The effective management of a Personal Loan goes beyond simply paying EMIs on time. It is equally important to understand how your loan is being repaid over time. Lenders provide an account statement that details every loan transaction, including interest charged, principal repayments, and the current outstanding balance. You can usually access your Personal Loan statement online and even download it to verify repayment amounts for accuracy.
Understanding how to read your Personal Loan statement gives you better control over your loan account and overall financial obligations.
What Does a Personal Loan Statement Include?
A Personal Loan statement consists of many sections that provide borrowers with detailed information about their loan accounts.
Statement Number
Every loan statement comes with a statement number, which identifies that statement's specific period, and is helpful for recordkeeping. It will also be helpful when you need to submit a Service Request or dispute any transactions related to your statement.
Personal Loan Account Information
This section provides all of the necessary information about your Personal Loan account, including the loan account number and borrower information. This section provides the necessary information to ensure that the statement is associated with the correct loan account. Accurate information about the account also ensures that all repayments and all outstanding balances are associated with the correct borrower.
Interest Rate
The applicable interest rate is shown on the loan statement so that you can monitor it throughout the loan term. By monitoring the interest rates, you can ensure that your payments are accurate and that you are not overpaying interest.
Summary
The summary section gives an overall picture of your loan account during the statement's monthly period. This includes the total amount of payments made, the total amount of interest charged, and your new loan account balance. The summary will clearly show how your loan account has changed from your opening balance to your closing balance during the month.
Repayment History and Schedule
The repayment history section shows all payments made to date, along with the transaction dates, and indicates whether they were made on time. The repayment schedule displays the due date of the next payment, helping you plan to meet this obligation.
Loan Balance
The loan balance shows the remaining amount owed to the lender for the period covered by the statement. It reflects all principal and interest payments made, indicating the updated balance still to be paid.
Read Also: Personal Loan Terms You Must Understand
Why is a Personal Loan Statement Important?
A loan statement is much more than a simple technical report. It serves an essential function in responsibly managing your loan.
Tracking Payments and Outstanding Balance
The statement helps borrowers track all payments made against the loan. It confirms whether EMIs are credited correctly and reflects the current outstanding balance. Regular tracking prevents missed payments and supports timely repayment of the loan.
Monitoring Interest Payments and Loan Tenure
By reviewing the interest calculated on each statement, you can gain insight into how your interest payments have fluctuated over time. This insight can be especially helpful for loans with fluctuating interest rates. Furthermore, loan statements help you stay informed about how many payments remain until the loan is fully repaid.
Supporting Financial Planning and Tax Needs
Loan statements play a key role in financial planning and recordkeeping. They help borrowers track and manage debt, establish budgets, and organise financial documents. In certain cases, Personal Loan statements may also be required for tax purposes. It can include claiming deductions on interest paid under applicable provisions of the Income Tax Act.
How to View and Download Poonawalla Fincorp Personal Loan Statement
Poonawalla Fincorp offers customers a convenient and secure way to access their Personal Loan statements online. Digital access ensures that statements are delivered promptly, with accurate and securely processed data.
Steps to Download the Personal Loan Statement
Downloading your Poonawalla Fincorp Personal Loan statement is easy and can be done through a simple five-step process. For example:
Step 1: Save the Official WhatsApp Number
Save +91-8806222222 as Poonawalla Fincorp Limited’s number in your phone's contact list. Refresh your contacts to ensure it appears as a verified WhatsApp contact.
Step 2: Initiate the Conversation
To initiate the process, log in to WhatsApp and send a "Hi" message to start the process.
Step 3: Select Customer Type
A message will pop up, welcoming you to Poonawalla Fincorp with a dropdown to select if you are a new or an existing customer. Choose "Existing Customer" from the multiple-choice list that comes.
Step 4: OTP Verification
To complete the verification, enter the code that is sent to your registered mobile phone. A message – “Welcome! How may I assist you?” - will pop up.
Step 5: Download your Loan Statement
Next, from the selection menu, choose "Statement of Account". You will receive your account statement in the next message in PDF format, which you can download and save for your records.
How to Read a Personal Loan Statement
Understanding your loan details on the statement will help you stay informed and avoid confusion.
Understanding Principal, Interest, and Fees
The loan statement shows how each payment is allocated between principal and interest. It may also display any other applicable fees. Understand this breakdown to get a clearer view of the overall cost of the loan.
Reading Transaction and Repayment History
Each transaction entry includes the date, amount paid, and payment status. Review this record to verify that payments were made on time and credited correctly. It also allows you to track your monthly repayment pattern.
Identifying Errors or Missing Entries
You should watch for unrecorded payments, incorrect charges, or mismatched balances on your loan account. Any discrepancies found should be reported immediately to ensure they are resolved promptly and do not affect your loan account.
Review Outstanding Balance and Loan Tenure
Examine your statement to see how much principal you still have and how many EMIs you still owe. This helps in prepayment planning, monitoring loan repayment progress, and projecting future interest payments.
To Conclude
A Personal Loan statement of account is a crucial document for every borrower. It provides clarity on loan progress, interest payments, and the outstanding balance. With online access to download statements, you can quickly and easily obtain them. Regularly reviewing your loan statement helps maintain personal financial discipline. It also ensures accurate recordkeeping and enables you to make informed decisions regarding your future financial matters.
Poonawalla Fincorp’s Personal Loan offers competitive interest rates and favourable loan terms, making it an ideal choice for your financial freedom. Connect with us today for more details!
FAQs
What should I do if I find mistakes on my loan statement?
Examine your statement carefully to be sure the loan balance, interest charges, and EMIs paid are accurately shown. Notify the lender right away if you find any disparities. This guarantees accuracy in your loan account and avoids possible problems with financial responsibilities or tax deductions.
Can I request a physical copy of my loan statement if needed?
Yes, most lenders allow borrowers to request a physical copy of the statement from the office or via postal services. This is useful for recordkeeping, legal purposes, or when online access is not available.
Is it safe to access the Personal Loan statement online through the lender’s website or mobile app?
You can safely get your Personal Loan statement online by using the lender's verified mobile number or official website. Make sure the website has strong encryption to protect your personal information. Enter the OTP for verification, and always log in with your credentials.
Can I use my Personal Loan statement to plan for future loans or financial goals?
Yes. By reviewing the statement’s details, such as outstanding balance, EMIs paid, and interest rates, you can assess your current debt obligations. This helps to plan for future loans or other financial goals with better accuracy.
Can differences between the statement history and the loan agreement be challenged?
Yes. If your statement history reflects incorrect amounts or missed entries compared to the loan agreement, you can contact the lender to request corrections. Maintaining both documents ensures accurate recordkeeping and protects your financial interests.
We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply