SBI Personal Loans help in meeting urgent financial needs such as wedding preparations, medical bills, college admission, etc. So, if you’re facing such a crisis, apply for the same. To apply for a personal loan SBI, visit the bank website. Well, with the bank’s online services, now you can do personal loan applications anytime from anywhere. Just visit the official website of SBI on your mobile or laptop, fill in an application form and upload a few documents. Upon getting your loan request, the bank will start checking the received documents and your credit history. This could take 2 to 3 working days. So, in the meantime to stay up to date with your SBI Personal Loan application, track its status online. Continue reading this page below to know about the tracking process.
Steps for Tracking SBI Personal Loan Status
SBI is one of the top public sector banks in India and with its newly introduced online services, customers can easily manage their accounts. So, if you have applied for a personal loan, follow these steps to check your loan status –
- Visit the bank website
- Click on ‘Track You Online Application Status’
- Enter your reference number and registered mobile number
- Click on ‘Track’
Now, your loan application status will display.
What is Your SBI Personal Loan Status?
There are three possible results for the online application track and they should be as shown below –
When your loan application is approved, the same will be displayed on your screen when you check the status of your application. After varying your documents and credit history if the bank sees you as an eligible applicant, the loan is approved. Soon you’ll receive a text or email from the bank regarding the same and the money will be disbursed to your bank account.
If the bank is in the middle of loan processing, the status of your application will be ‘pending’. This means the bank hasn’t decided on your application. So, your loan could be approved or declined by the bank based on your provided information.
It means the bank has disapproved of your application. Well, the reason for the same will be mentioned on your online application status.
What to do to Avoid SBI Personal Loan Rejection?
If you don’t want your loan application to be rejected, take care of these –
Your previous repayment history can restrict you from borrowing SBI Personal Loan. so, if you do have due payments, settle those to improve your credit score. Once your score is decent enough to apply for a loan, do the same. This way, loan rejection can be avoided easily.
Check whether you meet the SBI loan criteria or not. Because for borrowing an SBI Personal Loan, you need a minimum income of INR 15,000. And if you need a high loan amount, the income criteria will be high as well. So, do take care of that while applying for a personal loan.
Choose a suitable tenure for your loan repayment. SBI offers up to 6 years of tenure for your loan repayment. A shorter loan tenure may reduce your interest payout but the EMI may not be that affordable for you. So, maintain the EMI and income ratio while applying for a loan. To manage that use the SBI Personal Loan EMI Calculator. This online tool is designed to generate your possible EMI.
Once you know the EMI and know which tenure will be suitable for you, apply for the loan. When you do this, the chances of non-payment will be less and your loan will be approved smoothly.
So when you’re applying for an SBI Personal Loan, do take care of that. Because only then you can meet your financial obligations.