After you take a personal loan, you will receive a personal loan statement from your lender. This is a very important document which will contain all the information about your loan.
It includes everything like the amount disbursed, interest rate charged, your repayment plan, upcoming EMIs, etc. Tracking your statement can help you stay on top of your repayments and ensure you don’t have to face any negative consequences of it.
In this blog, you will understand everything you need to know about how to check loan statements.
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Before you use your statement to track your repayments it’s important to understand how to read it. There are some important details you will find in your statement.
Whenever you take a personal loan, a loan account is created with your lender which is identified by a 14-to-15-digit number. This is known as your loan account number or statement number which is on top of your statement.
Other than that, all information associated with your personal loan will be displayed on your statement. This includes the loan amount disbursed, interest rate charged on the loan, processing fees, repayment tenure, upcoming EMIs etc.
Also Read: Personal Loan Disbursement Process – How it Works?
Checking your loan statement can help you with your finances in these numerous ways:
Going through your statement regularly will give you transparency about the money you borrow. You will have a clear understanding of your loan terms, interest rate charged, processing fees, etc.
Paying your EMIs on time increases your loan eligibility and helps you avoid any kind of negative consequences of missed repayments. Checking your statement will ensure you stay on top of your repayments and don’t miss a single EMI.
If you find any incorrect information about the money you borrow, you can inform your lender about the same and avoid any kind of damage to your credit profile.
How you receive your statement depends on the lender you choose. Based on that, this is where you can get your personal loan statement:
Based on the provided contact information, lenders send the loan statement over an email, SMS, or any other communication channel.
You can also get an option to receive a physical copy of your statement. Depending on your lender, you might receive the statement to your registered address, or you might have to visit the nearest branch of the lender.
If you’re taking a personal loan online through a net banking app or loan app, you can access your loan statement at any point inside the app.
If you don’t receive your loan statement or have any queries regarding the same, you can always get in touch with someone from the support team.
Also Read: Get Personal Loan App On Your Mobile Phone
If you have taken a personal loan through a net banking or loan app, then you can definitely view your statement online.
Usually, you will receive your loan statement from the lender through various channels like SMS, Email, or even inside the app.
Here are some different ways in which you can check your personal loan statement online if you take a take a loan from Zype.
You will receive your statement over your registered email ID a few days before your repayment due date. The statement will contain all the information about the loan you have taken including the upcoming EMI amount, repayment due date etc.
You can even view your statement inside the Zype app whenever you want. Just open the MyZype section inside the app and go to “monthly statement”. Enter the month for statement you want and then you can either download the statement or receive it over your registered mail.
In case you have any queries regarding your loan statement, you can always contact the support team at support@staging.zypecard.co.in.
Here’s all the important information you can find on your loan statement:
Your loan account is identified by a loan account number also known as your statement number. When you receive the loan statement before the repayment, you will see this account number displayed on top of the personal loan statement.
Every information associated with your personal loan will be displayed on your statement. This includes the loan amount disbursed, interest rate charged on the loan, processing fees, etc.
When you take a loan, you have to select your repayment tenure, based on which you pay your EMIs.
Your statement will display all the transactions you have made associated with your loan. It will have the information about the loan you have received and payments you have made.
While it’s a good practice to check loan statement when taking a loan, here’s why it’s a good idea to double-check it:
Discrepancies in your statement can lead to incorrect reporting to the bureau which can negatively impact your credit profile. Double-checking your statement will ensure there isn’t any incorrect information reported. If you find any discrepancies, you can inform your lender or bureau to protect your score.
It’s extremely important to pay all your EMIs on time. Going through your loan statement regularly will keep you updated about all your upcoming repayments and avoid any missed EMIs from your end.
Depending on the type of personal loan you take, you can claim the tax benefits on them when you file your returns. While we do have a blog that can help you understand your tax benefits as a borrower in detail, here are 3 scenarios in which you can avail it:
1) When you take a personal loan and use it for purchasing, renovating, or renting a housing property. (Section 24(b) of Income Tax Act, 1961)
2) When you invest your personal loan in business (Under Section 37(1))
3) When you invest your personal loans in other assets like jewelry, shares, etc.
But before you try to claim these deductions, it’s important to contact your CA or a financial advisor who can confirm if you’re eligible for the same.
To claim these tax benefits, you have to keep appropriate documentation handy. Your personal loan statement is one of these important documents that make it possible for you to enjoy these tax benefits.
Most lenders will send you your personal loan statement once every month, a few days or even a week before the repayment due date. But if you’re taking a loan using a net banking or loan app, you can view it inside the app. Please note that this can be different for different lenders.
The best practice is to check your loan statement a few days before your personal loan repayment due date. This way, you will always be on top of your repayments and won’t miss out on any EMI.
Your personal loan statement is a very important and helpful document that gives you all the information about the money you borrow.
Make sure you track your statement throughout your repayment tenure for a smooth personal loan experience.
You should check your personal loan statement regularly to stay on top of your EMIs and report any mistakes or inconsistencies about your loan.
If you have taken a personal loan from Zype, you can check your statement whenever you want inside the ‘MYZYPE’ section of the Zype app. Just enter the month you want and download the statement.
Most lenders generate your statement once a month, a few days before your repayment due date.
The process and platform of downloading your personal loan statement can be different for different lenders. It’s best to contact your lender for the same.
If you find any discrepancies or incorrect reporting inside your personal loan statement, you should contact your lender to get it fixed as it can affect your overall credit profile.