Loan Account Information
This part of the document provides specific details about your Personal Loan, including the loan account number, the date the loan was opened, and any other information relevant to the loan.
Interest Rate
The interest rate is a critical component of a loan that affects its borrowing cost. The loan statement provides information about how much EMI you must pay. In case there is any change in the interest rate, it will be reflected in your statement.
Summary
This section summarises all your transactions that have been processed and the debt you still have left at the time of the statement period. It includes your interest rate, loan charges, and more.
Repayment History and Schedule
A Personal Loan statement tracks the details of all the EMI payments you have made on a loan. This includes the date of each payment as well as the amount paid. It also provides details about the number of EMIs remaining, the amount of each EMI, and the due dates.
Loan Balance
Your Personal Loan statement reflects the loan amount you are left with after all your EMI payments until the timeframe mentioned.
Benefits Of Personal Loan Statement
A Personal Loan statement can make managing and keeping up with your repayments convenient. Here are some other benefits:
Financial Transparency
A Personal Loan statement provides transparency regarding your loan details and financial obligations. It gives you a clear overview of the loan terms, interest rates, and repayment schedule.
Payment Tracking
It serves as a record of your payment history, showcasing the dates, amounts, and allocation of payments made towards principal, and interest. It helps you manage your payments by allowing you to track your loan progress. This also helps in detecting any discrepancies and resolving them efficiently.
Debt Management
A Personal Loan statement shows your outstanding balance after each payment, allowing you to assess how much you still owe. This information helps you to plan your finances effectively, create a budget, and effectively strategise a repayment approach.
Dispute Resolution
In case of any discrepancies or disagreements with a lender, a Personal Loan statement serves as evidence to support your position. It holds both the parties, the lender, and the borrower accountable.
How to View and Download Credit Success Personal Loan Statement
With Credit Success, you can be assured of complete transparency throughout your loan application process. Through a simple process on WhatsApp, you can apply for your loan statement, and it will be sent to you instantly after you send a request. This statement will have all the vital information about your loan, keeping you up to date with your debts.
Through this end-to-end digital process offered by Credit Success, you can also apply for a loan, get the loan details and repayment schedule, make online payments, query resolution, and more can be done conveniently from your smartphone.
Steps to Download the Credit Success Loan Statement
Save the number +91-8806222222 on your phone as Credit Success Limited. Open WhatsApp and refresh your contacts. When you search for the contact, you will be able to see it with a verified tick.
Send a “Hi” to avail of the services.
A message will pop up, welcoming you to Credit Success with a dropdown to select if you are a new or an existing customer.
Select “Existing Customer.”
You will now receive an OTP on your registered phone number. Enter the OTP on your WhatsApp chat.
A message – “Welcome! How may I assist you?” – will pop up.
From the selection menu, choose “Statement of Account”.
The next message will include a PDF of your Personal Loan statement.
Conclusion
A Personal Loan statement promotes financial accountability, helps you stay organised, and enables you to make informed decisions about your loan, and overall financial well-being. When you can get your loan statement so easily at your fingertips, checking it regularly gets convenient, helping you manage your loan effectively.
