Bank of India Personal Loan Status Check

Bank of India personal loan status is a service the bank offers to loan applicants. Once you submit your loan application, you can track your loan status anytime and anywhere, eliminating time and geographical constraints. So, staying updated on your loan status is no longer difficult. You can do that with just a few taps on your smartphone. For more detailed information, continue to scroll down. Hereunder, Urban Money provide a complete overview of your Bank of India personal loan application status. We primarily detail how to check personal loan status in the Bank of India, what information you may need to check it, and more. Let’s get started.

How to Check Bank of India Personal Loan Status

Here are the applicable methods to check the Bank of India personal loan status:

Online Banking

Let’s examine the step-by-step guide to check your Bank of India personal loan status by reference number:

• Step 1: Visit the official website of the Bank of India.
• Step 2: Click the ‘Loan Status Tracking’ tab under the ‘Retail Loans’ section.
• Step 3: Enter your loan application and mobile numbers in the respective fields.
• Step 4: Click the ‘Submit’ button to instantly view your personal loan application status.

Mobile Banking

Let’s examine the step-by-step guide to check your Bank of India personal loan status by mobile number:

• Step 1: Download the BOI Mobile App from the Google Play or Apple App Store.
• Step 2: Install and open the app on your mobile device.
• Step 3: Log in to the app using your credentials. If you’re a new user, you may need to register first.
• Step 4: Once logged in, navigate to the ‘Loans’ section under your account details.
• Step 5: Here, you should be able to view the status of your personal loan.

Offline Banking

Let’s examine the step-by-step guide regarding how to check personal loan status in Bank of India offline:

• Step 1: Locate the nearest Bank of India branch. You can use the Bank of India website or Google Maps to find the closest branch to your location.
• Step 2: Visit the branch during working hours. Before your visit, it’s prudent to check the branch’s working hours to ensure they’re open.
• Step 3: Carry the necessary documents with you, including your loan application number, personal identification, and any other relevant loan documents.
• Step 4: Meet with a bank representative and request assistance in checking the status of your personal loan.
• Step 5: Provide the required information to the representative, such as your loan application number and personal details.
• Step 6: The bank representative will then access the bank’s system to check your loan status and provide you with an update.

Requirements for Checking Loan Status

To track personal loan status at the Bank of India, you must know the following details:

• Applicant Name and Date of Birth
• Mobile Number and Email Address
• Loan Application Number or Reference Number

Understanding Your Bank of India Personal Loan Status

Here’s an explanation of the various statuses for a Bank of India personal loan application status:

• Applied: This status signifies that your loan application has been registered with the bank. It’s the initial phase, during which the bank acknowledges receipt of your application and starts the preliminary checks.
• In Review: Your application is being evaluated by loan officers. They assess your creditworthiness, financial history, and the documents submitted to determine your loan eligibility.
• Approved: The bank has approved your loan application. i.e., based on their assessment, you qualify for the loan, and they are willing to lend you the money.
• Disbursed: The loan amount has been transferred to your account. This indicates that all formalities are complete, and you can now use the funds for your intended purpose.
• Rejected: Your application did not meet the bank’s loan criteria. This could be due to various reasons, such as an insufficient credit score or inadequate income.
• On Hold: There is a temporary pause on your application processing. This could be due to incomplete documentation or the bank needing additional information from you.

Fix Common Issues with Personal loan Application

Let’s examine some common issues and their solutions regarding the Bank of India personal loan status:

• Credit Score: A low credit score can lead to loan rejection. Ensure you have a good credit score by paying off debts and maintaining a good credit history.
• Multiple Applications: Applying for loans at multiple banks can affect your credit score. So, it is advisable to apply selectively and only after thorough research.
• Documentation: Incomplete or incorrect documentation can cause delays or rejection. Double-check all documents for accuracy before submission.
• Eligibility: Failure to meet the bank’s eligibility criteria can result in rejection. Use the bank’s online tools to check if you qualify before applying.
• Loan Amount: Requesting a loan amount that is too high compared to your income can lead to rejection. Apply for an amount that aligns with your repayment capacity.
• Pending Loans: Having too many ongoing loans can be a red flag. Try to minimise existing debt before applying for a new loan.